IppoPay witnesses 6X rise in topline in FY23, profits surge

Chennai-based fintech IppoPay experienced a remarkable 6X revenue growth, reaching ₹329.77 crore in FY23, up from ₹48.25 crore in FY22. Founded in 2022 by Mohan Karuppaiah and Jai Kumar, IppoPay operates as a payment aggregator, offering solutions like QR codes, sound boxes, and POS systems. The company has raised ₹17.33 crore in funding across three rounds, with its latest seed round in August 2024, and is valued at over ₹90 crore. While revenues soared, expenses also surged 16X to ₹157.38 crore, mainly due to commissions. Profits increased to ₹128.48 crore from ₹28.98 crore in FY22. Despite the growth, the EBITDA margin fell to 53.45%, while ROCE rose to 98.66%.

#IppoPay #Fintech #RevenueGrowth #DigitalPayments #FintechIndia #FinancialTechnology #StartupJourney #ChennaiStartups #FinancialServices #BusinessSolutions #TechInnovation #PaymentSolutions #TheKredible #News #Startup #Insights

https://thekredible.com/blogs/ippopay-witnesses-6x-rise-in-topline-in-fy23-profits-surge

OYO acquires Motel 6-parent G6 Hospitality for $525 Mn

OYO has agreed to acquire G6 Hospitality, operator of Motel 6 and Studio 6, for $525 million in an all-cash deal. The acquisition, expected to close by late 2024, will transfer G6 from Blackstone Real Estate to OYO. Motel 6 operates 1,450 hotels across the US and Canada, generating $1.7 billion in gross room revenues. This marks OYO's second major acquisition, following its purchase of Checkmyguest for $27 million. OYO recently raised $175 million, with $100 million from founder Ritesh Agarwal, and plans to refile its IPO papers. Despite turning profitable last year, OYO's revenue from operations dropped 1.4% to Rs 5,389 crore in FY24.

#Entrackr #Fintrackr #News #Startup #StartupNews #IndianStartup #OYOAcquisition #OYOGlobalExpansion #OYOInvestments #BusinessAcquisition #HotelIndustryNews #MergersAndAcquisitions #OYOin2024

https://entrackr.com/2024/09/oyo-acquires-motel-6-parent-g6-hospitality-for-525-mn/

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Moneyview raising $30 Mn debt via private placement

Moneyview, a Bengaluru-based lending platform, is set to raise Rs 250 crore ($30 million) through debt via private placements, marking its first significant debt round in three years. The funds will be allocated for growth, working capital, and general corporate purposes. The company is also nearing unicorn status, with plans to raise $50-60 million from new and existing investors, including Apis Partners, Accel Partners, and Evolvence India. To date, Moneyview has raised around $190 million and was valued at $900 million in its last equity round. The firm, which offers various financial services and products, reported a revenue increase to Rs 577 crore and a profit surge to Rs 163 crore for FY23.

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https://entrackr.com/2024/09/exclusive-moneyview-raising-30-mn-debt-via-private-placement/

Decoding Rapido’s $120 Mn unicorn round

Rapido, a mobility startup, has achieved unicorn status after raising $120 million in a Series E funding round led by WestBridge Capital. The funding, disclosed through regulatory filings, involved issuing equity and convertible preferred shares to raise Rs 1,002 crore ($120 million). Rapido plans to use the funds for expansion and growth. The startup is now valued at around Rs 8,517 crore ($1.02 billion) and has become the second-largest ride-hailing platform in India, surpassing Ola. In FY23, Rapido's operating revenue tripled to Rs 443 crore, although losses also increased by 54% to Rs 675 crore. WestBridge Capital remains the largest external stakeholder with a 32.88% share.

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https://entrackr.com/2024/08/decoding-rapidos-120-mn-unicorn-round/

Zomato acquires Paytm’s movie and ticketing biz for $244 Mn

Zomato is acquiring Paytm's movie and ticketing business for Rs 2,048 crore ($244 million), marking its first major acquisition since Blinkit in June 2022. The deal involves the transfer of 100% stakes in Paytm’s subsidiaries Orbgen Technologies (TicketNew) and Wasteland Entertainment (Insider) to Zomato, along with 280 employees from these subsidiaries. The entertainment ticketing business will remain operational on the Paytm app for up to 12 months during the transition. For FY24, this business generated Rs 297 crore in revenue and an adjusted EBITDA of Rs 29 crore. The acquisition reflects Zomato’s continued expansion and Paytm’s efforts to extract value from its struggling assets.

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https://entrackr.com/2024/08/zomato-acquires-paytms-movie-and-ticketing-biz-for-244-mn/

Edukemy’s scale rose 14% in FY23, losses narrow 70%

Edukemy, a Bengaluru-based test prep edtech startup, saw significant improvements in FY23, with revenue growing 14% to Rs 7.6 crore and expenses dropping 44% to Rs 12 crore. Its personalized education platform boosted sales of services to over Rs 7 crore. Founded by Deb Tripathi and Shabbir A Bashir, the company reduced losses by 70% to Rs 4.9 crore. Employee benefits made up 40% of expenses, while depreciation and legal charges contributed 10% and 5% respectively. Edukemy's last funding round raised Rs 15 crore in 2021.

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https://thekredible.com/blogs/edukemys-scale-rose-14-in-fy23-losses-narrow-70

Exclusive: Awign bags $24.5 Mn in series C, Mynavi now holds 73% stake

Awign has raised Rs 203.5 crore ($24.5 million) from Japan’s Mynavi Corporation, now holding a 73% stake. The funds were raised by issuing 11,485 Series C CCPS at Rs 1,77,206 each. Mynavi also bought back shares from existing investors, valuing Awign at Rs 828 crore ($100 million). Founded in 2016, Awign aids enterprises with outcome-based execution and has shown financial growth in FY23, doubling its revenue to Rs 134.35 crore. The HR tech funding space saw a decline to $90 million in 2023.

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https://entrackr.com/2024/07/exclusive-awign-raises-24-5-mn-mynavi-now-controls-73-stake/

Flebo.in recorded 2X rise in scale in FY23, losses widen

Gurugram-based Flebo.in, specializing in home blood collection, saw a 2.3X revenue increase to Rs 3.4 crore in FY23. However, expenses surged nearly seven-fold to Rs 17.9 crore, driven by advertising, employee benefits, and legal charges. The startup, founded by Ajay and Avani Singh, incurred losses of Rs 10.7 crore, a significant rise from FY22's Rs 80 lakhs. Despite the financial challenges, Flebo.in's ROCE improved to 184.00%.

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https://thekredible.com/blogs/flebo-in-recorded-2x-rise-in-scale-in-fy23-losses-widen

Tickertape’s revenue scales 2.4X in FY23, losses rise to Rs 35 Cr

Bengaluru-based fintech startup Tickertape saw a 2.4X revenue growth to Rs 7.4 crore in FY23. Founded by Vasanth Kamath, Anugrah Shrivastava, and Rohan Gupta, it provides investment information and analysis. Operating revenue rose to Rs 7 crore, comprising 93% of total revenue. Expenses doubled to Rs 42.7 crore, with significant spending on employee benefits and advertising. Despite raising Rs 40 crore in 2021, losses doubled to Rs 35.3 crore in FY23. Its EBITDA margin is -419.38%, with ROCE at 0.00%.

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https://thekredible.com/blogs/tickertapes-revenue-scales-2-4x-in-fy23-losses-rise-to-rs-35-cr

Zomato to invest Rs 400 Cr in Blinkit and Zomato Entertainment

Zomato is investing Rs 300 crore ($36 million) in its quick commerce arm Blinkit to compete with Swiggy Instamart and Zepto. Additionally, it will invest Rs 100 crore ($12 million) in its subsidiary, Zomato Entertainment. Since acquiring Blinkit (formerly Grofers) in 2022, Zomato has invested Rs 2,300 crore ($277 million) in it. Blinkit recently achieved EBITDA profitability. Competitors Swiggy and Zepto are also significantly investing in quick commerce.

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https://entrackr.com/2024/06/zomato-to-invest-rs-400-cr-in-blinkit-and-zomato-entertainment/

Funding and acquisitions in Indian startup this week [27 May-01 Jun]

Indian startups raised $387.23 million, comprising 13 growth-stage deals totaling $309.7 million and 20 early-stage deals worth $77.53 million. Major deals include SEDEMAC, Infra.Market, and Ather Energy. Bengaluru led with 15 deals, followed by Delhi-NCR. E-commerce, fintech, and EV sectors dominated. Seed funding led with 8 deals. Funding decreased by 13% from the previous week. Notable hirings include InCred's COO appointment. Seven funds were launched, and notable acquisitions include BharatX acquiring Zenifi. ESOP buybacks and potential market moves were observed. Various financial results and news flashes were reported. Notable launches include Shopsy by Flipkart and Q-Zap by Razorpay.

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https://entrackr.com/2024/06/funding-and-acquisitions-in-indian-startup-this-week-27-may-01-jun/

UniScholars posted 2X rise in revenue in FY23, expenses follow

UniScholars, an online scholarship platform, soared to Rs 34.6 crore revenue in FY23, marking a 2.6X increase from the previous fiscal year. With all revenue from operations, it's become a go-to for students seeking overseas education, offering comprehensive services from pre-departure to post-landing. Despite substantial funding and shareholder shifts, expenses surged 3.4X to Rs 73 crore, widening losses to Rs 38.3 crore.

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https://thekredible.com/blogs/unischolars-posted-2x-rise-in-revenue-in-fy23-expenses-follow

BluSmart raising $24 Mn in pre Series B

BluSmart Mobility, an EV ride-hailing and charging hub operator, is raising Rs 200 crore ($24 million) in a pre-Series B funding round by issuing over a million preference shares. This capital-intensive company, founded in 2019, operates 4,400 EV chargers and 7,000 vehicles, competing with Ola and Uber with a unique scheduled pick-up model. Despite significant revenue growth, from Rs 160 crore in FY23 to Rs 390 crore in FY24, audited financials are pending. BluSmart is also expanding to Dubai.

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https://entrackr.com/2024/05/blusmart-raising-24-mn-from-existing-investors/

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Shark Tank funded Koparo’s revenue soar 7X in FY23, expenses cross Rs 7 Cr

Delhi-based D2C firm Koparo’s revenue jumped 7.3X to Rs 4.4 crore in FY23 with operations contributing over Rs 4 crore. The preceding fiscal year, the company recorded a revenue of Rs 62 crore.

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https://thekredible.com/blogs/shark-tank-funded-koparos-revenue-soar-7x-in-fy23-expenses-cross-rs-7-cr

Yatra churns profits in Q3 FY24, revenue crosses Rs 110 Cr

Yatra’s revenue from operations grew 17.2% to Rs 110.3 crore in Q3 FY24 as compared to Rs 94.13 crore Q2 FY24, as per the firm’s consolidated financial results sourced from the National Stock Exchange.
While compared to Q3 of the previous fiscal year (Q3 FY23), the operating revenue of the company increased over 23% from Rs 89.6 crore.

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https://entrackr.com/2024/02/yatra-churns-profits-in-q3-fy24-revenue-crosses-rs-110-cr/

GlobalBees witnesses revenue of Rs 36 Cr, losses hit Rs 30 Cr

The company, valued at Rs 8666 crore, earned ₹ 36.26 crore in revenue in FY22, of which 50% came from operations. There was a loss of Rs 30.08 crore and expenses of ₹ 66.31 crore. Employee perks accounted for more than 30% of its annual expenses. Globalbees reported an EBITDA margin of -52.39% and an ROCE of -0.97% for the same financial year.

#thekredible #globalbees #startup #news

https://thekredible.com/blogs/globalbees-witnesses-revenue-of-rs-36-cr-losses-hit-rs-30-cr

Ustraa reports Rs 100 Cr revenue and Rs 40 Cr loss in FY23

Men’s grooming startup Ustraa was acquired by Carlyle-owned wellness and beauty company VLCC at a 40% valuation cut in July this year. The company grew decently in terms of scale but its losses continued to widen in FY23. While we will look at its expenses and losses in the second half of the story, for now let’s look at its avenues of revenue and their growth.
Ustraa’s revenue from operations grew by 47% to Rs 97 crore in FY23, according to its annual financial report with the Registrar of Companies.

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https://entrackr.com/2023/11/ustraa-reports-rs-100-cr-revenue-and-rs-40-cr-loss-in-fy23/

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The Kredible is a data platform that crunches critical numbers of Indian startups across domains such as e-commerce, fintech, healthcare, edtech among others. Our goal is to provide company insights and data for anyone to filter noise and evaluate startups solely through numbers.

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