Cashfree posts Rs 614 Cr revenue in FY23; losses widen Cashfree, backed by State Bank of India, reported a 75.43% growth in operating scale in FY23, with revenue reaching Rs 614 crore. However, losses surged to Rs 133 crore from Rs 3 crore in FY22 due to a substantial increase in employee benefits and payment processing costs. The company's primary revenue source is commissions from merchants, rising 75% to Rs 613.29 crore. With expenses doubling, including a 2.1X increase in payment processing charges, Cashfree faced losses attributed to investments in R&D and market share growth. #Entrackr #Fintrackr #News #Cashfree #Startups #StartupNews #IndianStartups https://entrackr.com/2024/01/cashfree-posts-rs-614-cr-revenue-in-fy23-losses-widen/

Indian startups raised more than $11 Bn in 2023: Report In 2023, Indian startups faced a challenging funding environment, marked by a funding crunch, mass layoffs, and closures. Despite struggles, over 980 startups raised $11 billion in venture capital. Notable were 181 growth stage deals totaling $8.8 billion and 656 early stage startups raising $2.5 billion. Two new unicorns, Zepto and InCred, emerged. Funding declined sharply from $38 billion in 2021 to $11 billion in 2023. Layoffs exceeded 24,000, and 15 startups, including ZestMoney and Quizy, shut down. Bengaluru dominated with 433 startups raising $6.2 billion. Edtech, fintech, and gaming faced challenges, while 11 startups, including Paytm and Nykaa, went public in 2023. Secondary deals, ESOP buybacks, and IPO plans were notable trends. #Entrackr #Fintrackr #IndianStartups #Startups #News #Funding #AnnualReport #YearlyFundingReport #FundingReport #Report #StartupNews https://entrackr.com/2023/12/indian-startups-raised-funding-more-than-11-bn-in-2023-report/

BluSmart raises $24 Mn from existing investors, founders and leadership team BluSmart Mobility, an EV ride-hailing service and charging infrastructure operator, raised $24 million in an equity round with over-subscription from existing investors, founders, and leadership. The company, challenging Ola and Uber, operates over 4,000 EV chargers across 34 hubs in Delhi-NCR and Bengaluru. With plans to scale its fleet to 8,000 EVs, BluSmart reported crossing $50 million in annual revenue run-rate, growing over 100% YoY, despite losses increasing to Rs 65.4 crore in FY22 as per TheKredible. #Entrackr #Fintrackr #BluSmart #Startups #StartupNews #News #thekredible #IndianStartups https://entrackr.com/2023/12/blusmart-raises-24-mn-from-existing-investors-founders-and-leadership-team/

BookMyShow posts Rs 1,026 Cr income and Rs 85 Cr profit in FY23 BookMyShow is an outlier and its comeback after the pandemic sets the company apart from other late-stage firms. During the pandemic (FY21), the firm’s revenue nose-dived to Rs 74 crore as multiplexes and other offline entertainment shows were restricted but it bounced back with a staggering 13X growth in the last two fiscal years (FY22 & FY23) and also posted a hefty profit in the fiscal year ending March 2023. BookMyShow’s revenue from operations surged 3.5X to Rs 976 crore in FY23 from Rs 277 crore in FY22, its consolidated financial statements sourced from the Registrar of Companies show. #Entrackr #Fintrackr #Bookmyshow #Startups #StartupNews #News #IndianStartups https://entrackr.com/2023/12/bookmyshow-posts-rs-1026-cr-income-and-rs-85-cr-profit-in-fy23/

Gameskraft reports Rs 1,062 Cr profit after tax in FY23 Gameskraft has been facing regulatory fire for some time over allegations of GST tax evasion amounting to Rs 21,000 crore, even as the company discontinued its fantasy platform Gamezy. Despite the odds, the six-year-old firm managed to grow its revenue with a steady increase in profits during the fiscal year ending March 2023. The Bengaluru-based gaming company’s revenue from operations grew 24.8% to Rs 2,662 crore in FY23 from Rs 2,133 crore in FY22, its consolidated financial statements sourced from the Registrar of Companies show. #Fintrackr #Gameskraft #Startups #StartupNews #IndianStartups #Entrackr #News https://entrackr.com/2023/12/gameskraft-reports-rs-1062-cr-profit-after-tax-in-fy23/

The Ayurveda Experience crosses Rs 250 Cr revenue in FY23, eyes profitability The Ayurveda Experience (TAE), a D2C skincare and nutrition brand, continued its growth momentum in the fiscal year ending in March 2023. The firm registered an impressive 84% growth in its scale while the losses dipped nearly 30% in FY23. The Ayurveda Experience’s revenue from operations surged around 84% to Rs 259 crore in FY23 from Rs 141 crore in FY22, according to its consolidated financial statements filed with the Registrar of Companies- stated by Entrackr. #Entrackr #Ayurveda #Fintrackr #TAE #News #Startups #StartupNews #Skincare #Nutrition https://entrackr.com/2023/11/the-ayurveda-experience-crosses-rs-250-cr-revenue-in-fy23-eyes-profitability/

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. #Ustraa #Entrackr #Fintrackr #Startup #StartupNews #News #Carlyle https://entrackr.com/2023/11/ustraa-reports-rs-100-cr-revenue-and-rs-40-cr-loss-in-fy23/

LEAD plugs losses in FY23 as revenue grows 2X to Rs 273 Cr Edtech unicorn LEAD has achieved a two-fold growth in revenue while simultaneously reducing expenses by over 14% in the fiscal year ending March 2023. To put this into perspective, LEAD had a similar growth trajectory in the previous fiscal year but losses had soared three-fold. LEAD’s operating income in FY23 jumped to Rs 273.2 crore as compared to Rs 132.37 crore in FY22, according to the company’s filings with the Registrar of Companies. #Lead #Fintrackr #Startup #News #StartupNews https://entrackr.com/2023/09/lead-plugs-losses-in-fy23-as-revenue-grows-2x-to-rs-273-cr/

Inflexor-backed Kale Logistics raises $30 Mn in Series B Kale Logistics has raised $30 million in a Series B funding round led by the private equity fund, Acreages Advisors. In June 2020, the logistics-focused SaaS firm raised $5 million in a Series A round led by Inflexor Ventures. The company also raised a small tranche in September last year at a valuation of $75 million. The company has not disclosed its valuation in the fresh round. Kale Logistics intends to use the fresh funds to expand its business reach across the US and Europe, according to the company’s press statement. #News #KaleLogistics #Entrackr #Fintrackr https://entrackr.com/2023/09/inflexor-backed-kale-logistics-raises-30-mn-in-series-b/

Amazon-backed M1xchange’s scale grows 2X in FY23, losses shrink M1xchange, a platform that facilitates digital invoicing and discounting for MSMEs, corporates, and financiers, has posted over two-fold growth in its operating scale during the fiscal year ending March 2023. The company also managed to cut down losses marginally. #Amazon #News #Fintrackr #Startup https://entrackr.com/2023/08/amazon-backed-m1xchange-scale-grows-2x-in-fy23-losses-shrink/