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Exclusive: OfBusiness revenue nears Rs 20,000 Cr in FY24; profits crosses Rs 600 Cr

EntrackrEntrackr · 1y ago
Exclusive: OfBusiness revenue nears Rs 20,000 Cr in FY24; profits crosses Rs 600 Cr
Medial

Following a 2X jump in scale during FY23, industrial goods and services procurement platform OfBusiness continued its growth run as its revenue grew by 25.8% in the fiscal year ending March 2024. At the same time, the firm’s profit spiked by 30% and crossed the Rs 600 crore mark. OfBusiness’ revenue grew to Rs 19,296 crore in FY24 from 15,343 crore in FY23, according to the company’s consolidated financial documents reviewed by Entrackr. The sale of industrial goods (raw materials) and revenue from financial services offered to the buyers on their platforms were the primary sources of operating revenue for OfBusiness in FY24. The company also made Rs 232 crore from interest and other financial activities, tallying the overall revenue to Rs 19,529 crore in FY24. Being a goods and service procurement platform, the purchase of industrial goods and raw materials including construction materials, chemicals, and produce emerged as the largest cost centers, forming 88.5% of OfBusiness’ total expenses during FY24. In the line of scale, this cost increased by 21% to Rs 16,543 crore in FY24. The firm’s burn on employee benefits, finance, legal, conveyance, advertising, and other overheads took its overall cost up by 24.3% to Rs 18,696 crore in FY24 from Rs 15,037 crore in FY23. Note: OfBusiness’ ESOP-related expenses for this year stood at Rs 32 Cr in FY24 which is similar to last year. The decent growth in scale and controlled expenditure helped OfBusiness to post a 30.2% increase in its profits to Rs 603 crore in FY24. Its ROCE and EBITDA margin improved to 12.33% and 7.44% respectively. On a unit level, OfBusiness spent Rs 0.97 to earn a rupee in FY24. FY23-FY24 FY23 FY24 EBITDA Margin 6.30% 7.44% Expense/₹ of Op Revenue ₹0.98 ₹0.97 ROCE 9.28 12.23 OfBusiness has raised around $800 million including its $325 million Series G round in December 2021 where it was valued at $5 billion. According to the startup data intelligence platform TheKredible, Alpha Wave is the largest external stakeholder with 19.16% followed by Creation Investment and Matrix Partners. OfBusiness competes with Zetwerk, Infra.market, and Moglix. Zetwerk recorded Rs 11,449 crore GMV in FY23 while Infra. Market and Moglix’s gross revenue stood at 11,846 crore and Rs 4,500 crore respectively in the same period (FY23).

Traya posts 236 Cr revenue in FY24; turns profitable

EntrackrEntrackr · 7m ago
Traya posts 236 Cr revenue in FY24; turns profitable
Medial

Traya recorded over threefold year-on-year growth, with its revenue crossing Rs 230 crore during the previous fiscal year ending March 2024. Moreover, with this pace, the Mumbai-based company became profitable in the same period. Traya’s revenue from operations surged 3.8X to Rs 236 crore in FY24 from Rs 61 crore in FY23, its annual financial statements sourced from the Registrar of Companies show. Established in 2019, Traya focuses on addressing hair loss at its core by identifying the underlying causes. It provides personalized hair solutions and guidance from a team of experienced hair coaches and physicians. Income from product sales accounted for 99.36% of Traya's total operating revenue, which rose to Rs 234.5 crore in FY24, up from Rs 61 crore in FY23. The rest income came from courier services and doctor consultation fees. Moving on to the expense part, marketing and sales accounted for 43% of the overall expenditure. This cost grew twofold to Rs 98 crore in FY24 from Rs 51 crore in FY23. To the tune of scale, the cost of procurement of materials surged 3.6X to Rs 54 crore in FY24. Traya’s employee benefits also saw a 4X surge to Rs 36 crore in FY23. Other overheads including freight, legal, and travelling increased the overall cost by 154% to Rs 229 crore in FY23 from Rs 90 crore in FY23. The 3.8X growth in scale enabled Traya to achieve a notable profit of Rs 9 crore in FY24, a stark contrast to the Rs 28 crore loss in FY23. Its ROCE and EBITDA margin improved to 8.7% and 5.04%, respectively. On a unit basis, the company spent Rs 0.97 to earn a rupee in FY24. Traya's total current assets recorded at Rs 159 crore, with a cash balance of Rs 85 crore at the end of the previous fiscal year. According to startup-data intelligence platform TheKredible, Traya has raised approximately Rs 96 crore to date, including Rs 75 crore in funding from Xponentia Capital in April this year. The company counts notable investors such as Fireside Ventures, Kae Capital, Xponentia Capital, and Whiteboard Capital.

McCain India crosses Rs 1,200 Cr revenue in FY24; profit shrinks 29%

EntrackrEntrackr · 4m ago
McCain India crosses Rs 1,200 Cr revenue in FY24; profit shrinks 29%
Medial

McCain India’s revenue from operations increased by a modest 3% YoY growth to Rs 1,214 crore in FY24, as per its standalone financial statements sourced from the Registrar of Companies (RoC). Among fried snack brands in India, McCain is a major player. The brand has expanded its portfolio to include a range of options, with revenues surpassing Rs 1,200 crore in FY24. Revenue from operations was Rs 1,172 crore in FY23. Income from the sale of its fried products was the sole revenue for McCain. It sells its products through retail, foodservice partnerships, and digital channels such as BlinkIt, Swiggy Instamart, and Zepto. The company also added Rs 31 crore, mainly from interest on deposits, resulting in an overall revenue of Rs 1245 crore in FY24, compared to Rs 1189 crore in FY23. Material procurement remained the largest cost driver, accounting for 43.8% of total expenses, rising to Rs 493 crore in FY24. Employee benefit expenses grew by 19%, reaching Rs 100 crore in FY23. Advertising cost surged by 63% to Rs 88 crore in FY24. Total expenditure was Rs 1,125 crore in FY24, up from Rs 1,020 crore in FY23. Net profits reduced by 29.4% to Rs 89 crore in FY24, compared to Rs 126 crore in FY23. Its ROCE and EBITDA margin stood at 15.28% and 4.58% respectively. It spent Rs 0.93 per rupee earned in FY24.

Advantage Club crosses Rs 300 Cr revenue in FY23; profitability in sight

EntrackrEntrackr · 1y ago
Advantage Club crosses Rs 300 Cr revenue in FY23; profitability in sight
Medial

Employee engagement platform Advantage Club has maintained its growth streak in FY23 with the firm’s operating revenue skyrocketing by 93.4%. Simultaneously, the firm also managed to control its losses in the fiscal year ending March 2023 and is likely to turn profitable in FY24. Advantage Club’s revenue from operations grew to Rs 323 crore in FY23 from Rs 167 crore in FY22, its annual financial statements filed with the Registrar of Companies show. The company provides employee engagement and experience solutions, which includes rewards, recognition, flexible benefits, wellness, onboarding, and more. It claims to work with 1,000 clients with a presence across 100 countries. The company has doubled its user base to 4 million in less than 15 months. Voucher sale was the primary source of revenue for Advantage Club forming 91.5% of the total operating earning which surged 92% to Rs 297 crore in FY23. The rest of the income came from the sale of services, discount income without product margin, and brand breakage. For the reward and recognition provider firm, the procurement of vouchers naturally became the largest cost center accounting for 92% of the overall expenditure. In line with the scale, this cost grew 92.3% to Rs 299 crore in FY23. The firm’s burn on employee benefits, advertising cum promotional, information technology, legal, and other overheads took its overall expenditure to Rs 324 crore in FY23 from Rs 171 crore in FY22. See TheKredible for the detailed expense breakup. The high procurement cost (vouchers) overshadowed the revenue growth, making it challenging for the company to achieve profitability in the last fiscal year. As a result, the company has been flirting around breakeven for the last three fiscal years. Its ROCE and EBITDA margin recorded at -20% and -0.3% respectively. On a unit level, it spent Re 1 to earn a rupee in FY23.

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