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Yubi records Rs 660 Cr revenue in FY25; adjusted EBITDA improves 55%

EntrackrEntrackr · 1d ago
Yubi records Rs 660 Cr revenue in FY25; adjusted EBITDA improves 55%
Medial

Yubi records Rs 660 Cr revenue in FY25; adjusted EBITDA improves 55% Fintech company Yubi (formerly CredAvenue) saw a 36% year-on-year growth in operating revenue in FY25 and improved its profitability metrics. Significantly, the Chennai-based company reduced its adjusted EBITDA losses by 55% in the fiscal year ended March 2025. According to its consolidated annual financial statements sourced from the Registrar of Companies (RoC), Yubi’s revenue from operations rose to Rs 660 crore in FY25 from Rs 484 crore in FY24. Yubi operates as a debt marketplace and infrastructure platform, connecting enterprises with banks and NBFCs for term loans, working capital, and other debt products. Transaction fees from successful loan closures remained the major revenue driver, contributing 48% of total operating revenue, which surged 55% to Rs 318 crore in FY25. Other income streams included platform services of Rs 98 crore, collection services of Rs 181 crore, and corporate database services of Rs 66 crore. The Peak XV Partners-backed company also earned Rs 53 crore from bank deposits and interest income, taking its total income to Rs 713 crore in FY25, up from Rs 562 crore in FY24. With respect to expenses, employee benefits continued to be the largest cost component, forming around 40% of total expenditure, and rose to Rs 439 crore in FY25. This includes a non-cash ESOP expense of Rs 160 crore. Yubi’s information technology costs and sales & marketing expenses stood at Rs 103 crore and Rs 32 crore, respectively. The debt marketplace’s total expenditure increased to Rs 1,116 crore in FY25, compared to Rs 939 crore in FY24. Consequently, Yubi reported a net loss of Rs 416 crore for the fiscal year. However, after excluding non-cash items such as ESOP costs, depreciation, and loss of net fair value changes, its adjusted EBITDA improved by 55%, narrowing to Rs 68.83 crore in FY25 from Rs 155 crore in FY24. Operationally, Yubi claims its lending platform facilitates nearly 80,000 loan transactions daily. The company’s MENA region’s business grew 200% during the year, and it is now expanding into Southeast Asia while preparing to enter the U.S. market in the coming year. To date, Yubi has raised over $250 million, including a $135 million Series B round that brought it to unicorn status. The company counts Vivitri Capital, Peak XV Partners, TVS Capital, Lightspeed, B Capital, Lightrock, Insight Luxembourg, and others among its investors.

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Ixigo ends Q2 FY25 with Rs 206 Cr revenue and Rs 13 Cr PAT

EntrackrEntrackr · 11m ago
Ixigo ends Q2 FY25 with Rs 206 Cr revenue and Rs 13 Cr PAT
Medial

Online travel aggregator (OTA) Ixigo’s revenue from operations grew 26% to Rs 206.47 crore in Q2 FY25 as compared to the same quarter of FY24. The growth was steered by the flight and bus segment. The flight gross transaction value grew by 43% YoY, while the bus GTV increased by 46%. The company’s contribution margin also improved by 24% to Rs 91.08 crore in Q2 FY25, compared to Rs 73.67 crore in Q2 FY24, the company said in a stock exchange filing. However, the contribution margin as a percentage of revenue from operations slightly decreased from 45% in Q2 FY24 to 44% in Q2 FY25. The Gurugram-based company generated the majority (53.5%) of its operating revenue from train ticketing amounting to Rs 110.4 crore in Q1 FY25. Flight and bus booking services contributed 27% and 19.3% to the company’s coffers, respectively. The firm’s operating expenses rose in Q2 FY25, reflecting increased investments in growth. Employee expenses and marketing costs contributed to this spike, which was necessary to support the company’s expansion in user acquisition and market penetration. Despite the rise in costs, EBITDA saw a sharp increase of 655%, reaching Rs 22.4 crore in Q2 FY25, compared to Rs 2.96 crore in Q2 FY24. Adjusted EBITDA also jumped 326% to Rs 20.99 crore in Q2 FY25. Ixigo profit after tax (PAT) declined by 51%, from Rs 26.70 crore in Q2 FY24 to Rs 13.08 crore in Q2 FY25. This decline was primarily due to a deferred tax charge of Rs 5.26 crore in Q2 FY25.

Ecom Express records Rs 1,912 Cr revenue in first 9 months of FY25

EntrackrEntrackr · 6m ago
Ecom Express records Rs 1,912 Cr revenue in first 9 months of FY25
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Ecom Express reported revenue from operations of Rs 1,912 crore during the first three quarters of FY25, according to an internal document reviewed by Entrackr. Ecom Express saw a dip in revenue alongside growth in losses. The company recorded Rs 2,653 crore in revenue for the full fiscal year FY24. Based on the current trajectory, Ecom Express is likely to close FY25 with around Rs 2,500 crore in revenue or possibly less. Ecom Express generated Rs 2,349 crore from courier services and Rs 260 crore from warehousing operations in the first nine months of FY25. The decline in revenue led Ecom Express to register a net loss of Rs 398 crore in the 9M FY25, compared to Rs 249 crore during FY24. Its adjusted EBITDA loss stood at Rs 104 crore in the first nine months of FY25. Before the acquisition, Ecom Express raised over $290 million. The discount sale of Ecom Express underscores the challenge of large logistics businesses with significant man-management requirements. Ecom Express has made progress with a strong leadership team in place.

Yubi posts Rs 328 Cr revenue and Rs 482 Cr loss in FY23

EntrackrEntrackr · 1y ago
Yubi posts Rs 328 Cr revenue and Rs 482 Cr loss in FY23
Medial

Yubi (formerly CredAvenue) grabbed wide attention when Vivriti Capital sold a part of its stake in the digital lending company at a valuation of $1.5 billion. Even as Vivitri made a fortune after the secondary transaction, the firm’s bottom line worsened, by 8X in the fiscal year ending March 2023. We will dive deeper into the company’s expenses pattern, which is responsible for its steep losses later in our analysis. For now, let’s review its collection streams. Yubi’s revenue from operations surged 98% to Rs 328 crore in FY23 from Rs 166 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show. Yubi is a debt platform that connects businesses with banks and NBFCs. The company offers six distinct products including a lending marketplace, a supply chain financing marketplace, and dedicated real estate and infrastructure financing solutions. With 6,200 investors and over 17,000 active enterprises on board, Yubi claims to have facilitated credit worth Rs 1.4 lakh crore. Income from merchant banking and other allied services provided to corporate borrowers and debt investors formed 54% of the total revenue. Commissions on debt facilitation, collection solutions and data collection were other revenue drivers for Yubi. Check TheKredible for the detailed revenue breakup. Similar to the other technology startups, Yubi’s employee benefits accounted for 48% of the overall expenses. This cost surged 4.7X to Rs 432 crore in FY23 from Rs 92 crore in FY22. This expense also included Rs 109 crore as ESOPs cost (non-cash in nature). Yubi’s business supports services, information technology, traveling, legal/professional, and marketing costs took its overall expenditure up by 314% to Rs 895 crore in FY23 from Rs 216 crore in FY22. Expenses Breakdown Total ₹ 216 Cr https://thekredible.com/company/yubi-credavenue-/financials View Full Data To access complete data, visithttps://thekredible.com/company/yubi-credavenue-/financials Total ₹ 895 Cr https://thekredible.com/company/yubi-credavenue-/financials View Full Data To access complete data, visithttps://thekredible.com/company/yubi-credavenue-/financials Employee benefit Employee benefit Business support service Business support service Information technology Information technology Travelling conveyance Travelling conveyance Legal professional Legal professional Advertising promotional Advertising promotional Others To check complete Expense Breakdown visit thekredible.com View full data Head to TheKredible for a complete expense breakdown. At the end, Yubi’s losses increased by 745% to Rs 482 crore in FY23 from Rs 57 crore in FY22. Its ROCE and EBITDA margin worsened -30% and -105%, respectively. On a unit level, the Chennai-based company spent Rs 2.73 to earn a rupee of operating revenue during FY23. FY22-FY23 FY22 FY23 EBITDA Margin -8% -105.1% Expense/₹ of Op Revenue ₹1.30 ₹2.73 ROCE -2% -30% Rs 328 crore is probably a very small, if not fraction of where Yubi wants to be, operating in a market as vast as the debt syndication market in India. While it is too early to judge it for its operating metrics, the assumption is that having arranged credit of almost $18 billion, the firm will have picking up learnings and data along the way that continue to make it better at its job. It’s a market where seasoning, or time spent in the market matters, and 3 years or more is the minimum one would give before deciding if a firm has it to last. Of course, competition is intense, as is the risk of disintermediation that always hangs in this business, even as the proliferation of platforms like Yubi, Lendingkart etc has probably proven that it is one risk that is overhyped.

BharatPe turns EBITDA profitable in FY25, revenue touches Rs 1,667 Cr

EntrackrEntrackr · 28d ago
BharatPe turns EBITDA profitable in FY25, revenue touches Rs 1,667 Cr
Medial

BharatPe’s revenue from operations grew by 16.9% to Rs 1,667 crore in FY25 from Rs 1,426 crore in FY24, its consolidated annual financials accessed by Entrackr show. Fintech unicorn BharatPe witnessed a turnaround in the previous fiscal year as it recorded steady growth in scale while achieving EBITDA profitability. The company also managed to significantly cut down its losses, which shrank by over 80% during FY25. BharatPe’s revenue from operations grew by 16.9% to Rs 1,667 crore in FY25 from Rs 1,426 crore in FY24, its consolidated annual financials accessed by Entrackr show. Service fee income, which includes processing charges, commission on loan transactions, and rental income from the sale of machines and loudspeakers, remained the largest revenue driver for BharatPe, contributing 77.6% of operating revenue. This stream grew 15.8% year-on-year to Rs 1,456 crore in FY25. Revenue from the NBFC business rose to Rs 211 crore in FY25 from Rs 165 crore in FY24. Moreover, the company booked Rs 67 crore in non-operating income, pushing its total revenue to Rs 1,734 crore during the year. For BharatPe, transaction processing expenses accounted for 20.8% of the overall cost base at Rs 391 crore in FY25. Employee benefits remained steady at Rs 360 crore, which includes Rs 148.5 crore as ESOP (share-based payments). Its advertising spend saw a sharp 84% reduction to Rs 26 crore during the year. Other overheads, including outsourced services, merchant onboarding, and IT expenses, pushed the company’s total expenditure to Rs 1,876 crore in the fiscal year ending March 2025. The decent growth in scale, coupled with an effective cost mechanism, helped BharatPe to reduce its losses by 82.1% to Rs 88 crore in FY25 from Rs 492 crore in FY24. Notably, BharatPe reported a positive EBITDA of Rs 47 crore in FY25. Stripping out ESOP-related expenses, the company’s adjusted EBITDA would stand at Rs 195.5 crore for the year. BharatPe’s ROCE and EBITDA margins also improved to -3.8% and 2.82% respectively, in FY25. On a unit level, it spent Rs 1.13 to earn a rupee in FY25. At the end of the previous fiscal year, the company had total current assets of Rs 2,685 crore with cash and bank balances of Rs 872 crore. Earlier this month, BharatPe facilitated its first secondary transaction since 2021 at a valuation of $2.85 billion. To date, the fintech unicorn has raised over $650 million in equity and debt from investors such as Tiger Global, Dragoneer Investment Group, Steadfast Capital, Coatue, and others.

Snapdeal records Rs 384 Cr revenue in FY24, adjusted EBITDA loss drops by 88%

EntrackrEntrackr · 9m ago
Snapdeal records Rs 384 Cr revenue in FY24, adjusted EBITDA loss drops by 88%
Medial

Snapdeal records Rs 384 Cr revenue in FY24, adjusted EBITDA loss drops by 88% E-commerce marketplace Snapdeal delivered steady financial results in FY24 as its revenue from operations increased by 2.1%, rising to Rs 379.76 crore in FY24. The company’s cost-reduction measures led to its adjusted EBITDA loss dropping by 88% from Rs 144 crore in FY23 to Rs 16 crore in FY24. It also improved its operating cash flows during the last fiscal year. Snapdeal’s revenue from operations increased by 2.1%, rising to Rs 379.76 crore in FY24 from Rs 371.96 crore in FY23, according to its consolidated financial statements filed with the RoC. Snapdeal’s primary revenue streams include marketing services, e-commerce enablement, and other ancillary sources. Marketing services continued to be the largest contributor, generating Rs 252.55 crore, though it witnessed a dip of 9.6% compared to FY23. Its enablement revenue increased by 14.8% to Rs 103.36 crore, reflecting the platform’s growing traction among value-focused sellers. Additionally, revenue from other sources surged over 8X to Rs 23.85 crore in FY24. Snapdeal’s strategic focus on targeted cost-reduction initiatives led to significant expense savings across multiple categories. The company’s spending on employee benefits reduced by 48.5% to Rs 158.4 crore in FY24 from Rs 307.53 crore in FY23. Promotional costs were also reduced by 23.5% to Rs 70.37 crore during the same period. Overall, the Gurugram-based firm’s total expenditure dropped by 21.4% to Rs 540.76 crore in FY24 from Rs 687.93 crore in FY23. The company’s improved performance was visible in the 43.2% reduction of loss to Rs 160.38 crore in FY24. Further, most of this loss seems to be on account of non-cash heads, including the revaluation of a put option held by Unicommerce investors to the tune of Rs 110 crore, leading to an adjusted EBITDA loss of Rs 16 crore, which shows that the company is nearing its target of reaching profitability. As per the filings, Snapdeal reduced its stake in Unicommerce, generating Rs 33 crore from a secondary sale of 3.4% stakes in May/June 2024 prior to the IPO and an offer for sale of 9.2% stake for Rs 81 crore in the IPO completed in August 2024.

Agritech startup Nutrifresh books Rs 14 Cr PAT on Rs 145 Cr revenue in FY25

EntrackrEntrackr · 9d ago
Agritech startup Nutrifresh books Rs 14 Cr PAT on Rs 145 Cr revenue in FY25
Medial

Agritech startup Nutrifresh books Rs 14 Cr PAT on Rs 145 Cr revenue in FY25 Agritech startup Nutrifresh Farms delivered another strong performance in FY25, nearing Rs 150 crore in operating revenue with a 50% year-on-year growth. Significantly, the Pune-based company’s profit also rose 55% in the fiscal year ending March 2025. Nutrifresh Farms reported 50% year-on-year growth in its operating revenue to Rs 145.22 crore in FY25 against Rs 96.82 crore in FY24, according to the company’s consolidated financial statements filed with the Registrar of Companies (RoC). Founded in 2019, Nutrifresh Farms uses hydroponic technology to grow pesticide-free fruits and vegetables in climate-controlled farms. Operating largely on a B2B model, it supplies fresh produce to clients like Zepto, Swiggy Instamart, Blinkit, McDonald’s, and Spar, and also offers customized salads through subscriptions. Sale of fresh produce and salads was the sole source of operating revenue for the company. The firm also earned Rs 4.55 crore on interest on deposits which took its total income to Rs 149.77 crore in the last fiscal year. Procurement of materials accounted for 72% total expenses for Nutrifresh which stood at Rs 96.12 crore. This cost surged over 70% in FY25 from Rs 56 crore in the previous fiscal year. Employee benefit expenses also increased by 70% to Rs 10.96 crore while depreciation and amortization expenses accounted for Rs 10.4 crore. Finance cost, rent, transportation cost and other overheads led the overall expenses for the firm to Rs 134.25 crore in FY25 which rose by 48%. Driven by a 50% rise in operating scale, Nutrifresh Farms recorded a 55% jump in operating profit to Rs 13.86 crore in FY25 from Rs 8.94 crore in FY24. The company’s EBITDA margin and ROCE improved to 17.31% and 5.6%, respectively. On a unit level, the company spent Rs 0.92 to earn every rupee of operating revenue in the last fiscal year. According to startup data intelligence platform TheKredible, Nutrifresh Farms has raised approximately $20 million across two funding rounds, including a $5 million seed round in May 2022.

Wakefit posts Rs 971 Cr revenue in 9M FY25; auditor raises concern over past financials

EntrackrEntrackr · 3m ago
Wakefit posts Rs 971 Cr revenue in 9M FY25; auditor raises concern over past financials
Medial

Wakefit, a brand specializing in home and sleep solutions, has submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO). According to the balance, Wakefit reported a revenue of Rs 971 crore for the first nine-month period of FY25, concluding on December 31, 2024. Auditors, however, raised concerns regarding the financial statements. Wakefit’s operating revenue stood at Rs 971 crore in the nine months of FY25, nearly matching the Rs 986 crore it recorded in the entire FY24. The firm’s topline was largely driven by the sale of manufactured goods, which accounted for over 97% of its operating income, standing at Rs 951 crore. Other revenue came from the sale of traded goods and other income, which pushed its total income to Rs 994 crore in the nine months of FY25. On the expense side, cost of materials was the major contributing factor, accounting for 43% of the total expense at Rs 433 crore. Employee benefits accounted for Rs 126 crore, and the firm also spent Rs 82 crore on advertising and Rs 75 crore on delivery-related expenses during the period. Other overheads, including depreciation and IT expenses, further added to the cost base. Overall, total expenses stood at Rs 1,003 crore in the nine months of FY25, as compared to Rs 1,032 crore in FY24. Wakefit reported a loss of Rs 9 crore in the nine months of FY25, as compared to a loss of Rs 15 crore in FY24. However, the company posted a positive EBITDA of Rs 76 crore, with an EBITDA margin of 7.65% in the same period. Its ROCE stood at 1.33%. On a unit level, the company spent Rs 1.03 to earn a rupee of revenue during the 9-month period and has current assets worth Rs 577 crore, including Rs 19 crore in cash and bank balances. Looking further in the DRHP, the auditors flagged issues such as mismatches between financial records and bank filings, delayed statutory payments including GST dues under dispute, absence of an internal audit system, and cash losses over the last three fiscals. In FY24, the company’s accounting software was also found lacking the mandatory audit trail feature. While these observations didn’t require changes to its reported financials, Wakefit cautioned that similar remarks in the future could impact its reputation and financial standing. The company also revealed it uses several non-GAAP financial metrics like EBITDA, adjusted EBITDA, and return on capital employed to track performance. Wakefit noted these figures may not follow standard industry definitions and might not be comparable with those reported by peers. It urged investors not to rely solely on these supplemental measures and to consider audited financials under statutory accounting norms.

Square Yards posts Rs 261 Cr revenue in Q1 FY25; projects Rs 1,500 Cr in FY25

EntrackrEntrackr · 1y ago
Square Yards posts Rs 261 Cr revenue in Q1 FY25; projects Rs 1,500 Cr in FY25
Medial

Proptech firm Square Yards has announced its results for the first quarter of the ongoing fiscal year. The Gurugram-based company saw a 52% increase in its revenue during Q1 FY25 compared to Q1 FY24. Square Yards’ revenue from operations surged to Rs 261 crore in Q1 FY25, with a gross transaction value of Rs 10,053 crore, compared to Rs 172 crore in revenue and a gross transaction value of Rs 6,674 crore in Q1 FY24, the company said in a press release. In the fiscal year ending March 2024, the company reported revenue of Rs 1,004 crore with EBITDA profitability. However, the net losses of Square Yards stood at Rs 216 crore FY24. Income from financial services along with real estate services formed 83% of the total operating revenue for Square Yards which increased 48% and 61% YoY respectively. The press release added that its digital services also saw an impressive growth of 145% in the same period. Square Yards is a full-stack proptech platform, playing the entire consumer journey including search, discovery, transactions, mortgages, home furnishing, rentals, and property management. The company claims to have more than 8 million monthly traffic and approximately $5 billion GTV with a presence in more than 100 cities across 9 countries. In the first quarter of the current fiscal year (Q1 FY25), Square Yards reported a gross profit of Rs 25 crore with a negative EBITDA margin of Rs 32 crore, compared to a gross profit of Rs 15 crore and a negative EBITDA margin of Rs 29 crore in Q1 FY24. The company has projected Rs 1,506 crore revenue in the full year of FY25 up from Rs 1,004 crore in FY24 with a positive EBITDA of Rs 101 crore.

Smartworks clocks Rs 1,374 Cr revenue and Rs 62 Cr loss in FY25

EntrackrEntrackr · 3m ago
Smartworks clocks Rs 1,374 Cr revenue and Rs 62 Cr loss in FY25
Medial

Smartworks, a leading managed workspace platform, reported a 32% growth in operating revenue to Rs 1,374 crore in FY25. However, despite the strong topline growth, the company’s losses widened 26% in FY25. Smartworks’ revenue from operations increased by 32% to Rs 1374 crore in FY25 from Rs 1039 crore in FY24, according to its financial statement sourced from RHP. SmartWorks provides flexible office space for large enterprises, SMEs, and high-growth startups and leverages its robust phygital platform to deliver fully serviced, tech-enabled, flexible, and affordable workspaces. Lease rentals accounted for over 93% of its operating revenue, which rose by 29% to Rs 1,289 crore in FY25. Other sources included design and fit-out services at Rs 35 crore, ancillary services at Rs 49 crore, and a marginal Rs 1 crore from software fees. Smartworks added another Rs 36 crore from non-operating sources, which pushed its total revenue to Rs 1410 crore in FY25. On the expense side, the largest cost head was depreciation, which increased 35% to Rs 636 crore, followed by operating expenses of Rs 416 crore. Finance costs remained relatively stable at Rs 336 crore, while employee benefit expenses rose to Rs 65 crore. Overall, total expenses increased by 26% to Rs 1,489 crore in FY25 from Rs 1,180 crore in FY24. Despite revenue growth, the company’s loss increased by 26% to Rs 63 crore in FY25 as compared to Rs 50 crore in FY24. However, the company reported a positive EBITDA of Rs 893 crore in FY25 with an EBITDA margin of 63.3% and ROCE of 7.48%. On a unit level, Smartworks spent Rs 1.08 to earn a rupee of operating revenue in FY25, marginally better than the previous year’s ratio of Rs 1.14. The Gurugram-based company reported current assets worth Rs 255 crore in FY25, including Rs 69 crore in cash and bank balances. Smartworks is heading to the public markets with its Rs 583 crore IPO opening on July 10 and closing on July 14, 2025. The company has set a price band of Rs 387 to Rs 407 per share with a lot size of 36 shares, requiring a minimum investment of Rs 14,652 for retail investors.

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