The struggle of funding winter brought with it sanity in valuations and forced startups to cut their expenses to chart a profitable growth. This trend continued in FY24 as well
Of the 42 startups that have released their financial statements for FY24 so far, 28 ended the year with profitable numbers and a cumulative profit of INR 3,716 Cr
In terms of top line, the 42 startups posted a cumulative operating revenue of over INR 1.06 Lakh Cr during the fiscal year ended March 2024
The world’s third largest startup ecosystem has been in the midst of a raging funding winter for a couple of years now. As investors tightened their purse strings, the Indian startup ecosystem has had to go through a lot of pain, which included thousands of employees losing their jobs.
This was especially true for the fiscal year 2023-24 (FY24), when the funding drought peaked. Far from the capital boom of 2021, when fear of missing out (FOMO) among investors drove a valuation bubble, FY23 and FY24 turned out to be a reality check for the startup ecosystem as many shut shop while others took the debt route to extend their runways.
However, not everything was doom and gloom. The struggle of the funding winter brought with it sanity in valuations and forced startups to cut their expenses to chart a profitable growth. This trend was evident in the financial statements of Indian startups in FY23 and seems to have continued in FY24 as well.
Of the 42 startups that have released their financial statements for FY24 so far, 28 ended the year with profitable numbers. Their cumulative profit stood at INR 3,716.29 Cr.
The likes of Zomato, PB Fintech, Honasa and Milk Mantra turned profitable during the year under review.
Meanwhile, the remaining 14 startups posted a cumulative loss of INR 6,094 Cr, with just Paytm and Ola Electric accounting for more than INR 3,000 Cr of this loss figure. However, it needs to be highlighted that many of these startups were also able to cut their losses in FY24.
In terms of top line, the 42 startups posted a cumulative operating revenue of INR 1 Lakh Cr (INR 1,06,297.87 Cr to be precise) in the year ended March 2024.
So, without further ado, let’s take a look at the financial performance of some of these startups in FY24.
Editor’s Note: This list is not a ranking of any kind, we have placed the companies alphabetically. This is a running list and will be updated periodically.
Inside The FY24 Financials Of Indian Startups
Note: All amount in INR Cr
| Company Name | Operating Revenue (FY24) | Operating Revenue (FY23) | Revenue Change In % YoY | Loss/ Profit (FY24) | Loss/ Profit (FY23) | Loss/Profit Change In % YoY | Employee Benefit (FY24) | Employee Benefit (FY23) | Advertisement Spends (FY24) | Advertisement Spend (FY23) |
| Avanse | 1,727.00 | 989.60 | 74.51 | 342.4 | 157.7 | 117.12 | 140.9 | 94.8 | 0.78 | 1.4 |
| Awfis | 848.80 | 545.20 | 55.69 | -17.5 | -46.6 | -62.45 | 136 | 95.8 | – | – |
| BigBasket B2C | 7,884.50 | 7,439.70 | 5.98 | -1,267.20 | -1,535.20 | -17.46 | 827.5 | 915.6 | ||
| BlackBuck | 296.90 | 175.60 | 69.08 | -194 | -290.4 | -33.20 | 286.9 | 219.5 | 157.7 | 177.7 |
| CaratLane | 3,080.00 | 2,169.00 | 42.00 | 78.59 | 82.08 | -4.25 | 170.35 | 135.43 | 225.2 | 171.54 |
| CarTrade | 489.90 | 363.70 | 34.70 | 19.9 | 40.4 | -50.74 | 246 | 205.3 | – | – |
| Delhivery | 8,141.00 | 7,225.30 | 12.67 | -249.1 | -1,007 | -75.26 | 1,436.70 | 1,400 | 15.9 | 22 |
| DroneAcharya | 35.25 | 18.56 | 89.92 | 6.2 | 3.42 | 81.29 | 5.34 | 4.53 | – | – |
| EaseMyTrip | 590.50 | 448.80 | 31.57 | 103.4 | 134.1 | -22.89 | 82.1 | 52.4 | – | – |
| Ecom Express | 2,609.00 | 2,553.90 | 2.16 | -255.8 | -428.1 | -40.25 | 603 | 664 | – | – |
| Fasal | 34.10 | 18.00 | 89.44 | -34 | -32 | 6.25 | 20 | 18 | 2.4 | 3.1 |
| Fino Payments Bank | 1,478.40 | 1,229.90 | 20.20 | 86.2 | 65.1 | 32.41 | 177.3 | 155.6 | – | – |
| FirstCry | 6,480.80 | 5,632.50 | 15.06 | -321.5 | -486 | -33.85 | 686.5 | 769.8 | 482.2 | 416 |
| Go Digit | 7096* | 5,164* | 24.48 | 182 | 36 | 405.56 | 270 | 224.5 | 322 | 189 |
| Honasa | 1,919.90 | 1,492.70 | 28.62 | 110.52 | -150.96 | – | 170.5 | 164.8 | 661.2 | 530.2 |
| ideaForge | 317.00 | 186.00 | 70.43 | 47.8 | 31.9 | 49.84 | 52.5 | 50.9 | 2.4 | 1.5 |
| InCred | 1,270.00 | 864.60 | 46.89 | 316.3 | 120.9 | 161.62 | 261.4 | 191.7 | ||
| IndiaMART | 1,196.80 | 985.40 | 21.45 | 334 | 283.8 | 17.69 | 507.3 | 399.2 | 1.7 | 1.9 |
| ixigo | 655.90 | 501.20 | 30.87 | 73.1 | 23.4 | 212.39 | 141 | 126 | 55.2 | 21.4 |
| MapmyIndia | 379.40 | 281.50 | 34.78 | 134.4 | 107.5 | 25.02 | 74.6 | 66.2 | 9.64 | 8.45 |
| Milk Mantra | 276.40 | 272.90 | 1.28 | 9.8 | -12.3 | – | 18.9 | 18.6 | 2.1 | 2.8 |
| Nazara | 1,138.00 | 1,091.00 | 4.31 | 89.46 | 63.38 | 41.15 | 186 | 149 | 177.5 | 239.8 |
| Nykaa | 6,385.00 | 5,143.80 | 24.13 | 39.7 | 20.9 | 89.95 | 564.9 | 491.7 | – | – |
| OfBusiness | 19,296.30 | 15,342.60 | 25.77 | 603 | 463.2 | 30.18 | 526.1 | 326.6 | – | – |
| Ola Electric | 5,009.80 | 2,630.90 | 90.42 | -1,584.40 | -1,472.10 | 7.63 | 438.9 | 426.7 | 79.3 | 61.4 |
| Oxyzo | 903.30 | 569.90 | 58.50 | 290 | 197.5 | 46.84 | 115.5 | 77.93 | – | – |
| Paytm | 9,977.80 | 7,990.30 | 24.87 | -1,422.40 | -1,776.50 | -19.93 | 4,589.20 | 3,778.30 | 922 | 1,076.40 |
| PB Fintech | 3,437.60 | 2,557.80 | 34.40 | 64.41 | -487.9 | – | 1,644.10 | 1,539.60 | 899 | 1,357.20 |
| RateGain | 957.00 | 565.10 | 69.35 | 146.39 | 68.4 | 114.02 | 379.9 | 252.7 | – | – |
| Rebel Foods | 1,420.20 | 1,195.20 | 18.83 | -378.2 | -656.2 | -42.37 | 394.9 | 405.4 | 133.7 | 197.9 |
| Smartworks | 1,039.40 | 711.40 | 46.11 | -49.8 | -101.2 | -50.79 | – | – | – | – |
| TAC Infosec | 11.84 | 10.09 | 17.34 | 6.33 | 5.12 | 23.63 | 3.68 | 1.28 | – | – |
| Tata 1mg | 1,967.70 | 1,627.00 | 20.94 | -313 | -1,254.80 | -75.06 | 373.5 | 354.3 | 84 | 135.2 |
| TBO Tek | 1,392.80 | 1,064.50 | 30.84 | 200.5 | 148.4 | 35.11 | 277.3 | 228.3 | – | – |
| Tracxn | 82.70 | 78.10 | 5.89 | 6.5 | 33.09 | -80.36 | 69.25 | 66.9 | – | – |
| Trust Fintech | 35.00 | 22.50 | 55.56 | 12.5 | 4 | 212.50 | 6.45 | 10.55 | – | – |
| Unicommerce | 103.58 | 90.06 | 15.01 | 13.1 | 6.5 | 101.54 | 64.9 | 62 | 3.8 | 3.9 |
| Yatra | 422.30 | 380.00 | 11.13 | -4.5 | 7.6 | – | 128.5 | 109 | 45.9 | 33.6 |
| Yudiz | 26.10 | 27.30 | -4.40 | -2.9 | 2.7 | – | 20.4 | 16.7 | – | – |
| Zaggle | 775.50 | 553.40 | 40.13 | 44 | 22.9 | 92.14 | 51.2 | 43.5 | – | – |
| Zomato | 12,114.00 | 7,079.00 | 71.13 | 351 | -971 | – | 1,659 | 1,465 | 1,432 | 1,227 |
| Zappfresh | 90.4 | 56.3 | 60.57 | 4.7 | 2.7 | 74.07 | 1.4 | 0.99 | 5.1 | 3.2 |
*refers to net earned premium (GWP)
Avanse’s Profit Crosses INR 300 Cr Mark
IPO-bound non-banking financial company Avanse Financial Services posted a profit of INR 342.4 Cr in FY24, a jump of 117% from INR 157.7 Cr in the previous fiscal year.
Operating revenue also jumped 74.5% to INR 1,727 Cr in FY24 from INR 989.6 Cr in the previous year.
Its IPO will comprise a fresh issue of shares worth INR 1,000 Cr and an offer for sale (OFS) component of shares worth up to INR 2,500 Cr. It plans to use the IPO proceeds to increase its capital base to fuel further expansion of its business.
Read More: IPO-Bound Avanse’s PAT Doubles To INR 342.4 Cr In FY24, Operating Revenue Surges 74%
Awfis’ Loss Narrows
Coworking space startup Awfis managed to reduce its loss to INR 17.75 Cr in FY24, a 62% decline from INR 46.6 Cr in the previous year. Though the startup was in loss for the entire fiscal year, it turned profitable in Q4 FY24. It posted a profit of INR 1.4 Cr in Q4 FY24.
In terms of revenue, Awfis’ operating revenue jumped 55.6% to INR 848.8 Cr in FY24 from INR 545.2 Cr in the previous year. In Q4 FY24, the startup’s operating revenue jumped over 45% YoY to INR 232.4 Cr.
Awfis went public in May this year. Its IPO comprised a fresh issue of shares worth INR 128 Cr and an OFS component of up to 1.23 Cr shares. Peak XV Partners and Bisque Limited were among the investors who sold shares via the OFS.
Read More: Awfis Turns Profitable In Q4 With INR 1.4 Cr PAT, Operating Revenue Jumps 45% YoY
BlackBuck’s Loss Falls Below INR 200 Cr Mark
IPO-bound BlackBuck managed to lower its loss by over 30% in the financial year ended March 31, 2024. The logistics startup incurred a net loss of INR 194 Cr, a decline of 33% from INR 290.4 Cr in the previous fiscal year.
The Flipkart-backed startup’s operating revenue zoomed 69% to INR 296.9 Cr in FY24 from INR 175.6 Cr in FY23. It primarily earns revenue by offering payments services, telematics, load marketplace, and vehicle financing services on its platform.
The logistics unicorn’s IPO will comprise a fresh issue of shares worth INR 550 Cr and an OFS component of up to 2.16 Cr shares (2,16,09,022 to be precise).
Read More: IPO-Bound BlackBuck Narrows Loss By 33% To INR 194 Cr In FY24
CaratLane’s Revenue Breaches INR 3,000 Cr Mark
The Tata-owned omnichannel jewellery startup reported a 42% jump in its operating revenue to INR 3,080 Cr in FY24 from INR 2,169 Cr in the previous fiscal year.
However, net profit declined nearly 5% to INR 78.59 Cr during the under review from INR 82.08 Cr in FY23 due to rise in advertising and “miscellaneous” expenses.
CaratLane FY24: Profit Declines 5% To INR 79 Cr, Revenue Crosses INR 3,000 Cr Mark
CarTrade’s Profit Halves
Used car marketplace startup CarTrade saw its profit fall 50% to INR 20 Cr in FY24 from INR 40 Cr in the previous fiscal year. The decline in the loss could be attributed to the startup’s acquisition of Sobek Auto India, comprising OLX Autos C2B business and OLX classifieds business, for INR 535.54 Cr.
CarTrade reported an operating revenue of INR 489.9 Cr in FY24 as against INR 363.7 Cr in the previous year.
Read More: CarTrade Back In The Black With INR 25 Cr PAT In Q4; Revenue Jumps 38% YoY
Delhivery’s Loss Narrows By 75%
Delhi NCR-based Delhivery posted a 75% decrease in its loss in FY24. The logistics unicorn reported a loss of INR 249 Cr during the year as against INR 1,007 Cr in FY23.
Operating revenue stood at INR 8,141 Cr in FY24, an increase of 12.6% from INR 7,225 Cr in the previous fiscal year.
The startup also reduced its advertising expenses to INR 16 Cr from INR 22 Cr in FY24.
Read More: After A Profitable Q3, Delhivery Posts INR 69 Cr Loss In Q4 FY24
DroneAcharya’s Profit Doubles
Pune-based drone startup DroneAcharya Aerial Innovations reported a consolidated profit after tax (PAT) of INR 6.2 Cr in FY24, almost double of INR 3.42 Cr profit it posted in the previous fiscal year.
DroneAcharya’s operating revenue increased nearly 90% to INR 35.19 Cr in FY24 from INR 18.56 Cr in FY23. The startup attributed this increase to the company’s steady and consistent growth as a drone solution provider and a drone training organisation.
Read More: DroneAcharya’s Net Profit Doubles To INR 6.2 Cr In FY24, Operating Revenue Jumps 90%
EaseMyTrip’s Revenue Inches Closer To INR 600 Cr Mark
Online ticketing platform EaseMyTrip saw its revenue rise 32% to INR 591 Cr from INR 488.8 Cr in FY23, driven by an increase in sales of air tickets.
Despite the increase in revenue, the startup’s profit took a hit. EaseMyTrip’s profit fell 23% to INR 103.4 Cr in FY24 from INR 134 Cr in the previous fiscal year. Increase in advertising expenses was among the reasons for the decrease in profit.
Read More: EaseMyTrip Q4: Incurs Loss Of INR 15 Cr Due To One-Time Expenses
Ecom Express Sees Its Loss Decline 67%
IPO-bound logistics startup Ecom Express managed to reduce its net loss by 67% to INR 255.8 Cr in FY24 from INR 428.1 Cr in FY23.
The startup’s operating revenue saw a marginal 2.15% increase to INR 2,609 Cr in FY24 from INR 2,553.9 Cr in the previous fiscal year, as per its DRHP. Total expenses rose marginally by 0.64% to INR 2,921.5 Cr in FY24, from INR 2,902.8 Cr.
Read More: Ecom Express FY24: IPO-Bound Startup’s Loss Narrows 67% To INR 255.8 Cr
Fasal’s Revenue Surges Nearly 90%
Agritech startup Fasal’s revenue from operations grew 89% to INR 34.1 Cr in FY24 from INR 18 Cr in FY23. Including other income, Fasal’s total revenue grew nearly 90% to INR 35.5 Cr in FY24 from INR 18.8 Cr in the previous fiscal year.
Meanwhile, total expenses rose 34% to INR 69.5 Cr during the year under review from INR 51.6 Cr in FY23.
Loss increased 6% to INR 34 Cr from INR 32 Cr in FY23.
Read More: Agritech Startup Fasal’s FY24 Revenue Jumps 89% to INR 34.1 Cr
Fino Payments Bank’s Profit Jumps Over 30%
Mumbai-based Fino Payments Bank’s operating revenue jumped 20% to INR 1,478.3 Cr in FY24 from INR 1,229.9 Cr in the previous fiscal year.
Its expenses also grew almost in line with revenue. Total expenses stood at INR 1,391.5 Cr in FY24, up 19% from INR 1,164.8Cr in the previous fiscal year.
Fino’s net profit zoomed 32% to INR 86.2 Cr from INR 65 Cr in FY23.
Read More: Fino Payments Bank Q4: Net Profit Rises 14% YoY To INR 25.21 Cr
FirstCry’s Loss Declines Over 30%
Ahead of its IPO, kids-focussed omnichannel retailer FirstCry managed to reduce its net loss by 34% to INR 321.5 Cr in FY24 from INR 486 Cr in the previous fiscal year.
Its operating revenue increased 15% to INR 6,480.8 Cr during the year under review from INR 5,632.5 Cr in FY23. Expenses rose 9.2% to INR 6,896.6 Cr from INR 6,315.7 Cr in FY23.
FirstCry made its public market debut in August. Its shares listed at INR 651 on the NSE, a premium of 40% over its issue price of INR 549.
Read More: FirstCry FY24: Loss Narrows 34%, Revenue Crosses INR 6K Cr Mark Ahead Of IPO
Go Digit’s Profit Zooms 5X
Insurtech startup Go Digit posted strong results with a 400% jump in its profit after tax (PAT) to INR 182 Cr in FY24 from INR 36 Cr in the previous fiscal year.
With the sharp growth in health, travel, and personal accident premiums, Go Digit’s total gross written premium (GWP) increased 24.5% to INR 9,016 Cr from INR 7,243 Cr in FY23.
Net earned premium rose over 37% to INR 7,096 Cr in FY24 from INR 5,164 Cr in FY23.
Read More: Go Digit FY24: PAT Jumps Over 5X To INR 182 Cr, GWP At INR 9,016 Cr
Mamaearth Turns Profitable In FY24
Honasa Consumer Ltd, the parent entity of D2C unicorn Mamaearth, returned to the black during the year under review. After posting a net loss of INR 150.9 Cr in FY23, the startup minted a profit of INR 110.5 Cr in FY24.
Operating revenue rose 28.6% to INR 1,919.9 Cr from INR 1,492.7 Cr in FY23. Total expenditure jumped 21.3% to INR 1,822.4 Cr in FY24 from INR 1,501.6 Cr in the previous fiscal year.
Read More: Honasa FY24: Mamaearth Parent Turns Profitable For Full Fiscal Year
ideaForge’s Profit Nears INR 50 Cr Mark
ideaForge reported its third consecutive profitable fiscal as the drone maker clocked a net profit of INR 47.8 Cr in the fiscal ended March 2024. This was an increase of almost 50% from INR 31.9 Cr. Its profit stood at INR 44 Cr in FY22.
Operating revenue also soared more than 70% year-on-year (YoY) to INR 186 Cr during the year under review.
Meanwhile, expenses zoomed 81% to INR 282.9 Cr in FY24 from INR 155.6 Cr in the previous year.
Read More: ideaForge PAT Slips 30% QoQ To INR 10.3 Cr In Q4
InCred’s Profit Surges 2.6X
The fintech startup’s operating revenue crossed the INR 1,000 Cr mark during the year under review. InCred saw its top line grow nearly 47% to INR 1,270 Cr in FY24 from INR 864.6 Cr in FY23.
Meanwhile, profit soared 162% to INR 316.3 Cr from INR 120.9 Cr in FY23. Rising finance costs and employee benefit expenses pushed up InCred’s total expenses by over 37% YoY to INR 871.3 Cr during the fiscal year under review.
Read More: InCred FY24: Profit More Than Doubles To INR 316.3 Cr, Revenue Crosses INR 1,000 Cr Mark
IndiaMART’s Revenue Crosses INR 1,000 Cr Mark
The B2B ecommerce major posted a 17% rise in its net profit to INR 334 Cr in FY24 from INR 283 Cr in the year-ago period.
Operating revenue jumped 21% to INR 1,196 Cr in the fiscal ended March 2024 from INR 985 Cr in FY23. On similar lines, total expenses also rose 20% to INR 910.7 Cr in FY24 from INR 756.7 Cr in the previous fiscal year. This increase in expenditure was largely attributable to a sharp jump in employee benefit costs, which rose 27% YoY to INR 507 Cr during the year under review.
Read More: IndiaMART Q4: Profit Surges 78% YoY To INR 99.6 Cr
ixigo’s Profit Triples
Online travel aggregator ixigo had a bumper year as its net profit more than tripled to INR 73.1 Cr from INR 23.4 Cr in FY23.
The travel tech major’s operating revenue increased almost 31% to INR 655.9 Cr in the reported fiscal year from INR 501.2 Cr in FY23. This came largely on the back of broad-based growth across its business verticals and healthy uptick in annual active users.
Total expenditure jumped almost 30% YoY to INR 627.8 Cr in FY24.
Le Travenues Technology, the parent company of the travel tech startup, made a stellar debut on the stock exchanges in June 2024 and listed at INR 138.10 per share on the BSE, a 48.5% premium from the issue price of INR 93.
Read More: ixigo FY24: Profit Jumps Over 200% To INR 73.1 Cr, Train Bookings Biggest Revenue Source
MapmyIndia’s Profit Jumps 25%
Geotech company MapmyIndia reported a profit of INR 134.4 Cr in FY24, up 25% from INR 107.5 Cr in the previous fiscal year.
Operating revenue rose more than 34% to INR 379 in the year ended March 2024 from INR 281 Cr in FY23. Meanwhile, total expenditure increased 36% YoY to INR 240.9 Cr on the back of a sharp rise in other expenses, which rose 73%.
Read More: MapmyIndia’s Q4 PAT Jumps 35% YoY To INR 38 Cr
Milk Mantra Back In The Black
Bhubaneswar-based dairy tech startup Milk Mantra turned profitable in FY24, posting a net profit of INR 9.8 Cr as against a net loss of INR 12.3 Cr in the previous fiscal year. It is pertinent to note that the startup slipped into the red for the first time in FY23 after eight straight years of profitability.
Operating revenue stood at INR 276.4 Cr in FY24, a marginal increase of 1.3% from INR 272.9 Cr in FY23.
In terms of expenditure, the startup’s total cost fell a little over 7% to INR 269.1 Cr in FY24 from INR 289.5 Cr in the previous year.
Read More: Milk Mantra Back In The Black With INR 9.8 Cr Profit In FY24, But Growth Remains Muted
Nazara’s Profit Increases By Over 20%
Gaming major Nazara Technologies reported an operating revenue of INR 1,138.2 Cr during the year under review. This was an increase of 4.3% from INR 1,091 Cr in FY23.
Profit jumped 21.7% to INR 74.7 Cr from INR 61.3 Cr in the previous fiscal year.
Nazara’s total expenses stood at INR 1,112.4 Cr in FY24, an increase of 5.7% from INR 1,051.7 Cr in the previous fiscal year.
Read More: Nazara Q4: Profit Shrinks To INR 18 Lakh, Operating Revenue Declines To INR 266.2 Cr
Nykaa Nearly Doubles Its Profit
Fashion ecommerce startup Nykaa reported an operating revenue of INR 6,358.6 Cr in FY24, 23.6% higher than INR 5,143.8 Cr in the previous fiscal year.
Its profit increased 89.5% to INR 40 Cr in FY24 from INR 21.1 Cr in FY23.
The Falguni Nayar-led unicorn’s total expenditure grew 23.5% to INR 6,346.5 Cr in FY24 from INR 5,135.6 Cr in the previous fiscal year.
Read More: Nykaa FY24: Despite Q4 Slide, Profit Rises By 80% For Full Fiscal Year
OfBusiness’ Revenue Crosses INR 19,000 Cr Mark
B2B marketplace OfBusiness’ consolidated operating revenue surged over 25% to INR 19,296.3 Cr FY24 from INR 15,342.6 Cr in the previous fiscal year. Net profit increased by over 30% to INR 602 Cr from INR 463 Cr in the previous fiscal year.
Total expenses jumped 24.3% to INR 18,695.7 Cr in FY24 from INR 15,037.5 Cr in the previous fiscal year.
Read More: OfBusiness FY24: Profit Surges Over 30% To Cross INR 600 Cr Mark
Ola Electric Breaches INR 5,000 Cr Revenue Mark
Recently listed two-wheeler EV startup Ola Electric reported a 90% jump in its revenue to INR 5,010 Cr in FY24 from INR 2,630 Cr in the previous year, on the back of increase in sales of its EV scooters.
The Bhavish Aggarwal-led startup also managed to cap the increase in loss ahead of its IPO. Its net loss rose 7% to INR 1,584.4 Cr in FY24 from INR 1,472 Cr in the previous year. Employee benefit expenses increased to INR 439 Cr from INR 427 Cr in FY23.
Read More: IPO-Bound Ola Electric’s FY24 Net Loss Widens To INR 1,584 Cr, Revenue Jumps 90%
Oxyzo’s Profit Rises To Almost INR 300 Cr
Fintech unicorn Oxyzo, led by couple Ruchi Kalra and Asish Mohapatra, reported a 47% rise in profit to INR 290 Cr in FY24 from INR 198 Cr in the previous fiscal year.
Operating revenue zoomed 58% to INR 903.3 Cr from INR 569.9 Cr in FY23. Oxyzo primarily earns revenue from the interest it earns by offering loans to small and medium enterprises.
Read More: Fintech Unicorn Oxyzo’s Profit Zooms 47% To INR 290 Cr In FY24
Paytm’s Revenue Nears INR 10K Cr Mark
Troubled fintech giant Paytm posted a revenue of INR 9,977.8 Cr in FY24, an increase of 24.8% from INR 7,990.3 Cr in the previous year. It also managed to narrow its loss by 19.3% to INR 1,422.4 Cr from INR 1,775.6 Cr in FY23.
However, it needs to be mentioned that the Vijay Shekhar Sharma-led company’s revenue is likely to take a hit in FY25 due to the RBI’s crackdown on Paytm Payments Bank.
Read More: Paytm Q4: Net loss Widens To INR 550 Cr
PB Fintech Operating Revenue Crosses INR 3,000 Cr Mark
PB Fintech, the parent company of insurance tech platform PolicyBazaar, saw its revenue cross the INR 3,000 Cr mark in FY24. Its operating revenue rose 34.4% to INR 3,437.6 Cr during the year under review from INR 2,557.8 Cr in FY23.
The company also turned profitable, posting a profit of INR 64.61 Cr during the year under review compared to a loss of INR 487.9 Cr in FY23.
Read More: PB Fintech Stock Goes Through Market Swings After Reporting Profitable Q4 FY24
RateGain’s Profit More Than Doubles
Traveltech company RateGain’s consolidated profit after tax jumped 114% to INR 146.3 Cr in FY24 from INR 68.4 Cr in FY23. Its operating revenue zoomed 69% to INR 957 Cr during the year under review from INR 565 Cr in FY23
Employee benefit expenses increased to INR 380 Cr from INR 252.7 Cr in FY23, indicating an increase in employee count.
Read More: RateGain FY24 Results: Profits More Than Double To INR 146 Cr
Rebel Foods’ Loss Narrows By 42%
Cloud kitchen unicorn Rebel Foods narrowed its net loss by 42% to INR 378.2 Cr in FY24 from INR 656.5 Cr in the previous fiscal year. The Faasos-parent trimmed its loss on the back of an increase in its top line and controlled expenses.
Rebel Foods’ operating revenue jumped 19% to INR 1,420.2 Cr in FY24 from INR 1,195.2 Cr in FY23. Total expenses increased marginally by 1.6% to INR 1,857 Cr from INR 1827 Cr in the previous fiscal year.
Read More: Rebel Foods FY24: Net Loss Nearly Halves To INR 378 Cr, Revenue Up 19% YoY
IPO-Bound Smartworks’ Loss Falls 51%
IPO-bound coworking space provider Smartworks’ net loss narrowed 51% to INR 49.8 Cr in FY24 from INR 101.02 Cr in the previous fiscal year. The startup, which recently filed its DRHP to raise over INR 550 Cr via its IPO, saw its operating revenue jump 46% to INR 1,039.4 Cr during the year under review from INR 711.4 Cr in FY23.
Total expenditure increased 34% to INR 1,180.7 Cr from INR 880.2 Cr in the previous fiscal year.
Read More: Smartworks DRHP: FY24 Loss Declines 51% To INR 50 Cr, Revenue Crosses INR 1,000 Cr Mark
TAC Infosec Reports INR 6 Cr Profit
SaaS cybersecurity startup TAC Infosec reported a net profit of INR 6.33 Cr in the financial year 2023-24 (FY24), a 23% jump from INR 5.12 Cr in FY23.
Operating revenue rose 17% to INR 11.84 Cr during the year under review from INR 10.09 Cr in FY23.
Total expenditure for the fiscal stood at INR 5.49 Cr, an increase of 10% from the INR 4.97 Cr in the previous fiscal year.
Read More: SaaS Cybersecurity Startup TAC Infosec’s FY24 Profit Rises 23% To INR 6.3 Cr
Tata 1mg Narrows Its Loss By 75%
The Bengaluru-based startup’s net loss narrowed 75% to INR 313 Cr in FY24 from INR 1,254.8 Cr in the previous fiscal year.
The startup, which primarily earns revenue from sales of medicines, and offering lab and diagnostics test services, saw its operating revenue rise 21% to INR 1,967.7 Cr during the year under review from INR 1,627 Cr in FY23.
It managed to cut its total expenditure by 20% to INR 2,302.7 Cr in FY24 from INR 2,893.6 Cr in the previous fiscal year.
Read More: Tata 1mg FY24: Loss Declines 75% To INR 313 Cr On Business Growth, Fall In Expenses
TBO Tek Posts INR 200 Cr Profit
B2B travel portal TBO Tek, which made a strong market debut in 2024, reported a 35% increase in its net profit to INR 200 Cr in FY24 from INR 148.4 Cr in the previous fiscal year. Operating revenue jumped 31% to INR 1,392.8 Cr from INR 1,064 Cr in FY23.
Employee benefit expense rose to INR 277.3 Cr during the year under review from INR 228.3 Cr in FY23.
TBO Tek made its public market debut in May. The stock listed at INR 1,426 on the NSE, a premium of 55% to its issue price of INR 920. Similarly, the stock listed at INR 1,380 on the BSE, a premium of 50% to its issue price.
Read More: TBO Tek Q1: Profit Jumps 29% YoY To INR 61 Cr, Revenue Up 21%
Tracxn’s Profit Tanks In FY24
In what was a sombre fiscal for Tracxn, the market intelligence platform saw its net profit shrink by more than 80% to INR 6.5 Cr in FY24 from INR 33 Cr in the year-ago period.
Tracxn’s operating revenue rose nearly 6% to INR 82.70 Cr during the year under review from INR 78.10 Cr in FY23.
Tracxn FY24 Results: Profits Shrink By 80% For Full Year
Trust Fintech’s Profit Triples
The fintech SaaS company’s net profit zoomed 210% to INR 12.5 Cr in FY24 from INR 4 Cr in the previous fiscal year, on the back of a healthy growth in its top line.
The company, which made its public market debut in April 2024, saw its operating revenue jump 55.4% YoY to INR 35 Cr during the fiscal year ended March 2024.
Trust Fintech’s Net Profit Jumps 3X To INR 12.5 Cr In FY24
IPO-Bound Zappfresh’s Profit Rises 70%
The IPO-bound D2C meat delivery startup reported a 70% jump in its net profit to INR 4.7 Cr during the fiscal ended March 2024 from INR 2.7 Cr in FY23.
As per its draft red herring prospectus (DRHP), Zappfresh’s operating revenue zoomed over 60% to INR 90.4 Cr in FY24 from INR 56.3 Cr in the previous fiscal year.
Zappfresh DRHP: Revenue Surges 60% To INR 90 Cr In FY24, Profit Jumps 70%
Edited By: Vinaykumar Rai
Last Updated: 7 Sept, 9:45 PM IST
