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Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr

EntrackrEntrackr · 6m ago
Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr
Medial

Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr Treebo Hotels, a premium-budget hotel chain, crossed the Rs 100 crore revenue milestone in the fiscal year ending March 2024. Despite this growth, the Bengaluru-based company saw its losses rise by 17%, bringing total outstanding losses to Rs 488 crore. Treebo Hotels’s revenue from operations grew 22.5% to Rs 109 crore in FY24 from Rs 89 crore in FY23, its consolidated financial statements filed with the Registrar of Companies show. Income from accommodation services (taken on lease and managed properties) formed 95% of the total operating revenue which increased by 22.3% to Rs 104 crore in FY24 from Rs 85 crore in FY23. The rest of the income comes from the sale of products, and subscription services. The company also added Rs 7.22 crore as other income (non-operating) which tallied its overall revenue to Rs 116 crore in FY24 from Rs 94 crore in FY23. Treebo spent 41% of its overall expenditure on employee benefits which increased marginally by 7% to Rs 59 crore in FY24. Its cost and commission surged 70% and 48% to Rs 17 crore and Rs 43 crore in the previous fiscal year. Its cost of materials, legal, technology, traveling, and other overheads took the overall cost up by 22% to Rs 144 crore in FY24 from Rs 118 crore in FY23. The increased advertising and commission costs led Treebo to raise its losses by 16.7% to Rs 28 crore in FY24, compared to Rs 24 crore in FY23. Its ROCE and EBITDA margin stood at -540% and -18.1% respectively. On a unit level, it spent Rs 1.32 to earn a rupee in FY24. The company’s total current assets stood at Rs 34 crore with cash and bank balances of Rs 7 crore in the previous fiscal. According to startup data intelligence platform TheKredible, decade-old Treebo has secured Rs 566 crore (approximately $70 million) in funding from investors including Accor, Elevation Capital, Matrix Partners, and Bertelsmann. The company’s most recent major funding, amounting to $16 million, was raised in June 2021. Treebo competes directly with Bloom Hotels and FabHotels. In FY24, Bloom Hotels saw its operational revenue rise by 73.6% to Rs 250 crore, with a profit of Rs 14 crore. FabHotels recorded Rs 224 crore in operating revenue for FY23 but has not yet filed its FY24 annual report.

Greater Than gin maker Nao Spirits crosses Rs 80 Cr revenue in FY24

EntrackrEntrackr · 6m ago
Greater Than gin maker Nao Spirits crosses Rs 80 Cr revenue in FY24
Medial

Nao Spirits, the parent company of the gin brand Greater Than, reported more than double its growth in the fiscal year ending March 2024. Despite this substantial growth, the Goa-based company effectively managed to keep its losses in check during the same period. Nao Spirits' revenue from operations grew by 145% to Rs 81 crore in FY24 from Rs 33 crore in FY23, its annual financial statements sourced from the Registrar of Companies show. Founded in 2015 by Anand Virmani, Abhinav Rajput, Aparajita Ninan, and Vaibhav Singh, Nao Spirits is a craft distillery based in India, known for producing premium craft gins like Greater Than and Hapusa. Income from the sale of these gins was the sole source of revenue for Nao Spirits. While the majority of Nao Spirits' revenue is generated within India, export earnings contributed Rs 2 crore in the previous fiscal year (FY24). For the liquor maker, the cost of excise duty was the largest cost center which accounted for 48% of its overall cost or nearly half of its revenue. This cost surged 7X to Rs 43 crore in FY24 from Rs 6 crore in FY23. Nao Spirits’ cost of procurement and employee benefits grew 42% and 33% to Rs 17 crore and Rs 8 crore respectively. The company also spent Rs 17 crore on advertising and business promotion. Its legal, traveling, rent, and other overheads tallied its total cost to Rs 96 crore in FY24 from Rs 50 crore in FY23. The over two-fold scale and controlled expenditure helped Nao Spirits to reduce its losses by 11% to Rs 14.6 crore in FY24, compared to Rs 16.4 crore in FY23. Its ROCE and EBITDA margin improved to -55% and -13.64% respectively with a better expense-to-revenue ratio which stood at Rs 1.19. During FY24, the company had a total current assets of Rs 48.7 crore. Nao Spirits has secured a total of Rs 54 crore ($6.5 million) in funding over five rounds. Their most recent funding was a Series B round on March 12, 2022. Nao Spirits' gin, Greater Than, has firmly established itself as a prominent brand in the Indian market, with widespread availability across the country. The next 2–3 years are expected to be dynamic for Nao Spirits and it may introduce new products and innovations to further engage gin enthusiasts. For instance, in April 2024, the firm released 'Punk Gin,' a limited-edition pink gin made with fresh strawberries and hibiscus.

Games24x7 crosses Rs 2,000 Cr income in FY23; controls losses

EntrackrEntrackr · 1y ago
Games24x7 crosses Rs 2,000 Cr income in FY23; controls losses
Medial

Real money gaming platform Games24x7 has continued to grow its scale: their collection grew 70% year-on-year in FY23. The controlled spending on employee benefits and advertising helped the Mumbai-based firm keep its losses in check during the same period. Games24x7’s revenue from operations grew 70.1% to Rs 1,988 crore in FY23 from Rs 1,169 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show. Games24x7 mainly runs RummyCircle and the fantasy sports platform, My11Circle. The platform fee deducted for joining tournaments or contests is the primary source of revenue for Games24x7 which accounted for 99% of the operating income. The rest of the operating revenue comes from selling virtual items in freemium games. The company also added Rs 35 crore from the interest and gain on current investment tallying the overall income to Rs 2,023 crore in FY23. For the gaming platform, advertisement and business promotion expenses accounted for 66% of the overall expenditure, which surged by 61.7% to Rs 1,421 crore in FY23 from Rs 879 crore in FY22. The firm’s burn on employee benefits, legal, traveling, training, recruitment, subscription membership, and other overheads took its overall expenditure up by 43.4% to Rs 2147 crore in FY23. The 70% growth in scale and controlled cost helped the firm’s losses go down to Rs 199 crore in FY23 from Rs 282 crore in FY22. Its ROCE and EBITDA margin improved to -18% and -4.6%, respectively. On a unit level, it spent Rs 1.08 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -24% -4.6% Expense/₹ of Op Revenue ₹1.28 ₹1.08 ROCE -48% -18% Games 24×7 has raised over $107 million to date including its $75 million round led by Malabar Investment at a valuation of $2.5 billion. According to the startup data intelligence platform TheKredible, Tiger Global is the largest external stakeholder with 22.39%. In March, Games24x7’s My11Circle became the new fantasy sports official partner for IPL (Indian Premier League) for five years, outbidding its rival Dream11. Games24X7 also said that it has tripled its marketing investment this year. This will reflect in the company’s financial performance in FY25.

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