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Ferns N Petals Achieves Rs 700 Crore Milestone in FY24 with 78% Drop in Losses

By
Supriya Biswas
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0

Ferns N Petals (FnP) marked a successful FY24, recording a 16% rise in operating revenue and a sharp 78% reduction in losses compared to the previous fiscal year. The company’s consolidated financials for the year ending March 2024 reveal operating revenues of Rs 705.4 crore, up from Rs 607.3 crore in FY23.

FnP’s business thrives on the sale of cakes, flowers, and personalized gifting solutions, delivered through its website, third-party platforms, retail stores, and franchises. Additional earnings come from delivery and packaging charges, onboarding fees, and monthly royalties from franchises. The company operates in over 100 countries with a network of more than 400 stores in India.

The sale of products remained the primary driver, contributing 91% to the operating revenue, which rose by 15% to Rs 640.75 crore in FY24. Revenue from delivery charges surged 40% to Rs 45.12 crore, while other sources, including franchise fees and convenience charges, added Rs 19.51 crore. Interest income contributed Rs 7 crore, taking FnP’s total revenue to Rs 712 crore for the fiscal year.

Strong Domestic and International Markets

India continues to be FnP’s largest market, generating Rs 443.58 crore (63% of total revenue). Revenues from UAE and Singapore stood at Rs 176.52 crore and Rs 65.1 crore, respectively.

Balanced Cost Management and Reduced Advertising Spend

FnP effectively managed its costs in FY24, with materials accounting for 42.3% of total expenses at Rs 312 crore, marking a 12.4% increase. Employee benefit expenses rose slightly by 2.8% to Rs 124.49 crore, while advertising expenses saw a significant drop of 12.3% to Rs 156.65 crore. Transportation and other operational costs totaled Rs 143 crore. Overall, total expenses grew marginally by 1.9% to Rs 736.67 crore.

Financial Turnaround and Diversification Efforts

FnP’s efforts to consolidate in FY23 paid off, as the company reduced its losses by 77.8% to Rs 24.26 crore in FY24. Although its EBITDA stood at a negative Rs 8.62 crore, the company maintained Rs 84 crore in cash reserves and Rs 130.25 crore in current assets.

The firm, which has raised Rs 206.5 crore in funding, including investment from Lighthouse, also operates Udman Hotels and FNP Weddings and Events. These diversifications contribute to its growth strategy while strengthening its balance sheet.

Future Outlook

FnP’s financial turnaround raises questions about its trajectory in FY25. If the company sustains this momentum, it could validate its diversification strategy and pave the way for further growth. However, continued losses with limited growth might suggest the FY24 performance was a one-time success.

As Ferns N Petals aims to reclaim its position as a market leader, its ability to capitalize on its strengths and address challenges will determine the path ahead.

Paper Boat Records Rs 585 Cr Revenue in FY24, Slashes Losses by Nearly Half

By
Supriya Biswas
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0

Hector Beverages, the parent company of Paper Boat, reported a 16% growth in its revenue for the fiscal year ending March 2024. The A91 Partners-backed beverage company also made significant strides in improving its profitability, reducing losses by an impressive 48% during the same period.

Paper Boat’s operating revenue rose to Rs 585 crore in FY24 from Rs 504 crore in FY23, according to financial data filed with the Registrar of Companies (RoC). In FY23, the company had recorded over a 50% increase in revenue, signaling a slowdown in growth this fiscal year. Founded by ex-Coca-Cola executives Neeraj Kakkar and Niraj Biyani, Paper Boat offers a variety of products including packaged juices, coconut water, traditional Indian snacks, and dry fruits.

Of its total operating revenue, products traded through third-party manufacturers contributed 52%, amounting to Rs 304.3 crore in FY24, up 16% from the previous year. The remaining 48% came from products manufactured directly by the company, generating Rs 278 crore, reflecting a 15.7% growth. Additionally, the company earned Rs 10 crore from interest income, pushing its total revenue to Rs 595 crore in FY24.

Material costs made up the bulk of Paper Boat’s expenses, accounting for 63% of total costs and increasing to Rs 404 crore in FY24 from Rs 380 crore in FY23. Employee benefits expenses rose significantly, climbing 22% to Rs 66.7 crore. Advertising, finance, and other operational expenses added another Rs 171 crore to the total outlay. Overall, the company’s total expenses grew 7.2% year-on-year to Rs 642 crore.

Despite higher spending, Paper Boat reduced its net losses to Rs 47 crore in FY24, down from Rs 90.5 crore in FY23. The company’s return on capital employed (ROCE) and EBITDA margin stood at -15.45% and -5.63%, respectively. For every rupee of operating revenue earned, Paper Boat incurred Rs 1.1 in expenses during FY24.

With Rs 1,030 crore ($143 million) raised from investors such as GIC, Peak XV, Sofina Ventures, and A91 Partners, Paper Boat has maintained financial stability. GIC owns over 25% of the company, while Sofina and Peak XV each hold more than 18%. As of FY24, the Bengaluru-based company reported cash and bank balances of Rs 168 crore and current assets totaling Rs 305 crore.

Although Paper Boat has been resilient in a competitive market, challenges remain. The rise of quick commerce, modern trade, and e-commerce has transformed the landscape, pressuring margins and profitability. Despite these hurdles, Paper Boat has survived where many others have faltered. The question remains: can the brand adapt and thrive in an increasingly cluttered market?

Indic Wisdom Secures $2 Million in Pre-Series A Funding for Traditional Oil Innovation

By
Supriya Biswas
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0

Mumbai-based Indic Wisdom, a manufacturer of wood-pressed oils, has raised $2 million in a pre-Series A funding round led by Rockstud Capital and supported by other investors.

Founded by Prajakta Khare and Kaustubh Khare, the company specializes in producing a variety of cooking, multipurpose, and specialty oils. Their products cater to the growing demand for health-conscious alternatives, boasting high nutritional content enriched with essential vitamins, antioxidants, and fatty acids. These oils offer a healthier substitute to refined options that often lose valuable nutrients during processing.

Indic Wisdom’s standout feature lies in its adherence to traditional lakdi ghani-based extraction techniques, ensuring oils retain their natural nutrients and flavors. The company has also prioritized rigorous research and testing to deliver products of verified purity to its consumers.

The market for cold-pressed and wood-pressed oils is witnessing robust growth. Global market valuation, which stood at $27.1 billion in 2021, is anticipated to grow at a CAGR of 5.7% by 2028. On the domestic front, research by IMARC Group predicts the Indian market will climb from $9.1 billion in 2024 to $15.6 billion by 2032, with a CAGR of 5.9% during this period.

This funding will help Indic Wisdom scale its operations, further its research, and continue offering premium quality oils rooted in traditional methods.

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Baanhem Ventures Secures ₹3.3 Cr Investment from Mudhal Partners

By
Supriya Biswas
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Baanhem Ventures, the creators of the business reality show Startup Thamizha, has successfully raised ₹3.3 crore in funding from renowned tech entrepreneur Kumar Vembu via his investment firm, Mudhal Partners.

Co-founded by Hemachandran L. and Balachandar R. earlier this year, Baanhem Ventures is dedicated to empowering first-generation entrepreneurs from Tamil Nadu. The company focuses on nurturing innovative minds to become leading job creators with a strong purpose-driven approach.

Startup Thamizha, the company’s flagship reality TV show, has garnered immense attention, with over ₹200 crore in investment commitments for startups spanning three seasons, thanks to support from various industry leaders.

The show exclusively highlights first-generation entrepreneurs from Tamil Nadu at both seed and growth stages. It seeks to inspire High Net-Worth Individuals (HNIs) to invest in startups, driving a cultural shift towards backing emerging businesses.

Set to air on a popular general entertainment channel, the program will identify and support promising startups through financial backing and expert mentorship, further strengthening Tamil Nadu’s entrepreneurial legacy.

MakeMyTrip Expands Corporate Services with Happay Acquisition

By
Supriya Biswas
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0

Online travel giant MakeMyTrip has entered into a business transfer agreement to acquire Happay, a corporate expense management platform, from CRED. This strategic move will enhance MakeMyTrip’s presence in the corporate travel and expense management sector.

Happay, which CRED acquired in 2021 in a $180 million deal, specializes in managing corporate expenses, offering tailored solutions for large enterprises and companies with extensive logistical operations. Under the agreement, Happay’s brand, expense management business, and team will be integrated into MakeMyTrip.

The transition is set to be completed within 90 days, subject to regulatory and closing conditions. Happay’s team will continue supporting existing clients while collaborating closely with MakeMyTrip’s corporate travel services division.

Rajesh Magow, co-founder and Group CEO of MakeMyTrip, emphasized the significance of the acquisition, stating, “Integrating Happay’s expertise, which serves over 900 corporate clients, aligns with our vision to redefine corporate travel and expense management benchmarks in India.”

Meanwhile, Happay’s payments business and associated team will remain under CRED’s umbrella. Recently, this vertical launched innovative B2B payment solutions in collaboration with NPCI. Kunal Shah, founder of CRED, highlighted the strategic separation, focusing on enabling both entities to excel in their respective domains.

MakeMyTrip currently serves more than 59,000 corporate clients through MyBiz, catering to SMEs, and over 450 large corporates via Quest2Travel. Its Nasdaq-listed platform reported a $211 million revenue for Q2 FY2024, marking a 24.3% year-on-year growth, with net profits surging to $17.9 million.

While the financial specifics of the Happay deal remain undisclosed, CRED retaining the payments business underscores the strategic nature of the transaction. This development hints at CRED’s recalibration of priorities as it continues innovating in the B2B payments space.

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CADRE ODR Secures $200K in Pre-Series A Funding to Revolutionize Online Dispute Resolution

By
Supriya Biswas
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0

CADRE ODR, an online dispute resolution (ODR) platform, has successfully raised $200,000 in its ongoing pre-series A funding round. Investors in this round include Aprameya Radhakrishna, Murali Subramanian, Ram Bhamidi, Aneesh Garg, and Rahul Guptan.

The funds will support CADRE ODR’s mission to make justice more accessible, affordable, and efficient for businesses and individuals. The platform aims to transform the traditional dispute resolution process by offering a faster, cost-effective alternative.

Founded in 2019 by Kanchan Gupta and Rajneesh Jaswal, CADRE ODR integrates advanced technology to provide legally binding, swift solutions for various types of disputes, including commercial and civil matters. The platform utilizes AI to expedite dispute resolution, reducing resolution times to just 45-60 days, a significant improvement over conventional legal methods.

To date, CADRE ODR has processed nearly 8,000 cases across industries such as banking, securities, employment, and commercial sectors. The company’s AI-powered platform not only enhances efficiency but also ensures greater transparency and accuracy in the dispute resolution process.

Expanding its global footprint, CADRE ODR is entering the South African and Australian markets, driven by the increasing demand for digital dispute resolution. The company has formed a strategic partnership with Orington & Partners, an Australian consulting firm, to support this expansion.

Proost Raises Rs 30 Crore in Series A Funding to Expand Operations and Strengthen Brand

By
Supriya Biswas
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0

Proost, the Delhi-based craft beer startup founded in 2017 by Tarun Bhargava and Vijay P. Sharma, has secured Rs 30 crore in its ongoing Series A funding round. This round is co-led by Chimes Group and Srinivasan Namala, with additional contributions from Hyderabad Angels, The Chennai Angels, and various high-net-worth individuals (HNIs).

In October 2023, Proost had successfully completed a pre-Series A funding round, raising Rs 25 crore (around $3 million), setting the stage for this significant leap in funding.

The company plans to use the newly raised capital to enhance its supply chain, broaden its reach into additional markets, diversify its product range, and further invest in its branding initiatives, as stated in a press release.

Proost has quickly become known for its innovative approach to beer, offering a premium product with a smooth, low-bitter taste that appeals to beer lovers. The company prides itself on sourcing 99% of its raw materials locally, ensuring a high-quality and refreshing experience for consumers.

The brand aims to expand its portfolio with new beer variants to meet the changing tastes and preferences of the market. Currently, Proost has a strong retail presence across Delhi, Punjab, Uttar Pradesh, Kerala, Jharkhand, and Karnataka, and it is targeting a 5% market share of the Indian beer industry by 2030. The company’s growth strategy is driven by consumer-focused innovation and strategic market expansion.

Proost faces stiff competition from established players such as Maka Di, Arbor Brewing Company, Kati Patang, Witlinger, Bira 91, Simba, and others in the craft beer space.

Biryani By Kilo Achieves Rs 268 Crore in Revenue for FY24, Cuts Losses by 30%

By
Supriya Biswas
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0

The biryani segment in India has witnessed significant growth over the last decade, particularly with the rise of hybrid kitchens offering niche, specialized menus. Biryani By Kilo (BBK), a prominent omnichannel brand in this space, has been steadily expanding, recording impressive figures for the fiscal year 2024.

BBK’s revenue from operations increased by 22.9%, reaching Rs 268 crore in FY24, compared to Rs 218 crore in FY23, as per the company’s consolidated financial statements filed with the Registrar of Companies. The majority of the company’s revenue—94.76%—comes from its signature offerings such as biryani, kebabs, korma, and curries, which collectively saw a 23.3% growth, amounting to Rs 254 crore in FY24. The remaining Rs 14 crore in income was generated from its delivery services.

Additionally, BBK earned Rs 4 crore from non-operating income, bringing its total revenue for FY24 to Rs 272 crore.

Regarding costs, the procurement of materials made up 32% of the company’s overall expenditure, rising by 16.8% from Rs 95 crore in FY23 to Rs 111 crore in FY24. Interestingly, as the company scaled, employee benefit expenses fell by 11.4%, from Rs 79 crore in FY23 to Rs 70 crore in FY24. Marketing expenses also dropped by 15.2% during the same period. Other operating expenses, including rent, commissions, and transportation, led to a rise in total expenditure, which went from Rs 321 crore in FY23 to Rs 346 crore in FY24.

Despite these increased expenses, BBK managed to reduce its losses by 29.7%, dropping from Rs 101 crore in FY23 to Rs 71 crore in FY24. Its EBITDA stood at a negative Rs 51 crore, but both its EBITDA margin and return on capital employed (ROCE) improved to -51.5% and -18.75%, respectively. The company’s efficiency in managing its costs resulted in spending just Rs 1.29 to earn a rupee in FY24.

BBK’s total current assets amounted to Rs 115 crore, with cash and bank balances totaling Rs 83 crore, showing a stable liquidity position.

To date, BBK has raised around $55 million, including a $35 million Series B round in November 2021 led by Falcon Edge. With a post-allotment valuation of approximately Rs 840 crore ($105 million), the company continues to compete against players like Rebel Foods’ Behrouz Biryani, Biryani Blues, and other emerging cloud-kitchen brands in the space.

Theranautilus Secures $1.2 Million Seed Funding to Revolutionize Healthcare with Nanorobotics

By
Supriya Biswas
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0

Theranautilus, a pioneering deep-tech company specializing in nanorobotic solutions for healthcare, has raised $1.2 million in a seed funding round led by pi Ventures. Additional backing came from Golden Sparrow Ventures and prominent angel investors, including Abhishek Goyal, founder and CEO of Tracxn, and Lalit Keshre, CEO of Groww.

The funding will support the commercialization of nanorobotics-based medical devices, with an initial focus on dental care applications. Theranautilus plans to use the investment to refine its go-to-market strategy and explore broader applications of its technology beyond dental treatments.

Founded in 2020 by Ambarish Ghosh, Debayan Dasgupta, and Peddi Shanmukh Srinivas, Theranautilus addresses critical challenges in dental health using advanced nanorobotic systems. One of its key innovations targets dental hypersensitivity, a condition affecting over 2 billion people globally and estimated to be a $6 billion market.

Theranautilus employs precision-engineered nanorobots to deliver biocompatible materials directly to damaged dental tissues. These materials can be externally activated to form bio-mimetic structures, enabling effective tissue repair and providing long-term relief.

With its internationally patented technology, Theranautilus also aims to expand into cancer therapy and other critical healthcare applications, leveraging its nanorobotics platform to develop cutting-edge theranostic interventions.

Swish Secures $2 Million Funding from Accel to Revolutionize 10-Minute Food Delivery

By
Supriya Biswas
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0

Food delivery startup Swish has raised $2 million in its first funding round, with Accel leading the investment. The round also saw participation from prominent angel investors, including Abhiraj Bhal, Varun Khaitan, and Karthik Gurumurthy, the former head of Swiggy Instamart.

The fresh capital will be used to expand Swish’s operations in Bengaluru, enhancing its delivery capabilities across key areas and preparing for entry into other tier-I cities.

Founded in 2024 by Shah, Ujjwal Sukheja, and Saran S, Swish manages the end-to-end food delivery process, including preparation and dispatch, within a hyper-local radius of 1.5–2 km. The company operates multiple cloud kitchens in Bengaluru’s HSR Layout and Bellandur areas. By November, it aims to extend services to Koramangala, Sarjapur, and other regions in the city.

Swish currently offers a diverse selection of around 70–80 unique stock-keeping units (SKUs) on its platform, covering indulgent treats, snacks, beverages, and meals.

This rapid delivery model comes amidst increased competition in the space. Swiggy recently launched its 10-minute food delivery service, Bolt, while Zomato introduced Instant in 2022, later rebranding it to Everyday due to product-market fit challenges.

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