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With over 650K customers and Rs 61 Cr in GMV, DriveU is on path to profitability

YourStory

YourStory · 2y ago

With over 650K customers and Rs 61 Cr in GMV, DriveU is on path to profitability

DriveU, a private driver aggregator and car servicing platform, has achieved profitability by focusing on its car servicing segment. The company's strategy to prioritize car servicing over the driver aggregation business has resulted in improved financial performance. DriveU has successfully reduced costs and increased revenues by tapping into the growing demand for car servicing services, allowing it to attain profitability. On-demand driver and car servicing startup DriveU generated a revenue of Rs 61 crore in FY23, and aims to grow 2X at Rs 120 crore by next year.

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Exclusive: On-Demand Driver Aggregator DriveU In Talks To Raise $10 Mn Funding

Inc42 · 1y ago

Exclusive: On-Demand Driver Aggregator DriveU In Talks To Raise $10 Mn Funding

Bengaluru-based on-demand driver aggregator, DriveU, is in talks to raise $10 million in a Series B funding round. The startup plans to use the capital to expand into new cities and offer supplementary services like car wash and maintenance. DriveU is also piloting an on-demand valet service. The company aims to close FY24 with a net profit of approximately INR 1.1 crore, after incurring a net loss of INR 2.2 crore in FY23. DriveU has already raised over $8 million in funding and currently operates in major metro cities in South India.

DealShare’s GMV remains flat in FY23 with Rs 1,043 Cr outstanding loss

Entrackr

Entrackr · 1y ago

DealShare’s GMV remains flat in FY23 with Rs 1,043 Cr outstanding loss

DealShare, a unicorn startup, has reported stagnant gross revenue (GMV) in FY23, indicating struggles with product market fit. The majority of the revenue comes from the sale of grocery items, but the company's complex model and high procurement costs contributed to limited growth. Employee benefits expenses and total costs also increased significantly. With losses increasing and outstanding losses reaching Rs 1,043 crore, DealShare's financial performance remains challenging. The company has raised $393 million from investors but needs to find a clearer path to improve margins.

Giva earns Rs 165 Cr revenue, loses 45 Cr in FY23

Entrackr

Entrackr · 1y ago

Giva earns Rs 165 Cr revenue, loses 45 Cr in FY23

Jewellery startup GIVA reported a revenue of Rs 165 crore in FY23, a significant increase from Rs 84 crore in FY22. Despite the growth in revenue, the company's losses also increased, resulting in a 2.4X surge from FY22 to reach Rs 45 crore in FY23. GIVA's expenses, particularly in marketing and employee benefits, played a role in the increased losses. The company faces challenges in attracting customers, particularly in the affordable jewellery segment. The upcoming fiscal year will determine if GIVA can find a sustainable path to recovery.

Tata Digital logs Rs 37,355 crore aggregate GMV in FY24, as turnover rises, loss narrows

Economic Times

Economic Times · 11m ago

Tata Digital logs Rs 37,355 crore aggregate GMV in FY24, as turnover rises, loss narrows

Tata Digital, the ecommerce arm of the Tata Group, reported a gross merchandise value (GMV) of Rs 37,355 crore in FY24. The super app Tata Neu had 20.76 million transacting customers during the year. Additionally, Tata Digital expanded its offerings by launching food delivery and its co-branded credit card reached 1.18 million issued cards. The company's total turnover doubled to Rs 420.5 crore, while losses narrowed. Tata 1mg achieved profitability, while BigBasket and 1mg narrowed their losses. Tata Digital is developing a 'value fashion' offering to compete with Flipkart, Amazon India, and Ajio.

Artha Venture Fund I delivers 61% IRR, portfolio revenue tops Rs 2,100 Cr

YourStory

YourStory · 2m ago

Artha Venture Fund I delivers 61% IRR, portfolio revenue tops Rs 2,100 Cr

Artha Venture Fund I (AVF I) has achieved a 61% internal rate of return (IRR) on a Rs 225 crore fund launched in FY19. With investments in 32 seed-stage startups, the fund's portfolio valuation surpassed Rs 750 crore, and FY25 revenue reached over Rs 2,100 crore. AVF I's top-ranked performance involves profitable companies like Agnikul and LenDenClub, a 20% Distributed to Paid-In Capital (DPI), and plans for focused follow-on investments through the Artha Select Fund.

Whatfix posts Rs 285 Cr revenue in FY23, losses surge 31%

Entrackr

Entrackr · 1y ago

Whatfix posts Rs 285 Cr revenue in FY23, losses surge 31%

SaaS company Whatfix recorded a revenue of Rs 285 crore in FY23, a 65.7% increase from the previous fiscal year. The company's revenue primarily comes from software subscriptions and professional services offered on a subscription basis. The majority of the revenue, around 61%, comes from the US market, followed by Europe. However, despite the growth in revenue, Whatfix experienced a surge in losses, amounting to Rs 328 crore in FY23. The company has raised over $140 million in funding and is currently in talks to raise a new round at a valuation of over $800 million.

After Bhavish Aggarwal’s dream IPO, how high will Ola’s stock rise?

Livemint

Livemint · 1y ago

After Bhavish Aggarwal’s dream IPO, how high will Ola’s stock rise?

Ola Electric, India's largest electric two-wheeler maker, is facing challenges with its service center in Delhi being inundated with damaged scooters, leading to frustrated customers and delays. Despite these issues, Ola recently had a successful IPO, raising over ₹6,146 crore, and its stock has experienced a dizzying rally. However, concerns remain about Ola's profitability and competition from legacy manufacturers. The company's path to profitability lies in its entry into the electric motorcycle market and its indigenous lithium-ion cell production. Analysts believe that Ola's ability to turn a profit and navigate these challenges will determine its long-term success.

Nykaa in-house brands cross Rs 2,100 GMV in FY25 - The Economic Times

Economic Times

Economic Times · 25d ago

Nykaa in-house brands cross Rs 2,100 GMV in FY25 - The Economic Times

Nykaa’s House of Brands, encompassing seven beauty and five fashion lines, achieved a GMV of Rs 2,100 crore in FY25, marking a 52% CAGR over five years. The parent company, FSN E-Commerce, aims for a GMV target of Rs 6,000 crore by FY30. Beauty and fashion sales contributed 75.5% and the remainder, respectively, to Nykaa's overall GMV of Rs 15,604 crore. Notable growth was seen in products like Dot & Key.

Nykaa’s bet on new-age beauty pays off

YourStory

YourStory · 1y ago

Nykaa’s bet on new-age beauty pays off

Beauty marketplace operator Nykaa reported strong growth in gross merchandise value (GMV) from its beauty-owned brands, reaching Rs 1,095.4 crore in FY24. This accounted for 13% of the overall beauty GMV. New-age brands like Dot & Key and Kay Beauty contributed to this growth. Nykaa's other businesses, including Nykaa Man and Superstore by Nykaa, also performed well, clocking GMV of Rs 835.3 crore in FY24, a 59% increase over the previous year. Nykaa Fashion contributed 27% to the platform's GMV, with revenue of Rs 530.2 crore in FY24. Overall, the company's consolidated net profit for FY24 was Rs 32.2 crore.

Metalbook nears Rs 800 Cr gross revenue in FY24

Entrackr

Entrackr · 6m ago

Metalbook nears Rs 800 Cr gross revenue in FY24

Full-stack metal supply-chain platform Metalbook recorded nearly Rs 800 crore of gross revenue for the fiscal year ended March 2024. However, its losses surged over two-fold in the same period. Metalbook’s gross revenue, known as gross merchandise value (GMV), surged 76% to Rs 796 crore in FY24 from Rs 452 crore in FY23, according to its financial statement sourced from the Registrar of Companies (RoC). Founded in 2021, Metalbook is a full-stack procurement platform that helps businesses, including SMEs, with inventory liquidation, logistics, and credit, among others. It claims to work with over 500 manufacturers, dealers, and suppliers, including ArcelorMittal Nippon Steel, Tata Steel, and JSW, across 16 countries. These services were the only source of revenue for the Gurugram-based company in FY24. The firm also made an additional Rs 2.5 crore from interest on deposits and investments, which pushed its total income to Rs 799 crore in FY24. For the supply chain platform, the cost of procurement of materials was the company’s largest cost center, accounting for 96% of the overall expenditure. This cost surged by 75.34% to Rs 782 crore in FY24. Employee benefit expenses jumped 90.48% to Rs 16 crore. Provisions for bad debts stood at Rs 3.7 crore, while other expenses—including legal, technology, and travel—contributed Rs 14.3 crore. These factors drove total expenses up by 77.78% to Rs 816 crore in FY24. Despite the 76% growth in scale, Metalbook’s loss spiked by 2.8 times to Rs 17 crore in FY24 from Rs 6 crore in FY23. Its return on capital employed (ROCE) and EBITDA margin stood at -9.65% and -1.27% respectively. On a unit basis, the company spent Rs 1.03 to earn a rupee of gross revenue in FY24. The Delhi-based company’s current assets stood at Rs 193 crore, which includes Rs 61 crore of cash and bank balance in the previous fiscal year. According to TheKredible, Metalbook has raised $23 million of funding to date. Axilor, Foundamental, and RTP Global are the major investors who hold 13.55%, 8.23%, and 5.81% of the company respectively.

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