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Honasa Consumer Ltd Records Rs 462 Cr Revenue in Q2 FY25

By
Supriya Biswas
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0

Honasa Consumer Ltd, the parent company of the prominent D2C brand MamaEarth, announced its Q2 FY25 financial results, revealing a dip in revenue and a shift to losses for the quarter.

The company reported a revenue of ₹462 crore in Q2 FY25, reflecting a 6.9% decline from ₹496 crore in Q2 FY24, as per its consolidated financial data shared via the National Stock Exchange (NSE).

MamaEarth’s revenue was entirely driven by sales of beauty, personal care, and products in the skin, hair, and baby care segments. Additionally, Honasa generated ₹20 crore from non-operating activities, bringing its total revenue for Q2 FY25 to ₹482 crore.

On the expenditure side, product procurement accounted for 31.16% of total costs, reducing by 4.6% to ₹144 crore compared to ₹151 crore in Q2 FY24. However, an increase in employee benefits, marketing, legal, rent, and other operational expenses pushed total expenditure up by 9.1%, reaching ₹506 crore in Q2 FY25, up from ₹464 crore in Q2 FY24.

This combination of reduced revenue and rising costs resulted in Honasa posting a net loss of ₹18.6 crore in Q2 FY25, contrasting sharply with the ₹29.4 crore profit it achieved during Q2 FY24. In Q1 FY25, the company had registered record-high profits of ₹40 crore.

Despite the financial setbacks, Honasa’s stock showed resilience, with its share price rising by 3.77% to ₹378. The company’s market capitalization currently stands at ₹12,278 crore, equivalent to $1.46 billion.

MPL’s Blast Invests $2 Million in XSQUADS to Revolutionize Indian Gaming Scene

By
Supriya Biswas
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0

Mobile Premier League (MPL), the skill-based gaming giant, has made a strategic move through its publishing division, Blast, by investing in Surat-based game development firm XSQUADS. This marks Blast’s debut investment since its launch earlier this month, as it aims to bring innovative games from indie and global studios to the Indian market.

As per insiders, Blast is finalizing a $2 million investment in XSQUADS, acquiring a 20% stake at a valuation of $10 million. This partnership underscores Blast’s mission to empower game developers while strengthening its foothold in India’s burgeoning gaming ecosystem.

XSQUADS, founded by Jemesh Lakhani, is known for its flagship game, ScarFall, a battle royale experience inspired by real-life Indian locales such as Mumbai and the Andaman Islands. Players can explore multiple game modes, including survival, respawn, and team deathmatch (TDM), making it a popular choice among Indian gamers.

This collaboration will provide XSQUADS with access to MPL’s vast user base of 75 million players in India, significantly enhancing its reach and distribution capabilities.

Blast, which recently introduced the free-to-play GameDuell, aims to support independent developers worldwide in scaling their games within India. Encouraged by the growing popularity of free-to-play games, MPL’s focus on fostering the gaming ecosystem aligns with its vision to lead India’s digital gaming evolution.

In the past five years, MPL has acquired four startups—Good Game Exchange, GameDuell, GamingMonk, and Crevise Technologies—showcasing its commitment to expanding its gaming portfolio.

Despite regulatory challenges, MPL’s parent company, M-League, reported an impressive 22.2% growth in operating revenue, reaching ₹1,068 crore in FY24. Additionally, losses reduced by over 21% to ₹375 crore, with the company achieving operating cash flow positivity of ₹157 crore, signaling robust financial health.

This investment in XSQUADS highlights MPL’s continued efforts to innovate and strengthen its presence in the competitive gaming sector.

Giva Achieves 66% Revenue Growth, Reaching ₹274 Cr in FY24

By
Supriya Biswas
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0

Jewelry startup Giva showcased remarkable financial performance in FY24, achieving a 66% surge in operating revenue to ₹274 crore from ₹165 crore in FY23. This growth coincides with the company securing $30 million in an extended Series B round led by Premji Invest. Despite the impressive revenue spike, Giva’s losses grew by 31% year-over-year, amounting to ₹59 crore during the same period.

The Bengaluru-based omnichannel jewelry brand, known for its affordable pieces, has diversified into gold jewelry and lab-grown diamonds. With over 150 physical stores across India, Giva has adopted a franchise-led model to expand its reach. Its primary revenue stream remains the sale of jewelry and related products.

Financial Breakdown and Rising Costs

The cost of procuring metals and diamonds formed 34% of Giva’s overall expenses, rising 53.3% to ₹115 crore in FY24 from ₹75 crore in FY23. Branding and marketing costs amounted to ₹87 crore, while employee benefits surged by 2.38 times, reaching ₹50 crore. Additional overheads like shipping, commissions, rent, and legal fees drove the company’s total expenses up by 59.4% to ₹338 crore in FY24.

Giva’s ROCE and EBITDA margin improved to -24.4% and -17.1%, respectively. However, the company spent ₹1.23 to generate every rupee in revenue, indicating a high cost of operations. The startup closed FY24 with ₹83 crore in cash and bank balances, while its total current assets stood at ₹244 crore.

Competitive Landscape and Sector Challenges

Led by Ishendra Agarawal, Giva competes with prominent players such as Melorra, Bluestone, and CaratLane, along with other family-run and funded brands. The company has raised over ₹690 crore across funding rounds, as per startup intelligence platform TheKredible.

While the jewelry market remains attractive, the sector faces challenges, including fluctuating gold prices, reduced gold import duties, and an oversupply of lab-grown diamonds. Despite these headwinds, Giva’s strong revenue growth and efforts to reduce losses signal its potential to emerge as a key player in the market.

Looking ahead, consistent performance and adaptability to market dynamics could further cement Giva’s position in the jewelry industry.

Delhivery Reports Rs 2,188 Cr Revenue and Rs 10 Cr Profit in Q2 FY25

By
Supriya Biswas
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0

Delhivery achieved a 12.8% rise in revenue from operations, reaching Rs 2,188.7 crore in Q2 FY25 compared to Rs 1,941.71 crore in the same period last year, according to its financial data shared with the National Stock Exchange (NSE).

The majority of the revenue stemmed from its domestic operations, which saw a 12.8% growth. Meanwhile, its international operations, driven by the cross-border segment Team Global Logistics, contributed Rs 8.4 crore—a 3.2x jump compared to the previous year. The Gurugram-based logistics giant also added Rs 119 crore from non-operating activities, taking its total revenue to Rs 2,309 crore for the quarter.

On the expense front, freight handling and servicing costs dominated at Rs 1,638.1 crore, accounting for 71.4% of its total expenditure. Employee benefits costs decreased slightly by 4.7%, amounting to Rs 349.2 crore, while depreciation costs dropped significantly by 23.4% to Rs 131.2 crore. Overall, Delhivery’s total expenses increased by 6.8% to Rs 2,294.2 crore during this period.

The company recorded a profit after tax (PAT) of Rs 10.2 crore in Q2 FY25, marking a sharp recovery from the Rs 102.9 crore loss reported in Q2 FY24.

Delhivery’s shares witnessed a marginal decline of 0.5%, closing at Rs 328.6, with a market capitalization of Rs 24,382 crore.

Meanwhile, the logistics and startup IPO ecosystem remains vibrant, with Blackbuck, Ecom Express, and Shadowfax preparing to go public, following the recent debut of Swiggy on the stock exchange.

FirstCry Parent Sees 26% Revenue Surge in Q2 FY25, Significantly Reduces Losses

By
Supriya Biswas
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0

Brainbees Solutions, the parent company of the kids-focused omnichannel retailer FirstCry, has reported robust financial performance in its first quarterly report since going public. The company achieved a 26.4% quarter-on-quarter growth in revenue while significantly reducing its losses, highlighting a well-managed fiscal quarter.

FirstCry’s operational revenue climbed to ₹1,905 crore in Q2 FY25, a substantial increase from ₹1,507 crore in Q2 FY24, according to unaudited financial statements from the National Stock Exchange. The majority of this revenue came from product sales through offline stores and online platforms, both domestically and internationally, which contributed 64% of the total operational income. Additionally, its subsidiary GlobalBees added ₹432 crore in revenue for the quarter. An interest income of ₹31 crore further boosted the company’s total revenue to ₹1,936 crore in Q2 FY25, up from ₹1,528 crore in the same period last year.

Procurement costs, which made up 64.6% of the company’s overall expenses, rose 16% quarter-on-quarter to ₹1,194 crore in Q2 FY25 from ₹1,029 crore in Q2 FY24. Employee benefit expenses amounted to ₹165 crore, including ₹21 crore allocated for ESOP costs. Additional expenses for marketing, legal, rent, and technology brought the total expenditure to ₹1,848 crore in Q2 FY25, compared to ₹1,512 crore in Q2 FY24.

Thanks to its strong revenue growth and prudent cost management, Brainbees managed to reduce its losses by an impressive 47.4%, bringing them down to ₹62.8 crore in the last quarter.

Since debuting on the stock exchange at ₹446, Brainbees’ stock has climbed to ₹519.8 as of November 14, with a market capitalization of ₹26,987 crore (approximately $3.21 billion). The company reached an all-time high share price of ₹734 on October 15, showcasing significant investor confidence in its growth trajectory.

Airbound Secures $1.7 Million in Seed Funding to Revolutionize Drone Logistics

By
Supriya Biswas
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0

Bengaluru-based drone technology startup Airbound has successfully raised $1.7 million in a seed funding round led by Lightspeed, with participation from gradCapital and prominent angel investors. This follows the company’s earlier funding of $50.1K.

The newly secured funds will primarily support Airbound’s R&D efforts, with an initial focus on medical supply logistics, including transportation between health centers and testing laboratories. Additionally, the startup plans to explore broader applications such as food and grocery deliveries, aiming to significantly cut logistics expenses and boost profitability.

Founded in 2020 by Naman Pushp, Airbound is pioneering innovative drone solutions to drastically lower last-mile delivery costs. Its breakthrough technology addresses long-standing challenges in drone delivery by miniaturizing hardware, making drones safer, more scalable, and cost-effective. The startup’s proprietary TRT (Tailsitter Rotor Technology), a blended wing body design, is set to revolutionize the logistics sector with its lightweight, efficient, and economical drones.

Airbound claims its drones are three times lighter and four times more aerodynamically efficient than conventional models, enabling significant reductions in upfront and operational costs. By leveraging advanced carbon fiber manufacturing techniques, the startup has successfully reduced the airframe weight from 6 pounds to a mere 400 grams, enhancing both reliability and safety.

Globally, Airbound faces competition from companies like Wing and Zipline, while in India, it rivals Red Wing and Tech Eagle. With its cutting-edge technology and ambitious plans, Airbound is poised to redefine the future of drone-based logistics.

PhysicsWallah Appoints Amit Sachdeva as New CFO to Drive Financial Growth

By
Supriya Biswas
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0

Edtech leader Physics Wallah (PW) has announced the appointment of Amit Sachdeva, former Blinkit executive, as its Chief Financial Officer (CFO).

In his new role, Sachdeva will spearhead the company’s strategic and financial endeavors, focusing on enhancing financial governance and fostering sustainable growth. With over 20 years of expertise, he has previously held leadership roles at IGT Solutions and Wipro, bringing a wealth of experience to his position at PW.

Commenting on the appointment, Alakh Pandey, CEO of Physics Wallah, stated, “Amit’s extensive financial acumen and emphasis on strong corporate governance are pivotal as we aim to expand and amplify our educational impact. His vision of finance as a transformative driver aligns seamlessly with PW’s mission.”

Founded in 2014 as a YouTube channel, Physics Wallah has grown to serve over 46 million students through its 112+ YouTube channels in five regional languages. The platform also boasts a strong base of 5.5 million paid learners.

In September, PW secured $210 million in a Series B funding round led by Hornbill Capital. The company’s financial trajectory reflects robust growth, with operational revenue reaching ₹1,940.4 crore in FY24, a significant jump from ₹744.3 crore in FY23, as reported by TheKredible.

Pavestone VC Successfully Closes Rs 816 Crore Technology Fund

By
Supriya Biswas
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0

Pavestone VC, a prominent venture capital firm, has announced the final close of its Pavestone Technology Fund at Rs 816 crore (approximately $97 million), surpassing its initial target of Rs 600 crore. The firm utilized the greenshoe option twice to expand the fund’s size, accommodating strong investor demand.

Notable investors in the fund include The Self-Reliant India (SRI) Fund, the family office of the promoters of Mankind Pharma, and Colruyt Group India, which had previously invested Rs 15 crore (around $1.8 million) in June.

The Pavestone Technology Fund is set to focus on growth-stage B2B technology companies, with plans to invest in 14 to 15 such ventures. The firm aims to provide funding in the range of $5 to $10 million per company.

Founded in 2021 by Sridhar Rampalli, Srikanth Tanikella, and Laxmikanth V, Pavestone VC has established itself as a key player in the venture capital space. The firm specializes in deeptech and enterprise tech investments and has made notable investments in companies like E42, NewSpace Research & Technologies, LivNSense, and Bellatrix Aerospace.

InsuranceDekho Achieves Profitability with 7.7X Revenue Growth in FY24

By
Supriya Biswas
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0

InsuranceDekho demonstrated remarkable financial growth in FY24, achieving profitability while scaling its revenue significantly. The company reported a revenue surge of 7.7 times, reaching ₹743.6 crore in FY24, compared to ₹96.5 crore in FY23. For the fiscal year ending March 2024, InsuranceDekho posted a profit of ₹86 crore, a major turnaround from the ₹51 crore loss recorded in FY23.

Primarily focused on motor, health, travel, and pet insurance, along with investment plans like ULIPs and retirement schemes, the Gurugram-based firm generated ₹726.61 crore (97.7% of its operating revenue) through insurance brokerage. Ancillary services contributed ₹17 crore, while non-operating sources, including software sales and interest income, added another ₹41.3 crore, pushing its total income to ₹785 crore in FY24.

On the expenditure side, point-of-sales charges emerged as the most significant cost driver, soaring 36 times to ₹301 crore from ₹8.3 crore in FY23. Employee benefit expenses increased by 21.7%, reaching ₹130.26 crore, while manpower management costs surged to ₹35 crore—a 53X increase. Advertising and finance costs collectively amounted to ₹98 crore, contributing to total expenses of ₹699.21 crore, a 4.6X rise from FY23.

The company’s operational efficiency improved notably, with its ROCE reaching 16.5% and EBITDA margin hitting 11.73%. InsuranceDekho spent only ₹0.94 to earn each rupee of operating revenue in FY24, showcasing its profitability-focused approach.

In October 2023, the CarDekho-incubated company raised $60 million in a Series B funding round led by Mitsubishi UFJ Financial Group. The firm is reportedly in talks to merge with RenewBuy, a strategic move aimed at strengthening its position against competitors like PolicyBazaar.

Although PB Fintech, the parent company of Policybazaar, closed FY24 with ₹3,500 crore in revenue, InsuranceDekho’s rapid growth and profitability stand out. As the market for insurance aggregation consolidates, InsuranceDekho’s momentum positions it as a formidable competitor, potentially paving the way for an IPO in the near future.

Mushin Innovative Labs Secures $250,000 in Seed Funding Led by IPV

By
Supriya Biswas
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0

Mushin Innovative Labs, a SaaS startup revolutionizing the automotive manufacturing sector, has raised $250,000 in a seed funding round led by Inflection Point Ventures (IPV).

The funds will be utilized to boost sales and marketing efforts, enhance research and development, and drive product innovation to scale their offerings, the company announced.

Established in 2019 by Rachit Srivastava and Aman Batra, Mushin Innovative Labs specializes in delivering advanced digital solutions to the automotive manufacturing industry. The startup’s flagship platform, Mushin AQUA, empowers Tier I and Tier II manufacturers to optimize compliance processes and improve quality management. By adopting Mushin AQUA, businesses have reportedly achieved operational efficiencies and cost savings of up to 85%.

Based in Delhi, Mushin Innovative Labs provides highly customizable solutions to meet stringent compliance standards, including IATF, VDA, and ISO. The platform integrates AI/ML features for predictive analytics, paperless operations, and improved productivity, positioning the company as a leader in the space with no direct local competitors.

The company operates both domestically and internationally, serving Tier 1 and Tier 2 manufacturers with cutting-edge compliance and quality management tools. It has successfully partnered with 15 prominent automotive brands and onboarded 70 factories in just two years. Global OEMs like Volkswagen, Skoda, Volvo, JCB, and Aston Martin have shown keen interest in its innovative solutions.

By leveraging its robust platform and expanding its global footprint, Mushin Innovative Labs aims to spearhead digital transformation in the automotive sector, fostering sustainable growth and innovation for its clients.

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