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Wow! Momo posts Rs 470 Cr revenue and Rs 114 Cr loss in FY24

EntrackrEntrackr · 4m ago
Wow! Momo posts Rs 470 Cr revenue and Rs 114 Cr loss in FY24
Medial

Wow! Momo saw 14% growth in operating revenue in FY24, it fell far short of the 88% year-on-year surge recorded in FY23, indicating a slowdown in growth. However, the Tiger Global-backed firm managed to keep its losses stable, remaining flat for the fiscal year ending March 2024. Wow! Momo’s revenue from operations grew to Rs 470 crore in the last fiscal year from Rs 413 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. Launched in 2008 by Sagar Daryani and Binod Homagai, Wow! Momo Foods operates three QSR brands—Wow Momo, Wow China, and Wow Chicken. The company claims to have a network of 630 outlets across 35 cities and a workforce of 6,000 employees. Revenue from the sale of momos, food, and beverages contributed 97% of the total operating income, which grew by 11.5% to Rs 456 crore in FY24. The remaining revenue came from frozen momo sales. Wow! Momo also added Rs 9 crore from interest on deposits, bringing the overall revenue to Rs 479 crore in the last fiscal year. For the QSR firm, the cost of material procurement formed 26.6% of total expenditure, increasing 15.3% to Rs 158 crore in FY24 in line with revenue growth. Employee benefit expenses declined 27.7% to Rs 120 crore in the previous fiscal year. Expenses related to power/fuel, rent, advertising, commissions, finance costs, and other overheads contributed to a 11.9% rise in total expenditure, reaching Rs 593 crore in FY24. The 13.8% increase in scale, along with controlled expenses, helped Wow! Momo maintain steady losses at Rs 114 crore in FY24. Its ROCE and EBITDA margin stood at -8.33% and 7.93%, respectively, with an expense-to-revenue ratio of Rs 1.26. By the end of FY24, Wow! Momo's total current assets were recorded at Rs 250 crore, including Rs 175 crore in cash and bank balances. Wow! Momo has raised over Rs 600 crore to date, including $42 million (Rs 350 crore) in its Series D led by Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia. According to the startup data intelligence platform TheKredible, Tiger Global is the largest external stakeholder followed by Treeline Investment. Wow! Momo is reportedly aiming for Rs 650 crore in revenue in FY25 with improved unit economics and has its sights set on going public in 2027.

Foxtale's revenue soars to Rs 83 Cr in FY24, losses widen

EntrackrEntrackr · 5m ago
Foxtale's revenue soars to Rs 83 Cr in FY24, losses widen
Medial

Foxtale, a direct-to-consumer (D2C) skincare brand, reported Rs 83 crore of revenue in its third full fiscal year, which ended in March 2024. However, in pursuit of scale, the losses for the Mumbai-based company crossed Rs 50 crore in the same period. Foxtale’s revenue from operations surged around 6X to Rs 83 crore in FY24 from Rs 14 crore in FY23, its annual financial statements sourced from the Registrar of Companies show. Founded in 2021 by Romita Mazumdar, Foxtale is an affordable skincare brand focused on products designed for Indian skin. Its products target issues such as acne, aging, and hyperpigmentation. The brand's products are available on its website and various marketplaces, including Nykaa, Amazon, Blinkit, Flipkart, and Myntra. The sale of skin and beauty products was Foxtale's sole source of revenue in the previous fiscal year. Similar to other D2C skincare brands, Foxtale spent Rs 50 crore on advertising and promotion, which is 36% of its overall cost. This cost saw an increase of 3.8X during FY24. To the tune of scale, its cost of procurement grew 5.8X to Rs 35 crore in the previous fiscal. Foxtale's employee benefit expenses, including salaries, provident fund (PF), gratuity, and ESOPs, surged 2.8x to Rs 20 crore in FY24. Its delivery, legal, outsourcing manpower, and other overheads pushed the overall expenditure to Rs 139 crore in FY24 from Rs 33 crore in FY23. Despite registering 6x fold in scale, higher advertising expenses and employee benefit costs drove Foxtale's losses up by 189% to Rs 55 crore in FY24, compared to Rs 19 crore in FY23. On a unit level, it spent Rs 1.67 to earn a rupee of operating revenue. At the end of FY24, its current assets were recorded at Rs 69 crore, including cash and bank balances of Rs 44 crore. Foxtale has emerged as one of the few D2C startups to secure $48 million across two funding rounds in just seven months. Its latest $30 million round was spearheaded by Japanese beauty products giant, Kose Corporation. Its major competitors include Sugar Cosmetics, WOW Skin Science, Plum, MamaEarth, Minimalist, and several others.

Wow! Momo crosses Rs 400 Cr revenue threshold in FY23

EntrackrEntrackr · 1y ago
Wow! Momo crosses Rs 400 Cr revenue threshold in FY23
Medial

Quick service restaurant chain Wow! Momo scaled 3.8X during the last two reported fiscal years as its revenue rose to Rs 413 crore in FY23 from Rs 106 crore in FY21. Despite this spurt in growth, the Kolkata-based company’s losses increased marginally during FY23. Wow! Momo’s revenue from operations surged 87.7% to Rs 413 crore in FY23 from Rs 220 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show. Launched in 2008 by Sagar Daryani and Binod Homagai, Wow! Momo Foods operates three QSR brands—Wow Momo, Wow China, and Wow Chicken. The firm claims to have 630 outlets across 35 cities and directly employs 6,000 people. The sale of its products was the sole source of revenue for the Tiger Global-backed firm. It also made Rs 3 crore from the interest on deposits and current investments which took its overall income to Rs 416 crore in the fiscal year ending March 2023. For the Quick service restaurant, the cost of procurement of materials formed 34% of its total expenditure. This cost increased by 66.7% to Rs 160 crore in FY23. Wow! Momo paid Rs 62 crores of rent during FY23. Its employee benefits, electricity, advertising cum promotional, commissions, and other overheads pushed the firm’s overall expenditure to Rs 471 crore in FY23 from Rs 275 crore in FY22. Check TheKredible for the detailed expense breakup. The impressive scale and controlled expenditure helped Wow! Momo to keep its losses in check which increased only 13.1% to Rs 60.5 crore in FY23 from Rs 53.5 crore in FY22. Its ROCE and EBITDA margins improved to -11% and -1.8% respectively. On a unit level, it spent Rs 1.14 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -7% -1.8% Expense/₹ of Op Revenue ₹1.25 ₹1.14 ROCE -15% -11% Wow! Momo has raised over $120 million to date including its $51 million Series D round led by Khazanah. According to the startup data intelligence platform TheKredible, Tiger Global is the largest external stakeholder followed by LightHouse. The company has current assets of Rs 131 crore including cash and bank balances of Rs 54 crore during the fiscal ended March 2023. As per TheKredible estimates, its enterprise value to revenue multiple is 6.8X. As a bonafide and well recognised fast food brand, Wow! Momo is on record with an aim to reach a topline of Rs 650-700 crore in the just closed fiscal year (FY24). That seems perfectly possible considering its wide distribution and increasing acceptance. The brand deserves credit for sticking it out in a tough situation post 2020, and making it work as a standalone product based offering. While its menu has expanded, the firm remains nimble enough to make quick changes where required. Despite a relatively low franchise fee, the firm seeks better control over locations and quality. Competition, specifically in the momos space remains limited yet, at the mid-range it occupies. Momos continue to enjoy growing acceptance, with many regions to be conquered yet. The firm certainly has a runway long enough to keep pace with the ambitions of its stakeholders.

Wow Skin Science forays into cosmetic category with launch of ‘Color Cupid’

EntrackrEntrackr · 12m ago
Wow Skin Science forays into cosmetic category with launch of ‘Color Cupid’
Medial

Body Cupid, the parent company of the personal care brand Wow Skin Science, has ventured into the cosmetics category with the launch of a new brand, Color Cupid. Designed and curated for younger demographics, Color Cupid features nearly 40 stock keeping units (SKU’s) including kajal, eyeliners, lipsticks, foundation, BB cream, primer, makeup remover, and more. “We aim to revolutionize the beauty industry by bridging the gap between your inner world and outer expression, helping you find the look that reflects who you are, without seeking validation or judgment,” said Manish Chowdhary, co-founder of WOW Skin Science. The newly launched brand will be available both online and offline with over 300 beauty advisors and more than 1,000 makeup stores. Color Cupid will focus on regions such as Delhi-NCR, Punjab, Lucknow, Mumbai, Pune, and Vadodara, the company said in a press release. That said, the GIC-backed firm already has four brands namely Wow Skin Science, Wow Life Science, Body Cupid, and Nature Derma. In 2019 the company expanded its operations to the US, increasing its global presence to 22 countries. Wow Skin Science says it draws around 10-12% of its revenue from the international market. As per startup data intelligence platform TheKredible, Wow Skin’s parent company has raised over $95 million to date including a $48 million round led by Singapore GIC in November 2022.

Wow! Momo raises Rs 85 Cr in debt from Stride Ventures

EntrackrEntrackr · 23d ago
Wow! Momo raises Rs 85 Cr in debt from Stride Ventures
Medial

Wow! Momo raises Rs 85 Cr in debt from Stride Ventures Quick-service restaurant chain Wow! Momo Foods has raised Rs 85 crore (around $10 million) in debt funding from Stride Ventures. The proceeds will be used to refinance existing loans and drive expansion across its QSR and FMCG verticals. Launched in 2008 by Sagar Daryani and Binod Homagai, Wow! Momo operates over 700 outlets in 70 cities, and owns brands such as Wow! Momo, Wow! China, Wow! Chicken, and Wow! Kulfi. “This support from Stride Ventures will help us scale new heights and introduce more formats to reach wider audiences,” said Sagar Daryani, Co-founder & CEO of Wow! Momo. The company plans to scale its FMCG business to Rs 100 crore, grow its HORECA division, and expand to 1,500 stores across 100 cities in the next three years. As per TheKredible, Wow! Momo’s revenue from operations grew to Rs 470 crore in FY24 from Rs 413 crore in FY23. It maintained steady losses at Rs 114 crore in FY24.

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