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WoodenStreet revenue nears Rs 200 Cr in FY23; remains profitable

EntrackrEntrackr · 1y ago
WoodenStreet revenue nears Rs 200 Cr in FY23; remains profitable
Medial

Omnichannel custom furniture platform WoodenStreet has maintained its growth trajectory, achieving over 50% year-on-year sales growth in recent years. Despite the consistent scale, the Jaipur-based firm remained profitable for the past four years. WoodenStreet’s revenue from operations grew 48.1% to Rs 194 crore in FY23 from Rs 131 crore in FY22, its annual financial statements filed with the Registrar of Companies show. Founded in 2015, WoodenStreet offers home solutions including solid-wood and modular furniture, kitchen and wardrobe, home decor, lighting, and furnishings. It currently operates with over 90 stores and caters to more than thirty thousand furnishing products. The sale of furniture, furnishing, and decor items was the sole source of revenue for WoodenStreet. It also made Rs 3.54 crore from interest on deposits and investments, tallying the total revenue to Rs 198 crore during the fiscal year ended March 2023. For the custom furniture platform, the cost of procurement of furniture, furnishing, and decor items accounted for 62.7% of the overall expenditure. In step with scale, this cost grew 46.4% to Rs 123 crore in FY23. Its employee benefits, rent, advertising and promotion, bank charges, electricity, legal, and other overheads took the firm’s total expenditure up by 50.8% to Rs 196 crore in FY23 from Rs 130 crore in FY22. Check TheKredible for the detailed expense breakup. Expenses Breakdown Total ₹ 130 Cr https://thekredible.com/company/woodenstreet/financials View Full Data To access complete data, visithttps://thekredible.com/company/woodenstreet/financials Total ₹ 196 Cr https://thekredible.com/company/woodenstreet/financials View Full Data To access complete data, visithttps://thekredible.com/company/woodenstreet/financials Cost of materials consumed Cost of materials consumed Employee benefit Employee benefit Rent Rent Advertising promotional expenses Advertising promotional expenses Bank charges Bank charges Electricity Electricity Others To check complete Expense Breakdown visit thekredible.com View full data The consistent expansion and controlled cost mechanism have helped WoodenStreet to book profits for the past four fiscal years. Its ROCE and EBITDA margin stood at 1% and 3.4% respectively. On a unit level, it spent Rs 1.01 to earn a rupee in FY23. WoodenStreet has raised $34 million to date including its $30 million Series B round led by WestBridge. According to the startup data intelligence platform, TheKredible, Indian Angel Network (IAN) was the largest external stakeholder with 11.76% followed by Rajasthan Venture Capital Fund and WestBridge. FY22-FY23 FY22 FY23 EBITDA Margin 3% 3.4% Expense/₹ of Op Revenue ₹0.99 ₹1.01 ROCE 7% 1% As of March 2023, WoodenStreet had cureent assets of Rs 126 crore including cash and bank balances of Rs 45.2 crore. As per Fintrackr’s estimates, its enterprise value to revenue multiple stood at 6X, which is decent when compared to its other VC-backed consumer-facing internet firms. The furniture business is challenging at many levels. Be it sourcing, designs, managing inventory and product degradation, sellers have usually slipped up at one or many of these. WoodenStreet has built some good street cred by managing a profitable journey so far. The obvious challenge is to grow to the next level, which would be Rs 500 crore plus, without breaking the bank. With sales mostly in the NCR region for now, the online model comes with limitations, overcoming which, in the form of more warehouses, higher logistics costs, etc is expensive. All this, while carving out a niche that protects it from the looming presence of say, an Ikea, which will have a pan India presence by 2026 or thereabouts.

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PaisaWapas revenue nears Rs 70 Cr in FY24, remains profitable

EntrackrEntrackr · 4m ago
PaisaWapas revenue nears Rs 70 Cr in FY24, remains profitable
Medial

Fintrackr All Stories PaisaWapas revenue nears Rs 70 Cr in FY24, remains profitable Cashback and coupons app PaisaWapas has managed steady growth as its revenue from operations grew 24% year-on-year for the fiscal year ending March 2024. Moreover, the Bengaluru-based company also increased its profit by around 17% during the same period. PaisaWapas’ revenue from operations grew by 24% to Rs 68.7 crore in FY24 from Rs 55.5 crore in FY23, its financial statements sourced from the Registrar of Companies (RoC) show. PaisaWapas operates as a cashback and deals platform, linking shoppers with e-commerce partners. It generates revenue through affiliate commissions, sharing a portion as cashback with users, and also earns from promotions and s. Revenue from these services surged 25.8% to Rs 66.7 crore in FY24, contributing 97% of the operating revenue in FY24. However, revenue from the sale of goods increased marginally by 35.4% to Rs 1.53 crore. The company also generated Rs 30 lakh from other income sources, pushing its total income to Rs 69 crore in the last fiscal year. Cashback to users remained the largest expense category, decreasing 14.6% to Rs 19.5 crore. Meanwhile, payouts to users increased 2.2X to Rs 15.5 crore. Advertising costs rose 95.1% to Rs 16 crore, indicating a focus on customer acquisition and engagement. Employee benefit expenses grew 41.1% to Rs 5.22 crore. Overall, total expenses increased 25% to Rs 64.4 crore, up from Rs 51.5 crore in FY23. PaisaWapas increased its profit by 16.7% to Rs 3.5 crore from Rs 3 crore in FY23. The firm recorded an EBITDA of Rs 4.86 crore, with an EBITDA margin of 7.04% and a Return on Capital Employed (ROCE) of 41.5%. The Bengaluru-based platform reported current assets of Rs 22 crore as of March 2024, while cash and bank balances rose 75% to Rs 7 crore. According to TheKredible, PaisaWapas has raised a total of $46K in funding to date. Vividhity Ventures is the lead investor, holding 2% of the company’s stake. Meanwhile, PaisaWapas’ founders, Shankar Singh and Ashish Kumar, collectively own 94% of the company. PaisaWapas competes against the companies such as CashKaro, CouponDunia, GoPaisa and GrabOn, among several others.

Exclusive: OfBusiness revenue nears Rs 20,000 Cr in FY24; profits crosses Rs 600 Cr

EntrackrEntrackr · 1y ago
Exclusive: OfBusiness revenue nears Rs 20,000 Cr in FY24; profits crosses Rs 600 Cr
Medial

Following a 2X jump in scale during FY23, industrial goods and services procurement platform OfBusiness continued its growth run as its revenue grew by 25.8% in the fiscal year ending March 2024. At the same time, the firm’s profit spiked by 30% and crossed the Rs 600 crore mark. OfBusiness’ revenue grew to Rs 19,296 crore in FY24 from 15,343 crore in FY23, according to the company’s consolidated financial documents reviewed by Entrackr. The sale of industrial goods (raw materials) and revenue from financial services offered to the buyers on their platforms were the primary sources of operating revenue for OfBusiness in FY24. The company also made Rs 232 crore from interest and other financial activities, tallying the overall revenue to Rs 19,529 crore in FY24. Being a goods and service procurement platform, the purchase of industrial goods and raw materials including construction materials, chemicals, and produce emerged as the largest cost centers, forming 88.5% of OfBusiness’ total expenses during FY24. In the line of scale, this cost increased by 21% to Rs 16,543 crore in FY24. The firm’s burn on employee benefits, finance, legal, conveyance, advertising, and other overheads took its overall cost up by 24.3% to Rs 18,696 crore in FY24 from Rs 15,037 crore in FY23. Note: OfBusiness’ ESOP-related expenses for this year stood at Rs 32 Cr in FY24 which is similar to last year. The decent growth in scale and controlled expenditure helped OfBusiness to post a 30.2% increase in its profits to Rs 603 crore in FY24. Its ROCE and EBITDA margin improved to 12.33% and 7.44% respectively. On a unit level, OfBusiness spent Rs 0.97 to earn a rupee in FY24. FY23-FY24 FY23 FY24 EBITDA Margin 6.30% 7.44% Expense/₹ of Op Revenue ₹0.98 ₹0.97 ROCE 9.28 12.23 OfBusiness has raised around $800 million including its $325 million Series G round in December 2021 where it was valued at $5 billion. According to the startup data intelligence platform TheKredible, Alpha Wave is the largest external stakeholder with 19.16% followed by Creation Investment and Matrix Partners. OfBusiness competes with Zetwerk, Infra.market, and Moglix. Zetwerk recorded Rs 11,449 crore GMV in FY23 while Infra. Market and Moglix’s gross revenue stood at 11,846 crore and Rs 4,500 crore respectively in the same period (FY23).

Celebal Tech nears Rs 300 Cr revenue in FY24, but bleeds heavily

EntrackrEntrackr · 3m ago
Celebal Tech nears Rs 300 Cr revenue in FY24, but bleeds heavily
Medial

Celebal Technologies, an IT services provider, crossed the Rs 270 crore revenue mark with a 43% year-on-year growth in the fiscal year ending March 2024. However, losses for the Norwest Ventures-backed firm surged to Rs 60 crore during the same period. Celebal Technologies’s revenue from operations increased to Rs 275 crore in FY24 from Rs 192 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies (RoC) show. Co-founded in 2016 by Anupam Gupta and Anirudh Kala, Celebal Technologies specializes in data science, AI, and enterprise cloud solutions. Technology consulting remains the sole revenue driver for the Jaipur-headquartered firm. It also earned Rs 6 crore from interest and the sale of current investments, bringing its total revenue to Rs 281 crore in FY24. With a presence in the USA, APAC, UAE, Europe, and Canada, the company generated Rs 122 crore from international markets. Like other SaaS firms, employee benefits were the largest cost center for the company, accounting for 71% of total expenses. This expense surged 87% to Rs 245 crore in FY24 from Rs 131 crore in FY23. Notably, the firm has a dedicated workforce of over 2,000 professionals. Technical services, rent, travel, advertising, and legal expenses were among the key overheads that pushed Celebal Technologies’ total expenditure up by 73%—from Rs 199 crore in FY23 to Rs 344 crore in FY24. An 87% rise in employee benefits—primarily salaries and wages—outpaced revenue growth, pushing Celebal Technologies’ losses to Rs 60 crore in FY24 from Rs 1 crore in FY23. At a unit level, the company spent Rs 1.25 to earn a rupee, while its ROCE and EBITDA margins declined to -39.1% and -19.2%, respectively. By the end of FY24, its total current assets stood at Rs 139 crore, with cash and bank balances of Rs 18 crore. Celebal Technologies secured its first institutional funding of $32 million in 2022, led by Norwest Venture Partners. The company later raised debt from BlackSoil. According to startup data intelligence platform TheKredible, Norwest holds the largest external stake at 19.58%, while the two co-founders collectively own over 70% of the company’s capital.

Bizongo’s scale doubles to Rs 167 Cr in FY23; loss nears Rs 300 Cr

EntrackrEntrackr · 1y ago
Bizongo’s scale doubles to Rs 167 Cr in FY23; loss nears Rs 300 Cr
Medial

Ecommerce-focused packaging company Bizongo has managed to double its revenue during FY23. The growth, however, came at a cost which is evident from its losses which jumped 2.7X during the said period. Bizongo’s revenue from operations grew 98.6% to Rs 166.86 crore during the fiscal year ending March 2023 as compared with Rs 84 crore in FY22, as per the company’s consolidated financial statements with the Registrar of Companies. Founded in 2015, Bizongo offers digital vendor management, supply chain automation & supply chain financing as key services to its enterprise customers. The platform serves 450-500 enterprise customers in fashion & lifestyle, pharmaceuticals, consumer discretionary, consumer staples et al. Bizongo also provides unsecured financing to vendors and according to the company it has tied up with more than 40 banks and non-bank financial companies for loan disbursement. Co-founded by Sachin Agarwal, Ankit Deb, and Ankit Tomar, the company made 96% of its revenue via service fees whereas the remaining part came from design income and platform fees. It also made around Rs 18.15 crore via interest and gains on financial assets during the year which took its topline to Rs 185 crore at the end of FY23. Bizongo spent 32% of its expenses on finance costs which largely include interest on bill discounting, interest on working capital demand loans, and interest on debentures. This cost ballooned 3.9X to Rs 151.95 crore during FY23 from Rs 38.8 crore in FY22. Employee benefit costs went up 79.4% to Rs 113.23 crore in FY23. This cost also includes ESOP expenses worth Rs 27.12 crore. The company also booked allowance for expected credit loss worth Rs 124 crore during the year. The company’s overall expenditure surged 97.1% to Rs 476.6 crore in FY23 from Rs 241.8 crore in FY22. Head to TheKredible for a complete expense breakdown and year-on-year financial performance of the company. Amid cash burn, the company’s losses spiked 173.1% to Rs 291.57 crore during FY23 as compared to Rs 106.76 crore in FY22. Its operating cash outflows, however, improved by 29.6% to Rs 646.3 crore during the last fiscal year. The EBITDA margin and ROCE of the company stood at -73.06% and -27.60%, respectively, during the year. On a unit level, Bizongo spent Rs 2.86 to earn a rupee of operating revenue in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -46.45% -73.06% Expense/Rupee of ops revenue ₹2.88 ₹2.86 ROCE -9.52% -27.60% As per the startup intelligence platform TheKredible, Bizongo has raised over $260 million to date. In October last year, it raised $50 million in a Series E funding round led by existing investor Schroder Adveq. The Tiger Global-backed company was also in the news for its acquisition of Titan Capital-backed FactoryPlus, a factory digitization app for micro, small, and medium enterprises (MSMEs), in November last year. Bizongo’s high provisions for credit loss indicate a cash-burning strategy to sort out the good, credit-worthy vendors from the bad, or worse, operational deficiencies that the firm must get a grip on to ensure its long-term survival. It remains in a promising segment to build a business at scale, but throwing money at the challenge to build a business is certainly not the answer. That investors have backed it as recently as last year indicates the possibilities they see for the firm to make a salutary impact on its segment, but we believe the time to show growth with improving margins is here.

Rare Rabbit nears Rs 650 Cr revenue in FY24, profit surges 2.3X

EntrackrEntrackr · 4m ago
Rare Rabbit nears Rs 650 Cr revenue in FY24, profit surges 2.3X
Medial

Rare Rabbit nears Rs 650 Cr revenue in FY24, profit surges 2.3X Premium fashion brand Rare Rabbit has been growing rapidly in recent years, with its revenue increasing by over 69% during the fiscal year ending March 2024. At the same time, the firm’s profit surged 2.3 times, touching Rs 70 crore during the same period (FY24). Rare Rabbit’s revenue from operations increased to Rs 637 crore in FY24 from Rs 376 crore in FY23, according to its financial statement sourced from the Registrar of Companies (RoC). Rare Rabbit is a men's fashion brand operated by The House of Rare. Founded in 2015, the brand offers a range of clothing including shirts, polos, T-shirts, trousers, and jackets. Product sales were the company’s primary source of revenue. The company earned Rs 5 crore from interest income, bringing its total income to Rs 642 crore in FY24. On the expense front, the major cost, material expenses increased by 53% to Rs 208.4 crore. Employee benefit expenses surged by 95% to Rs 78 crore while expense increased by 45% to Rs 93 crore. Rent and commission expenses also increased by 62% and 58%, respectively. Overall, Rare Rabbit’s total expenses grew by 59.9% to Rs 542 crore in FY24, up from Rs 339 crore in FY23. Since Rare Rabbit’s revenue growth outpaced its expenses, the company’s profit surged 2.3 times to Rs 75 crore in FY24 from Rs 32 crore in FY23. The EBITDA margin improved to 19% from 14.7%, while the return on capital employed (ROCE) increased to 52.15% in FY24 from 42.02% in the previous fiscal year. On a unit level, Rare Rabbit spent Rs 0.85 to earn a rupee in the last fiscal year. As of March 2024, the company held Rs 2 crore in cash and bank balances, with current assets totaling Rs 349.5 crore. According to TheKredible, Rare Rabbit has raised a total of approx $24 million of funding to date, which includes the recent Rs 50 crore funding round from its existing lead investor A91 Partners. Rare Rabbit’s success and presence have practically crept up if you have been an ordinary industry watcher. The men's focused brand (their women's offering is called Rare is, and a children's planned offering will be Rare Ones) has gone about its work slowly but surely, not offering the permanent discounts that have been a feature of many others. The premium positioning seems to have worked eventually, placing the brand in a very strong position a decade after it launched. So will the House of Rare stay independent? We are betting it will, at least until after FY25 numbers, which could take the brand beyond the 1000 crore milestone. At that level, assuming it remains profitable, a unicorn valuation will be just one of the perks of staying rare.

DCGpac hits profitability as revenue nears Rs 100 Cr in FY24

EntrackrEntrackr · 9m ago
DCGpac hits profitability as revenue nears Rs 100 Cr in FY24
Medial

B2B packaging solutions platform DCGpac has been expanding steadily, reaching nearly Rs 100 crore in revenue for the fiscal year ending March 2024. Moreover, the Gurugram-based company, which raised only Rs 20 crore, achieved profitability during this period. DCGpac’s revenue from operations grew by 21.4%, reaching Rs 96.5 crore in FY24, up from Rs 79.5 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies (RoC) show. DCGpac is a packaging materials supplier offering a range of products and services, including corrugated boxes, courier bags, bubble films, designer boxes, and “Design to Distribution” solutions. Sales of packaging materials represent the sole source of revenue for DCGpac. According to the company’s website, it serves over 50,000 customers, including Blinkit, Shiprocket, Delhivery, Myntra, DHL, Shadowfax, and others. As with other packaging solutions platforms, the cost of materials accounted for 83.17% of DCGpac’s total expenditure, rising by 19% to Rs 80.4 crore in FY24. Employee benefits expenses stood at Rs 8 crore for the last fiscal year. Additional costs, including advertising, warehousing, packing, information technology, printing, and other operating overheads, brought total expenditure up by 17.9% to Rs 96.7 crore in FY24, compared to Rs 82 crore in FY23. Steady growth and careful cost management helped DCGpac achieve profitability in FY24, posting net profits of Rs 19 lakh compared to a loss of Rs 1.67 crore in FY23. DCGpac’s ROCE and EBITDA margin stood at 3.34% and 1.19%, respectively. On a unit level, the company spent Re 1 to earn a rupee of operating revenue in FY24. FY23-FY24 FY23 FY24 EBITDA Margin -1.98% 1.19% Expense/₹ of Op Revenue ₹1.03 ₹1 ROCE -15.66% 3.34% DCGpac has raised a total of Rs 20 crore to date, including a pre-Series Seed round of $1.5 million led by Venture Catalysts, 9Unicorns, and Inflection Point Ventures in April 2022.

BigHaat’s gross revenue nears Rs 700 Cr in FY23

EntrackrEntrackr · 1y ago
BigHaat’s gross revenue nears Rs 700 Cr in FY23
Medial

Agritech startup BigHaat registered over five-fold growth during the fiscal year ending March 2023. However, in pursuit of rapid scale its losses also rose in a similar proportion during the same period. BigHaat’s gross revenue surged 5.3X to Rs 643 crore in FY23 from Rs 120 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show. Founded in 2015, BigHaat leverages technology to provide a wide range of solutions and services to farmers, helping them optimize their agricultural practices and increase productivity. Market linkages formed 92% of the overall gross revenue which increased 6.6X to Rs 594 crore in FY23. The rest of the income comes from input business, exports, commission of marketplace, and others. See TheKredible for the detailed revenue breakup. In tune with growth in scale, its cost of procurement emerged as the largest cost center accounting for 92.5% of the total expenditure. This cost rose by 5.4X to Rs 623 crore in FY23 from Rs 115 crore in FY22. Its employee benefits, selling cum distribution, legal-professional, information technology, fulfillment, and other overheads took the total expenditure to Rs 673 crore in FY23 from Rs 128 crore in FY22. Head to TheKredible for the complete expense breakup. Expenses Breakdown Total ₹ 128 Cr https://thekredible.com/company/bighaat/financials View Full Data To access complete data, visithttps://thekredible.com/company/bighaat/financials Total ₹ 673 Cr https://thekredible.com/company/bighaat/financials View Full Data To access complete data, visithttps://thekredible.com/company/bighaat/financials Cost of procurement Cost of procurement Employee benefit Employee benefit Selling and distribution Selling and distribution Legal professional Legal professional Information technology Information technology Fulfilment cost Fulfilment cost Others To check complete Expense Breakdown visit thekredible.com View full data The spurt in procurement and employee benefits resulted in a significant increase in losses, rising 5.8X to Rs 35 crore in FY23 from Rs 6 crore in FY22. Its ROCE and EBITDA margin stood at -40% and -4.3%, respectively. On a unit level, it spent Rs 1.05 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -6% -4.3% Expense/₹ of Op Revenue ₹1.07 ₹1.05 ROCE -14% -40% BigHaat has raised $29 million to date and was valued at $58 million in its last round. As per the startup data intelligence platform TheKredible, JM Financial is the largest external stakeholder with 27.29% followed by Ankur Capital and Beyond Next Ventures. Its co-founders Sateesh Nukala and Sachin Nandwana cumulatively command 23.29% of the company. The numbers would indicate a business that is more about trading and arbitrage than anything else, unless BigHaat incurred some major one off expenses. But at this scale, it’s obvious that the firm has the ability and knowledge to make it count, which is what should make it an interesting agritech to track from here on.

Groyyo’s gross revenue nears Rs 500 Cr in FY23

EntrackrEntrackr · 1y ago
Groyyo’s gross revenue nears Rs 500 Cr in FY23
Medial

B2B manufacturing and automation startup Groyyo grew at a rapid clip with 19X growth during the fiscal year ending March 2023. But in the pursuit of chasing scale, the Tiger Global-backed company’s losses zoomed 13.6X during the same period. Groyyo’s gross revenue surged 18.9X to Rs 492 crore in FY23 from Rs 26 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show. Founded in July 2021 by Subin Mitra, Pratik Tiwari, and Ridam Upadhyay, Groyyo is a supply chain enablement platform that helps digitize manufacturing small and medium businesses and match demand and supply from national and international clients. The sale of products is the main source of revenue for Groyyo which increased 17.8X to Rs 452 crore in FY23. Income from commission and subscription are other revenue drivers for the Delhi-based company. See TheKredible for the detailed revenue breakup. For the B2B manufacturing and automation startup, the cost of procurement of goods accounted for 82.17% of the overall expenditure. With growth in scale, this cost surged 18.2X to Rs 475 crore in FY23. Its employee benefits, traveling, legal, doubtful debtors, business consultancy, samples, and other overheads took the overall cost to Rs 578 crore in FY23 from Rs 31 crore in FY22. See TheKredible for the full expense breakup. Expenses Breakdown Total ₹ 296 Cr https://thekredible.com/company/groyyo/financials View Full Data To access complete data, visithttps://thekredible.com/company/groyyo/financials Total ₹ 296 Cr https://thekredible.com/company/groyyo/financials View Full Data To access complete data, visithttps://thekredible.com/company/groyyo/financials Cost of procurement Cost of procurement Employee benefit Employee benefit Travelling conveyance Travelling conveyance Legal professional Legal professional Business consultancy Business consultancy Sample purchased Sample purchased Others Others Provision for doubtful debtors To check complete Expense Breakdown visit thekredible.com View full data The mounting growth in employee benefits and provisions for doubtful debtors led Groyyo’s losses to increase by 13.6X to Rs 68 crore in FY23 from Rs 5 crore in FY22. Its ROCE and EBITDA margin stood at -35% and -11.4% respectively. On a unit level, it spent Rs 1.17 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -204% -11.4% Expense/₹ of Op Revenue ₹1.19 ₹1.17 ROCE -265% -35% Groyyo has raised $32.6 million across rounds. According to the startup data intelligence platform TheKredible, Alpha Wave is the largest external stakeholder with 23.64% followed by Tiger Global. A large head of expenses under doubtful debtors is hopefully a one off, but Groyyo will need to avoid taking the route of easy credit to get buyers on board. It usually doesn’t end well, and certainly doesn’t end profitably. With a market that is becoming more complex in terms of supply chain compliances, the firm certainly has a massive opportunity to support both buyers and sellers across the categories it is focused on. Handholding both through those issues will matter in the coming future, and will ensure the kind of value add that ties in customers for much longer.

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