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Zerodha hits Rs 8,000 Cr revenue with over 50% profit margin in FY24

EntrackrEntrackr · 10m ago
Zerodha hits Rs 8,000 Cr revenue with over 50% profit margin in FY24
Medial

Stock broking platform Zerodha has reported more than Rs 8,000 crore in revenue and over Rs 4,500 crore in profit, according to a blog post by the company’s co-founder and CEO, Nithin Kamath. This marks a significant increase from the Rs 6,875 crore in operational revenue and Rs 2,907 crore in profit after tax reported in FY23. According to the company, these profits do not account for approximately Rs 1,000 crore in unrealized gains, which will reflect in its financials once recognized. The firm has not yet officially filed its audited annual report. The data disclosed by Zerodha indicates that more than half of its revenue has translated into profit. “Given the profitability of the last three years, our net worth is almost ~40% of the customer funds that we manage. It makes us one of the safest brokers to trade with,” said Kamath in the blogpost. Kamath also added that the firm is already encountering a plateau in revenue and profit, and it is gearing up for a substantial revenue decline later this year. The firm has linked the expected decline in scale to upcoming regulations from the Securities and Exchange Board of India (SEBI), which will eliminate the volume-based transaction fee model for free equity delivery trades affecting all brokers, including Zerodha. The SEBI’s true-to-label circular will go live on October 1 and Zerodha expects a 10% revenue dip due to the regulation. “We expect this paper to materialise into regulation sometime in the next quarter. Index derivatives today are a significant portion of our revenue, and any change will impact us. We anticipate a 30% to 50% drop in revenue,” said Kamath. Zerodha’s annual maintenance charges (AMC) will also be impacted by the new basic services demat account (BSDA) thresholds set by the regulator. Kamath explained that the company can charge the full AMC for customers with demat holdings of Rs 10 lakhs and above, up from the current threshold of Rs 4 lakhs. Along with the removal of the account opening fee, this would lead to a significant decline in revenue. Zerodha is confident that it can handle the slow period because of its small team, careful spending, and strong finances. It has 1,200 employees, but only a small portion of them runs the core business.

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DCGpac hits profitability as revenue nears Rs 100 Cr in FY24

EntrackrEntrackr · 10m 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.

Zolostays hits Rs 200 Cr revenue in FY24, trims losses

EntrackrEntrackr · 6m ago
Zolostays hits Rs 200 Cr revenue in FY24, trims losses
Medial

Zolostays hits Rs 200 Cr revenue in FY24, trims losses Co-living company Zolostays has achieved a fivefold increase in growth over the last two fiscal years, expanding its revenue from Rs 43 crore in FY22 to more than Rs 200 crore in FY24. Despite this growth, the Nexus Ventures-backed firm maintained control over its losses during this period. Zolostays’ revenue from operations doubled to Rs 204.4 crore in FY24 from Rs 95.5 crore in FY23, as per its consolidated financial statement sourced from the Registrar of Companies (RoC). Zolostays provides co-living spaces to students, professionals, and organizations. Income from residential accommodations and facilities, including service fees and accommodation charges, accounted for 93% of the total operating revenue. This income grew 3.4x to Rs 191 crore in FY24 from Rs 55 crore in FY23. Zolostays also offers services to colleges and universities for managing residential facilities, along with food subscriptions and other amenities. Revenue from this segment dropped 72% to Rs 10.4 crore in FY24. The firm earned Rs 4.6 crore in interest income, bringing its total income to Rs 209 crore in FY24. On the cost front, property management and operational expenses were the largest component, accounting for 52% of total costs. These expenses, which include food, rent, electricity, housekeeping, and consumables, increased 2.3X to Rs 139 crore in FY24 from Rs 60.5 crore in FY23. Its employee benefit expenses increased by 16% to Rs 83 crore in FY24. Legal, advertising, communication, commission, and other overheads took the total cost up by 58% to Rs 266 crore in FY24 from Rs 168 crore in FY23. Zolostays' two-fold growth and controlled expenses led to a 17.4% reduction in losses, down to Rs 57 crore in FY24 from Rs 69 crore in FY23. Its ROCE and EBITDA margin stood at -89.96% and -16.75%, respectively, with an expense-to-revenue ratio of Rs 1.30. In FY24, the Bengaluru-based firm reported current assets of Rs 76 crore, including Rs 34 crore in cash and bank balances. Zolo has raised a total of $118 million of funding to date. According to the startup data intelligence platform TheKredible, Nexus Ventures is the largest external stakeholder with 34% followed by Investcrop and Mirae Asset.

LEAD hits Rs 350 Cr revenue milestone in FY24; cuts losses by 56%

EntrackrEntrackr · 7m ago
LEAD hits Rs 350 Cr revenue milestone in FY24; cuts losses by 56%
Medial

Digital learning solutions provider LEAD has reported growth of over 28% for the fiscal year ending March 2024, surpassing the Rs 350 crore revenue mark. The firm has notably improved its financial health by reducing losses by more than 55% in the same period. LEAD's revenue from operations grew by 28.6% to Rs 351 crore in the last fiscal year, from Rs 273 crore in FY23, its annual financial statements sourced from the Registrar of Companies (RoC) show. The Mumbai-based firm provides a comprehensive range of educational resources to schools, including books, workbooks, curricula, smart classes, teacher training, teacher manuals, ERPs, and Math-Science kits. According to its website, LEAD is partnered with over 8,000 schools and operates in more than 400 cities. Revenue from product sales contributed 79% of the total operating income, rising 35% to Rs 276 crore in FY24. The remaining income came from platform services, which generated Rs 75 crore during this period. LEAD also earned Rs 19 crore from non-operating activities, bringing its total income to Rs 370 crore in the last fiscal year. Unlike other edtech companies, LEAD reported a 39% year-on-year decline in employee benefit costs, which fell to Rs 174 crore in FY24. Despite the reduction, this remained the company's largest expense, accounting for 34% of total expenditure. The cost of products stood at Rs 126 crore in the previous fiscal year, while the company also reduced spending on advertising, legal, and donations. These efforts contributed to a 17% year-on-year reduction in overall expenses, which dropped to Rs 513 crore in FY24. The 28.6% increase in scale and controlled expense on employee benefits helped Lead to reduce its losses by 55.6% to Rs 143 crore in FY24. Its ROCE and EBITDA margin stood at -46.9% and -15.68% respectively. On a unit level, it spent Rs 1.46 to earn a rupee in the last fiscal year. As of FY24, Lead's current assets were recorded at Rs 432 crore with cash and bank balances of Rs 86 crore. LEAD recently announced that it became EBITDA positive in the first quarter of the ongoing fiscal year (Q1 FY25). To date, it has raised over $180 million, including a $100 million funding round led by WestBridge Capital in 2022, during which the firm achieved unicorn status. According to startup data intelligence platform TheKredible, WestBridge Capital is the largest external stakeholder with a 27.58% stake, followed by Elevar Equity. The company's co-founders, Sumeet Mehta and Smita Deorah, collectively hold 32.7% ownership in the company.

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

EntrackrEntrackr · 11m 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.

Zerodha Capital clocks Rs 12.5 Cr profit in FY25

EntrackrEntrackr · 2m ago
Zerodha Capital clocks Rs 12.5 Cr profit in FY25
Medial

Zerodha Capital clocks Rs 12.5 Cr profit in FY25 Zerodha Capital, the lending arm of stockbroker Zerodha, posted a net profit of Rs 12.5 crore in the previous fiscal year ending March 2025 from Rs 7.2 crore in FY24. According to an ET report, the firm doubled its income to Rs 36 crore in FY25 from Rs 17 crore in FY24. As per ICRA, this rise in profit was driven by a 3.2X jump in its loan book, which grew to Rs 381 crore in the first nine months of the last fiscal year or 9M FY25. Zerodha Capital provides loans to retail investors by using their stocks or mutual funds as collateral. It runs with a small team and uses the strength of Zerodha’s broking business, which has 81 lakh (8.1 million) active clients on NSE—about 16% of the market. The platform uses this wide customer base to offer loans of up to Rs 1 crore by taking shares or mutual funds as security, lending up to 45% of their value. Most of this is done through digital platforms. Zerodha Capital’s net worth stood at Rs 170 crore with a gearing ratio of 1.4X as of December 2024, which means the company had Rs 1.40 in debt for every Rs 1.00 of its own equity, according to the ICRA. The promoter group is also planning to infuse Rs 125 crore via compulsorily convertible preference shares to support future growth. Notably, Zerodha Capital has nil NPAs since its inception. ICRA has kept Zerodha Capital’s credit rating steady at AA- (Stable)/A1+ and gave the same high rating to its new Rs 100 crore short-term borrowing plan. While ICRA pointed out that the company is still small and relies on a limited set of lenders, it was reassured by Zerodha Capital’s strong backing from the Zerodha Group and its careful approach to lending. Founded in 2021, Zerodha Capital aims to deepen its credit play within the securities ecosystem. However, its future performance remains tethered to market sentiment and regulatory shifts, especially as retail F&O activity—the group’s mainstay—faces tightening norms. Zerodha Capital’s parent company, Zerodha Broking Limited, has reported a net profit of Rs 5,496 crore in FY24, with a return on net worth of 56% during the same period.

Acko hits Rs 2,000 Cr revenue threshold with lower losses in FY24

EntrackrEntrackr · 9m ago
Acko hits Rs 2,000 Cr revenue threshold with lower losses in FY24
Medial

New-age insurance firm Acko has shown consistent growth over recent years, surpassing the Rs 2,000 crore revenue mark in the fiscal year ending March 2024. At the same time, the company reduced its losses by 9%, bringing them below Rs 700 crore. Acko’s revenue increased by 19.8% to Rs 2,106 crore in FY24, up from Rs 1,758 crore in FY23, according to its consolidated annual figures accessed from the Registrar of Companies. For the digital insurance provider, income from gross premium earned accounted for 73.35% of total income, showing a 33.9% growth to Rs 1,587 crore during the last fiscal year. Service contracts, recoveries from reinsurers, commissions, interest income from investments, and other miscellaneous income brought total revenue to Rs 2,160 crore in FY24, up from Rs 1,797 crore in FY23. See TheKredible for the detailed revenue breakup. In terms of cost breakdown, claims paid in the previous fiscal year accounted for 29.3% of total expenses, remaining steady at Rs 830 crore in FY24. Advertising and promotional costs were the next largest overhead, rising to Rs 563 crore in FY24. Employee benefits, commissions to selling agents, reinsurance premiums, information technology, legal/professional fees, and other expenses brought total expenditure to Rs 2,830 crore in FY24, compared to Rs 2,535 crore in FY23. See TheKredible for the detailed cost breakdown. The controlled costs in employee benefits, advertising, and claims paid helped Acko reduce its losses by 9.3% to Rs 670 crore in FY24, down from Rs 738.5 crore in FY23. While ROCE and EBITDA margin improved, they remained negative at -35.2% and -30.1%, respectively. On a per-unit basis, Acko spent Rs 1.34 to earn a rupee in FY24. Earlier this year, Acko founder Varun Dua stated that the firm aims to achieve profitability by FY27, driven by its general and health insurance segments turning positive. Its competitor, Digit Insurance was recently listed on the stock exchange and posted more than Rs 1,800 crore revenue in Q1 FY25. FY23-FY24 FY23 FY24 EBITDA Margin -40.55% -30.10% Expense/₹ of Op Revenue ₹1.44 ₹1.34 ROCE -54.98% -35.23% To date, Acko has raised over $458 million, including a $255 million unicorn round led by General Atlantic in October 2021. According to TheKredible, General Atlantic is the largest external stakeholder with a 10.7% stake, followed by Accel Partners and Elevation Capital. See TheKredible for the complete shareholding pattern. Acko’s rise in the insurance market, built mostly around its auto insurance business first, and now, the push into general and health insurance, certainly caused a flutter, if not a disruption. The digital first approach is no longer the novelty it was even 2 years back, and it now faces a much tougher grind ahead as legacy stalwarts fight back to retain marketshare. The travails of Star Health (aggressive selling initially, and now customer data leak) are just one indication of the many risks insurers face in the health segment, where shortcuts are frowned upon. Acko has also been pumping money into advertising and promotions rather than the traditional distribution model. However, it might be running up against the limits of such an approach, as the role of agents and other influencers remains strong in the health segment. Even Auto firms with their in-house insurance tie-ups are fighting harder now, with dealers sweetening in-house insurance offers with other deals around accessories etc. Dealers at firms like Toyota even warn that cashless settlements are an issue with Acko, something that we couldn’t verify independently yet. All in all, Acko is into the deep end of the market now, where every basis point gain in marketshare will be fought over, and it might need to relook its high decibel advertising only approach soon.

Purplle hits Rs 700 Cr revenue in FY24, trims losses by 46%

EntrackrEntrackr · 11m ago
Purplle hits Rs 700 Cr revenue in FY24, trims losses by 46%
Medial

The online beauty and grooming platform Purplle secured $120 million in funding, led by the Abu Dhabi Investment Authority (ADIA), in July this year. This significant investment came on the back of a 43% year-on-year spike in its revenue in the fiscal year ending March 2024. Besides sizable growth, the Mumbai-based firm also reduced its losses by 46% during the same period. While we will explore Purplle’s expense patterns later in the story, let’s first focus on its revenue channels and their growth in the last fiscal year (FY24). Purplle’s revenue from operations increased to Rs 680 crore in FY24 from Rs 475 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies (RoC) show. The Manish Taneja-led company operates with two models: a marketplace and its own line of brands, such as Faces Canada and Good Vibes. Revenue from advertisement and visibility services was the primary source of income for Purplle, followed by sales of its own labels, royalties (from sellers), subscriptions, and support services. The Goldman Sachs-backed firm also earned Rs 45 crore from interest on investments, bringing its total income to Rs 725 crore in the last fiscal year (FY24), up from Rs 509 crore in FY23. For a detailed revenue breakdown, visit TheKredible. On the cost front, advertising and business promotion accounted for 25% of total expenses. This expense, however, decreased to Rs 209 crore in FY24 from Rs 266 crore in FY23. The company also grew its workforce during FY24, resulting in a 12% increase in employee benefit expenses. Purplle’s spending on materials, rent, information technology, legal services, secondary packaging, transportation, and other miscellaneous overheads pushed its total expenditure to Rs 850 crore in FY24, rising from Rs 738 crore in FY23. See TheKredible for the complete expense breakup. The 43% surge in scale and controlled expenditure, particularly in advertising, helped Purplle to cut its losses by 46% to Rs 124 crore in FY24 as compared to Rs 230 crore in FY23. Its ROCE and EBITDA margin also improved to -9.8% and -12%, respectively. On a unit level, the firm spent Rs 1.25 to earn a rupee in FY24. FY23-FY24 FY23 FY24 EBITDA Margin -39% -12% Expense/₹ of Op Revenue ₹1.55 ₹1.25 ROCE -18% -9.8% As of March 2024, Purplle had cash and bank balances of Rs 109 crore. According to Entrackr’s back-of-the-envelope estimates, its enterprise value to revenue multiple stood at 15.8 times. A large recent funding round, strong growth momentum, and improving margins. Purplle would seem to have everything going for it. However, it has to contend with similar firms that have actually gone public as well, like Nykaa and Mamaearth, ensuring that competitive intensity remain strong in the sector. It is also increasingly clear that owning strong, profitable brands is the key to success, and on this front, Purplle seems to have got it right with its own brands performing well. That would indicate every chance of growth sustaining, and margins improving further in Fy25. Who knows, perhaps even an IPO in FY26?

Boult Audio revenue jumps 40% to over Rs 700 Cr in FY24

EntrackrEntrackr · 3m ago
Boult Audio revenue jumps 40% to over Rs 700 Cr in FY24
Medial

Boult Audio revenue jumps 40% to over Rs 700 Cr in FY24 Bootstrapped consumer electronics brand Boult Audio recorded a 40% surge in operating revenue for the fiscal year ending March 2024. However, the notable top-line came at a cost, as the Delhi-based company’s profit declined by 37%. Boult’s revenue from operations increased by 40% to Rs 697 crore in FY24 from Rs 498 crore in FY23, according to its financial statement sourced from the Registrar of Companies (RoC). Founded in 2017, Boult Audio designs, develops and manufactures wireless earbuds, headphones, smartwatches, and speakers. Revenue from sale of these products remained the sole source of revenue. The company’s revenue majorly came from domestic sales, which grew 45% to Rs 620 crore in FY24. Revenue from overseas sales remained stable at Rs 77 crore, contributing 11% to the top line. Boult made additional Rs 5 crore from non-operating revenue which pushed its total revenue to Rs 702 crore in FY24 from Rs 501 crore in FY23. On the expense side, the largest cost component—cost of material consumed—rose 25% to Rs 402 crore, accounting for nearly 58% of total expenses. Advertising expenditure spiked 74% to Rs 162 crore, while post-supply discounts grew 84% to Rs 70 crore. These two expenditures collectively accounted for over 33% of its total expenses. Employee benefit expenses rose by over 50% year-on-year to Rs 26 crore in FY24. Other overheads, including admin and general expenses, added Rs 39 crore to the total cost. Overall, total costs increased by 41% to Rs 699 crore in FY24. As overall costs outpaced revenue growth, Boult’s net profit declined by 37% to Rs 2.5 crore in FY24 from Rs 4 crore in FY23. Its ROCE and EBITDA margin stood at 52.94% and 2.64%, respectively. On a unit level, Boult Audio spent Rs 1.00 to earn each rupee of revenue. As of March 2024, the company recorded current assets worth Rs 211 crore including Rs 9 crore in cash and bank balance. Boult’s inventories stood at Rs 964.5 crore during the same period—up 63% from FY23. This significant buildup suggests Boult is preparing for high-volume sales, possibly ahead of festive seasons or upcoming launches. Boult made its first recorded CSR contribution of Rs 12.23 lakh in FY24. According to TheKredible, Boult Audio has remained unfunded till date. Its co-founders, Varun Gupta and Tarun Gupta together own 49.5% of the company. Its director Vinod Gupta holds a 23.76% stake, while Pankhuri Gupta, who leads design at Boult, holds 25.74% stake in the company. The firm competes directly with homegrown electronics rivals boAt and Noise. In FY24, market leader boAt reported revenue of Rs 3,118 crore but closed the year with a loss of Rs 80 crore. Noise followed with Rs 1,431 crore in revenue and a loss of Rs 19 crore.

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