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XpressBees' losses soar 85% to Rs 370 Cr in FY25 amid flat revenue

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XpressBees' losses soar 85% to Rs 370 Cr in FY25 amid flat revenue
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XpressBees' losses soar 85% to Rs 370 Cr in FY25 amid flat revenue E-commerce-focused logistics company XpressBees reported flat growth in the fiscal year ending March 2025, while its losses jumped 85% to Rs 370 crore in the same period due to higher logistics, facility, and finance costs. XpressBeesโ€™ revenue from operations grew marginally to Rs 2,874 crore in FY25 from Rs 2,831 crore in FY24, according to its consolidated financial statements. Income from the courier services accounted for 96% of the operating income, which stood at Rs 2,772 crore in FY25. The other operating income includes Warehousing Fulfilment Service, the sale of scrap, and other support services. It also added Rs 87 crore, mainly from interest on bank deposits, which took the overall income to Rs 2,961 crore in FY25, compared to Rs 2,940 crore in FY24. For the logistics firm, freight and handling remained the largest cost center, forming 73% of the overall which recorded at Rs 2,462 crore in FY25. Its Employee benefits, transportation, and technology costs remained the other contributors, taking the overall cost to Rs 3,334 crore in FY25, compared to Rs 3,143 crore in FY24. At the end, XpressBeesโ€™ net loss widened 85% to Rs 370 crore in FY25 against Rs 200 crore in the previous fiscal, while EBITDA losses jumped to Rs 228 crore compared with Rs 102 crore a year earlier. Its EBITDA margin deteriorated to -7.9%, nearly double the previous yearโ€™s deficit of -3.6%. On the balance sheet front, total assets contracted 18% to Rs 2,133 crore as the company pared down its cash holdings and investments. Cash and cash equivalents also plunged 87% to Rs 172 crore from Rs 1,331 crore in FY24, reflecting reduced liquidity and possible repayment of liabilities. Current assets also slipped 23% year-on-year to Rs 1,438 crore. The firmโ€™s return on capital employed (ROCE) worsened to -29.3% from -14.1% in FY24, while the company spent Rs 1.16 to earn a rupee in FY25. XpressBees has been expanding its warehousing and B2B logistics verticals while facing pricing pressure in its core e-commerce parcel business, where large clients have renegotiated rates. Despite scaling its network and automation footprint, the Pune-based companyโ€™s cost base grew faster than revenue in FY25.

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Swiggy posts Rs 4,961 Cr revenue in Q1 FY26, losses soar 96%

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Swiggy posts Rs 4,961 Cr revenue in Q1 FY26, losses soar 96%
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Swiggy posts Rs 4,961 Cr revenue in Q1 FY26, losses soar 96% Foodtech and quick commerce major Swiggy has reported a 54% year-on-year growth in its operating revenue which spiked to Rs 4,961 crore during Q1 FY26 as compared to Rs 3,222 crore Q1 FY25. However, the Bengaluru-based companyโ€™s losses almost doubled in the same period. Scootsy Logistics contributed a major 46% of Swiggyโ€™s overall operating collection. Income from this entity increased by 78% YoY to Rs 2,259 crore in Q1 FY26 from Rs 1,268 crore in Q1 FY25. Swiggyโ€™s food delivery business continues to be one of the major contributors, accounting for 36% of the total collection in Q1 FY26. Revenues from this vertical grew 19% to Rs 1,800 crore from Rs 1,518 crore in Q1 FY25. The companyโ€™s quick commerce segment also saw remarkable growth, with revenue surging by 2X to Rs 806 crore in Q1 FY26 from Rs 374 crore in Q1 FY25. The segment's gross order value (GOV) growth was driven by an increase in order frequency and the addition of new dark stores. Swiggyโ€™s Dine Out, Genie, Swiggy Mini and other non-operating income took its total revenue to Rs 5,048 crore in Q1 FY26. On the cost side, the procurement of FMCG products for supply chain distribution formed 33% of its overall cost which increased by 72% to Rs 2,064 crore in Q1 FY26. Meanwhile, the delivery charges saw 26% growth to Rs 1,313 crore in Q1 FY26. Swiggy spent Rs 686 crore and Rs 1,036 crore on employee benefits and advertising, respectively. Overall, Swiggyโ€™s total expenses for the quarter increased 60% to Rs 6,244 crore from Rs 3,908 crore in Q1 FY25. The 60% growth in expenditure led losses to increase by 96% to Rs 1,197 crore in Q1 FY26 from Rs 611 crore in Q1 FY25. Recently Swiggy reshuffled its board as Sumer Juneja from SoftBank and Anand Daniel from Accel resigned from their roles as nominee directors on Swiggyโ€™s board. Following these departures, Swiggy appointed Faraz Khalid, CEO of Middle East commerce platform noon, as an independent director. Swiggy shares were trading at Rs 404 at the end of Thursday with a total market capitalization of Rs 1,00,730 crore.

Cult.fit posts Rs 1,216 Cr revenue and Rs 481 Cr loss in FY25

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Cult.fit posts Rs 1,216 Cr revenue and Rs 481 Cr loss in FY25
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Fintrackr All Stories Cult.fit posts Rs 1,216 Cr revenue and Rs 481 Cr loss in FY25 Fitness tech company Cult.fit reported over 31% year-on-year growth in operating revenue for the fiscal year ended March 2025, while its losses narrowed by 10% to Rs 481 crore during the period. Mukul Manchanda 15 Dec 2025 16:06 IST Fitness tech company Cult.fit reported over 31% year-on-year growth in operating revenue for the fiscal year ended March 2025, while its losses narrowed by 10% to Rs 481 crore during the period, as the company gears up for an initial public offering (IPO). Cult.fit reported an operating revenue of Rs 1,215.5 crore in FY25 compared to Rs 926.6 crore in FY24, according to its consolidated financial statements filed with the Registrar of Companies (RoC). Revenue from fitness subscriptions, including flagship offerings such as Cultpass, Cult.fit centres, and platform services, accounted for 73% of total revenue which increased by 32.7% year-on-year to Rs 889 crore in FY25. The sale of products, including sportswear for men and women as well as other gym and fitness products, contributed Rs 326.4 crore to total revenue, with the segmentโ€™s revenue rising 27% compared to FY24. Cult.fit also earned Rs 56.5 crore from other income, including interest on current investments and miscellaneous non-operating sources, taking its total revenue to Rs 1,272 crore in FY25. Coming to expenses, employee benefit costs remained largely flat at Rs 347.4 crore in the last fiscal, including Rs 99.5 crore ESOP expenses. Meanwhile, Cult.fitโ€™s cost of materials rose 31% year-on-year to Rs 521.5 crore in FY25, accounting for nearly 30% of the companyโ€™s overall expenses and remaining its largest cost centre. Spending on advertising and promotional expenses remained flat at Rs 202.9 crore in FY25, while depreciation and amortisation costs increased 12% year-on-year to Rs 237.6 crore. Legal and professional expenses, along with finance costs, added another Rs 120.9 crore and Rs 109.5 crore, respectively, to the companyโ€™s total expenses. Information technology, travel and other miscellaneous expenses pushed overall costs up by 12% year-on-year to Rs 1,751.6 crore in FY25. In the end, the Bengaluru-based firmโ€™s losses declined by 10% to Rs 480.8 crore in FY25. Its ROCE and EBITDA margins stood at -24.02% and -15.54% respectively whereas its EBITDA (loss) stands at Rs 189 crore in the period. Cult.fit managed to improve its expense-to-earning ratio to Rs 1.44 in the previous fiscal. Its current assets stood at Rs 1,029.5 crore with a cash and bank balance of Rs 240.7 crore in FY25. According to startup data intelligence platform TheKredible, Cult.fit has raised over $675 million to date from investors including Accel, Temasek, Eternal (Zomato), Tata Digital and several others. The Tata Digital-backed company is reportedly aiming to raise Rs 2,500 crore through an initial public offering (IPO) at a valuation of around $2 billion, and has appointed Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley and JM Financial as its bankers.

Ather overtakes Ola Electric with Rs 899 Cr revenue in Q2 FY26

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Ather overtakes Ola Electric with Rs 899 Cr revenue in Q2 FY26
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Electric two-wheeler maker Ather Energy has announced its financial results for the second quarter of the ongoing financial year FY26. The company reported a 54% year-on-year jump in its operating revenue compared to Q2 FY25. The Bengaluru-based firm has surpassed its competitor Ola Electric in terms of revenue. Atherโ€™s revenue from operations increased by 54% to Rs 899 crore in Q2 FY26, from Rs 583 crore in Q2 FY25, according to its quarterly report sourced from the National Stock Exchange (NSE). On a half-yearly basis, the companyโ€™s revenue increased by 64% to Rs 1,543 crore in H1 FY26 from Rs 944 crore in H1 FY25. Atherโ€™s cost of materials, primarily steered by battery and component procurement, made up the largest share of its expenditure. This cost increased by 50% to Rs 730 crore in Q2 FY26 from Rs 485 crore in the same period last year, accounting for over 67% of the total expenses during the quarter. Employee benefit expenses remained flat at Rs 114 crore in Q2 FY26 compared to Rs 110 crore in Q2 FY25. Depreciation and amortization cost too remained flat at Rs 43 crore in the same period. Overall, Atherโ€™s total expenditure grew 38% to Rs 1,095 crore in Q2 FY26, up from Rs 796 crore in Q2 FY25. As a result, the companyโ€™s net losses reduced by 20% to Rs 157 crore in Q2 FY26 from Rs 197 crore in Q2 FY25. In terms of EV sales, Ather Energy retained its third position in October, rebounding from flat growth in September to post a robust 53% increase with 28,061 registrations, capturing a strong 19.53% market share. The company also surpassed Ola Electric in terms of market capitalization. Atherโ€™s competitor Ola Electricโ€™s topline shrank by nearly 46% year-on-year to Rs 660 crore during the second quarter of FY26. The Bengaluru-based firm managed to control its losses by 16% in the same period. At the end of todayโ€™s trading session, Ather Energyโ€™s share price was trading at Rs 624 per share. The companyโ€™s market capitalization stood at Rs 23,751 crore ($2.5 billion).

Exclusive: BigHaat crosses Rs 1,100 Cr revenue in FY25; turns EBITDA profitable

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Exclusive: BigHaat crosses Rs 1,100 Cr revenue in FY25; turns EBITDA profitable
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Exclusive All Stories Exclusive: BigHaat crosses Rs 1,100 Cr revenue in FY25; turns EBITDA profitable Full-stack agritech platform BigHaat Agro posted a flat scale with single-digit year-on-year growth in the fiscal year ending March 2025. However, the Bengaluru-based company managed to narrow its losses by over 25% during the last fiscal year. According to its co-founder Sateesh Nukala, BigHaat has crossed the Rs 1,100 crore revenue threshold in FY25 from Rs 1,050 crore in FY24. BigHaatโ€™s revenue split consists of 85% of revenue coming from farm produce sales, with agri-inputs, which is direct to farmers, and digital only contributing 15%. The platform now counts 3 million monthly active farmers and reported 15% gross margins in FY25, said Nukala in an interaction with Entrackr. Nukala highlighted that exports and advanced processing, a high-margin vertical launched in FY25, now contribute 20% to its monthly revenue. โ€œWe have reduced our net loss to Rs 25 crore in FY25 from Rs 35 crore in FY24 and turned EBITDA positive for the last three quarters,โ€ said Nukala. He also added that BigHaat is among the few agritech startups to achieve profitability at scale with 6x revenue-to-capital efficiency. As per Nukala, the company is targeting Rs 1,400 crore in FY26, with spices emerging as a key growth driver. โ€œWe are also open to acquisitions of new brands to strengthen our portfolio,โ€ he emphasized. BigHaat has raised around $25 million to date. In January 2022, it raised Rs 100 crore led by JM Financial. Beyond Next Ventures, Ashish Kacholia, Ankur Capital, and others are some notable investors for the firm. This contrasts with larger peers. DeHaat, Indiaโ€™s most valued agritech startup, clocked Rs 2,675 crore revenue in FY24 but with losses of over Rs 240 crore. Ninjacart, backed by Walmart and Flipkart, crossed Rs 2,000 crore revenue in the same fiscal but recorded a Rs 259.6 crore loss. By combining steady topline growth, improving margins, and sustained EBITDA profitability, BigHaat is positioning itself as one of the few agritech ventures balancing scale with financial discipline, while many peers continue to burn capital at larger scales.

IndiQube crosses Rs 1,000 Cr revenue mark in FY25; cuts losses by 58%

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IndiQube crosses Rs 1,000 Cr revenue mark in FY25; cuts losses by 58%
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IndiQube crosses Rs 1,000 Cr revenue mark in FY25; cuts losses by 58% IndiQube, a provider of managed workspace solutions, submitted its red herring prospectus (RHP) to SEBI for a proposed Rs 700 crore Initial Public Offering (IPO) last week. The company's financial report indicates a 57% reduction in net loss, attributed to revenue growth and controlled costs. Indiqubeโ€™s revenue from operations increased by 28% to Rs 1,059 crore in FY25 from Rs 830 crore in FY24, according to its restated financial statement filed in the RHP. IndiQube derives the majority of its income from rental services, which accounted for Rs 870 crore or over 82% of its total operating revenue. Other income sources included the sale of goods (Rs 66 crore), maintenance charges (Rs 51 crore), electricity charges (Rs 33 crore), and others (Rs 39 crore). The company also made additional Rs 44 crore from non-operating sources, which pushed its total revenue to Rs 1,103 crore in FY25. For the managed space providing firm, depreciation cost related to lease stood at Rs 487 crore, accounting for 39% of the total expense, followed by finance costs, which were recorded at Rs 330 crore. Employee benefit expenses rose to Rs 76 crore while material cost stood at Rs 52 crore during the year. Overall, total expenses remained largely flat at Rs 1,260 crore in FY25 from Rs 1,252 crore a year ago. Despite the high depreciation and finance costs, IndiQubeโ€™s near-flat expenses coupled with its top-line expansion helped the company to cut losses by 58% to Rs 141 crore in FY25, as compared to Rs 341 crore in FY24. The Bengaluru-based company spent Rs 1.2 to earn a Rupee of operating revenue in FY25. The company recorded current assets worth Rs 210 crore in FY25, including Rs 61 crore in Cash and bank balances. IndiQubeโ€™s equity shares will be listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The issue will open for subscription on July 23, 2025, and close on July 25, with the anchor book opening on July 22.

Neobank unicorn Open posts Rs 46 Cr revenue in FY25; outstanding losses mounts to Rs 1,921 Cr

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Neobank unicorn Open posts Rs 46 Cr revenue in FY25; outstanding losses mounts to Rs 1,921 Cr
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Fintrackr Neobank unicorn Open posts Rs 46 Cr revenue in FY25; outstanding losses mounts to Rs 1,921 Cr Once hailed as Indiaโ€™s first neobanking unicorn, Open is yet to live up to its hype. The startup's revenue is still under Rs 50 crore in FY25, while the bottom line for the Bengaluru-based firm is in the red with over Rs 100 crore during the fiscal year ending March 2025. Openโ€™s revenue from operations increased 85% to Rs 46 crore in FY25, compared to Rs 24.8 crore in FY24, its annual financial statements sourced from the Registrar of Companies (RoC) shows. The company builds digital payment solutions that offer businesses a fully digital current account along with a suite of integrated tools for finance, accounting, and credit, all in collaboration with banking and lending partners. Openโ€™s revenue in FY25 mainly came from subscription-based digital payment services and commission income on a pay-per-use model, which contributed Rs 46 crore. It also added Rs 12.1 crore from interest on deposits (non-operating), thanks to its healthy cash and bank balance, which helped lift its total revenue to Rs 58.1 crore during the fiscal year. For the neo-bank platform, employee benefits formed 62.5% of the total burn, which stood at Rs 100 crore in FY25, while its software expenses were recorded at Rs 18.3 crore. Its legal/professional, advertising cum marketing, commissions, travel, insurance, and other overheads stretched the overall expenses to Rs 160 crore in FY25. The 85% increase in revenue and reduction in employee benefits helped Open to reduce its losses by 35.8% to Rs 108.8 crore in FY25, compared to Rs 169.6 crore in FY24. The accumulated losses for the Tiger Global-backed startup mounted to Rs 1,921 crore ($225 million) till FY25. Openโ€™s expense to revenue ratio improved this year, while ROCE and EBITDA margin recorded at -56.6% and -235.65% respectively. The company has a current total assets of Rs 210 crore, including cash and balances of Rs 202 crore by the end of the previous fiscal year (FY25). According to the startup data intelligence platform TheKredible, Open has raised over $190 million across rounds, including its $50 million round led by IIFL and with the participation of Tiger Global, where the company turned Unicorn in 2022. Openโ€™s FY25 numbers highlight the stark reality facing Indiaโ€™s neobank sector. Despite unicorn valuations and massive funding, regulatory restrictions on digital lending, FLDG arrangements, and prepaid credit lines, combined with high employee costs and intense competition from traditional banks, have made profitability a distant goal. Rapid user growth alone no longer guarantees success for all the neo-banking platforms. For growth, Open and other neobanks will need to broaden their playbook beyond basic banking services. This could include expanding into lending for SMEs, wealth management, insurance distribution, or SaaS-based finance tools, leveraging their existing customer relationships. Given the regulatory circumstances and investor pressure, the growth in this particular category seems distant.

Yulu revenue jumps 98% in FY25; losses stand at Rs 126 Cr

EntrackrEntrackr ยท 20d ago
Yulu revenue jumps 98% in FY25; losses stand at Rs 126 Cr
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Fintrackr All Stories Yulu revenue jumps 98% in FY25; losses stand at Rs 126 Cr Electric mobility startup Yulu has nearly doubled its revenue in the fiscal year ended March 2025 to Rs 237.4 crore. At the same time, the company cut down losses by 12% to Rs 126 crore. Yuluโ€™s operating revenue jumped 98% year-on-year to Rs 237.4 crore in FY25 from Rs 120 crore in FY24, according to its consolidated financial statements filed with the Registrar of Companies (RoC). Eight-year-old Yulu offers last-mile connectivity by renting electric bikes and operating an extensive EV charging and battery-swapping network. The company provides urban Mobility-as-a-Service (MaaS) across Bengaluru, Mumbai, and Delhi-NCR. Rental income from electric vehicles remained Yuluโ€™s dominant revenue driver, forming nearly 85% of its operating revenue at Rs 201 crore in FY25. Sales of electric bikes and accessories contributed another Rs 22.67 crore. The company also earned Rs 13.24 crore by supplying riders, field staff, and other manpower services to clients. The rest of its operating income came from franchise operations and delivery-related services. The company also earned Rs 4.53 crore from interest on fixed deposits, current investments and dividend income, taking its total revenue to Rs 241.9 crore. On the expense side, the cost of materials was the largest cost centre, accounting for 43.23% of total expenses which rose 53% to Rs 151.56 crore in FY25. Employee benefits expenses remained flat at Rs 88.43 crore including Rs 9.35 crore in ESOP costs, while depreciation and amortisation surged over 70% to Rs 66 crore. Other overheads, including advertising expenses, rent, and legal and professional fees, pushed total expenses to Rs 350.6 crore in the last fiscal year, marking a 36% jump from Rs 258.3 crore in FY24. Coming to the bottom line, the Bajaj-backed companyโ€™s 98% jump in revenue enabled it to trim losses by 12% to Rs 126 crore in FY25, compared to Rs 142.8 crore in FY24. Yuluโ€™s EBITDA margin improved to โ€“15.29% from โ€“80.11% in FY24, while EBITDA (loss) stood at Rs 36 crore. On a unit level, the company spent Rs 1.48 to earn a rupee of operating revenue. The companyโ€™s current assets stood at Rs 101.95 crore at the end of March 2025. Notably, its cash and bank balance fell 93% to Rs 9.65 crore during the period, down from Rs 142.7 crore in FY24. According to startup data intelligence platform TheKredible, the Bengaluru-based company has raised over $140 million to date, including $19.25 million secured in February last year from Magna and Bajaj Auto.

Walmart India trims losses to Rs 110 Cr in FY25 amid muted revenue growth

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Walmart India trims losses to Rs 110 Cr in FY25 amid muted revenue growth
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Walmart India trims losses to Rs 110 Cr in FY25 amid muted revenue growth Walmart India, the wholesale and retail arm of the global retail giant, managed to reduce its losses in FY25 even as revenue growth remained subdued. Walmart Indiaโ€™s operating revenue grew by a modest 2.6% to Rs 5,331 crore in FY25, as compared to Rs 5,195 crore in FY24, as per its financial statement sourced from Tofler. Walmart makes money via wholesale trading, with significant contributions from both food and non-food products; sales of these products accounted for 99% of the total operating revenue. The company made Rs 43 crore from other income, comprising gains from financial instruments and interest on bank deposits, which pushed its total revenue to Rs 5,374 crore in FY25 from Rs 5,200 crore in FY24. On the expenditure front, the cost of materials, which formed nearly 90% of overall expenses, increased 3% to Rs 4,924 crore in FY25 from Rs 4,791 crore in FY24. Employee benefit expenses declined by 10% to Rs 139 crore, while finance costs fell 17% to Rs 57 crore. Transportation and collection charges saw a small increase to Rs 94 crore and Rs 44 crore, respectively. Overall, total expenses rose marginally by 2.4% to Rs 5,484 crore in FY25 from Rs 5,355 crore in FY24. Walmart India succeeded in narrowing its loss by 29% to Rs 110 crore in FY25 from Rs 154 crore in FY24. Its ROCE and EBITDA margin stood at -8.85% and -0.35% respectively. On a unit level, Walmart India spent Rs 1.03 to earn a rupee of revenue in FY25. The company had current assets worth Rs 765 crore, including Rs 59 crore in cash and bank balances during the same period. Flipkart Internet, the B2C arm of Flipkart, which is owned by Walmart, reported a 14% year-on-year increase in revenue for FY25, exceeding Rs 20,000 crore. During the same period, the company successfully reduced its losses by 37%, bringing them down to Rs 1,494 crore. Walmart India faces competition from organized retail and wholesale players, including Reliance Retail and Metro Cash & Carry.

Curefoods posts Rs 746 Cr revenue in FY25, dessert-led income grows 95%

EntrackrEntrackr ยท 5m ago
Curefoods posts Rs 746 Cr revenue in FY25, dessert-led income grows 95%
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Curefoods posts Rs 746 Cr revenue in FY25, dessert-led income grows 95% Cloud kitchen brand Curefoods has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO). The move follows the companyโ€™s FY25 financial performance, where it reported a revenue of Rs 746 crore and a loss of Rs 170 crore, according to its balance sheet. Curefoods' operating revenue increased by 28% to Rs 746 crore in FY25 from Rs 585 crore in FY24, while its losses remained flat in the last fiscal year. Curefoods operates a multi-brand cloud kitchen business across categories like Indian meals, pizza, desserts, and health-focused food. In FY25, desserts led revenue with Rs 196 crore, followed by pizza (Rs 183 crore), Indian meals (Rs 178 crore), and healthy meals (Rs 176 crore). While desserts and pizza grew 18% and 95% YoY, respectively, the healthy segment declined by 13%. The Bengaluru-based company added Rs 29 crore from interest on financial assets which pushed its total income to Rs 775 crore in FY25. On the expense side, the cost of materials accounted for the largest share at Rs 273 crore, followed by employee benefit expenses at Rs 180 crore and commissions at Rs 137 crore. Advertising costs jumped significantly by over 64% to Rs 87 crore. Overall, the companyโ€™s total expenditure stood at Rs 944 crore in FY25, rising by 17% from Rs 807 crore in FY24. Despite the revenue growth, Curefoodsโ€™ loss remained flat at Rs 170 crore in FY25 from Rs 173 crore in FY24. Its ROCE and EBITDA margin stood at -19% and -7.5%, respectively. On a unit level, the company spent Rs 1.27 to earn a rupee of operating revenue in FY25. As of March 2025, the Ankit Nagori-led company had current assets worth Rs 339 crore in FY25, including Rs 80 crore in cash and bank balances. Curefoodsโ€™ founder Nagori is entitled to an annual fixed remuneration of Rs 3 crore (inclusive of perquisites and retirement benefits) and an annual variable bonus of up to 20% of his remuneration. Curefoodsโ€™ operational performance improved in FY25, with average daily sales rising to Rs 2 crore from Rs 1.5 crore in FY24, amid strong consumer demand across its brands. Among its 10 key brands, Sharief Bhai, EatFit, and CakeZone led revenue with Rs 148 crore, Rs 145 crore, and Rs 102 crore, respectively. The company also added new revenue streams through the launch of Krispy Kreme operations in South, West, and North India, with Rs 15 crore in revenue in FY25 after acquiring the franchise rights. The improving numbers certainly indicate a level of maturity for the business, prompting the move to go public as well. However, risks remain, particularly in the performance of the โ€˜Healthy Foodsโ€™ segment and now, the Krispy Kreme franchise, which has not quite delivered in India, and continues to face a tough challenge to crack the local market. Curefoods and its multi-brand approach remains to be tested, especially with profits still distant, and H1 of FY26 will probably be a good time to evaluate if the firm has discovered a path to profitability.

PharmEasy reports Rs 5,872 Cr revenue in FY25; burn remains flat

EntrackrEntrackr ยท 3m ago
PharmEasy reports Rs 5,872 Cr revenue in FY25; burn remains flat
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PharmEasy reports Rs 5,872 Cr revenue in FY25; burn remains flat API Holdings, the parent of e-pharmacy and diagnostics brand PharmEasy, reported flat revenue in the fiscal year ending March 2025. However, the Mumbai-based company has cut losses by 38% due to a sharp reduction in finance and depreciation costs during the last fiscal year. PharmEasyโ€™s operating revenue increased 3.7% to Rs 5,872 crore in FY25 from Rs 5,664 crore in FY24, according to the companyโ€™s financial statements reviewed by Entrackr. PharmEasy offers pharmaceutical products, along with diagnostic services and teleconsultations, through its mobile and web apps. PharmEasy derived about 87% of its operating revenue, or Rs 5,097.5 crore, from the sale of pharmaceutical and cosmetic products, while the remainder came from services such as diagnostics, teleconsultations, delivery, warehousing, and commissions from facilitating pathological tests. The firm also earned Rs 108 crore in non-operating income from interest and asset gains, taking its total revenue to Rs 5,898 crore in FY25. On the expenses side, the cost of materials remains the largest cost centre constituting 67.2% of the total expenditure to Rs 4,844 crore in FY25. PharmEasyโ€™s employee benefit expenses went up by 30% to Rs 908.4 crore in the last fiscal year as compared to Rs 700 crore in FY24. Meanwhile, finance costs also went down 30% to Rs 506 crore while the depreciation and amortization expenses declined 21.7% to Rs 168.9 crore during the year. Contractual payment for delivery associates was another significant cost at Rs 90 crore. Other expenses include legal, professional, sales promotion, and marketing. The companyโ€™s overall expenses also remained flat at Rs 7,208.5 crore in FY25. While the companyโ€™s revenue and expenses remained largely unchanged in FY25, a reduction in exceptional items such as early redemption charges on non-convertible debentures, goodwill impairment and others helped narrow its losses by 38% to Rs 1,572.3 crore compared to Rs 2,533.5 crore in FY24. PharmEasyโ€™s EBITDA (loss) stood at Rs 553.5 crore while its ROCE and EBITDA margin improved marginally to -13.9% and -15.71%, respectively. On a unit level, Pharmeasy spent Rs 1.23 to earn a rupee of revenue during the fiscal year ending March 2025. Thyrocare, a diagnostic and preventive healthcare service provider, in which Pharmeasy acquired a majority stake in June 2021, posted Rs 687.5 crore in FY25, a 20% increase compared to Rs 571.88 crore in FY24. During the same period, its profit also grew by 30% to Rs 90.75 crore. Earlier this year, PharmEasy cofounders Dharmil Sheth, Dhaval Shah, and Hardik Dedhia stepped back from the company, while the fourth cofounder Siddharth Shah exited last month. The parent entity API Holdings has now appointed Rahul Guha, who also serves as the MD and CEO of Thyrocare, as its new MD and CEO. According to the startup data intelligence platform TheKredible, PharmEasy has raised around $1.1 billion to date from Ranjan Paiโ€™s MEMG, Prosus, and Temasek, among others.

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