Indian Startup FY24 Financials Tracker: Tracking The Financial Performance Of Top Startups

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 63 startups that have released their financial statements for FY24 so far, 35 ended the year with profitable numbers. Their cumulative profit stood at INR 4,647.8 Cr.

The likes of Zomato, PB Fintech, Honasa, and Milk Mantra turned profitable during the year under review.

Meanwhile, the remaining 28 startups posted a cumulative loss of INR 14,510.8 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 63 startups posted a cumulative operating revenue of INR 1.61 Lakh Cr (INR 1,61,563 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.

Table of Contents

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)
Ather	1,753.80	1,780.90	-1.52	-1,059.70	-864.5	22.58	369.2	334.8	–	–
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
Bluestone	1,265.80	770.70	64.24	-142.20	-167.20	-14.95	138.4	91.2	124.2	84.1
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
DevX	108.10	69.90	54.65	0.4	-12.8		7.53	6.74	–	–
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
ID Fresh	395.76	340.90	16.09	1.84	-23.35		77.16	70.98	34.33	26.15
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
InfraMarket	14,530.00	11,846.50	22.65	378	155.2	143.56	399.3	278.8
ixigo	655.90	501.20	30.87	73.1	23.4	212.39	141	126	55.2	21.4
Josh Talks	18.70	18.30	2.19	-9.9	-13.2	-25.00	13.9	13.5	–	–
Kuku FM	88.00	41.10	114.11	-96	-116.5	-17.60	48	34.8	102	95
Lenskart	5,427.70	3,788.00	43.29	-10	-64	-84.38	1,086.40	717.5	352.1	293.8
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
Minimalists	347.40	183.80	89.01	10.9	5.2	109.62	28.5	18.3	117.1	65.3
Nazara	1,138.00	1,091.00	4.31	89.46	63.38	41.15	186	149	177.5	239.8
Navi Finserv	1,906.20	2,040.60	-6.59	545.1	264.2	106.32	150	258	–	–
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
OPEN	24.80	29.90	-17.06	-192.6	-242.2	-20.48	117	149.2	8.8	57.6
Oxyzo	903.30	569.90	58.50	290	197.5	46.84	115.5	77.93	–	–
OYO	5,388.70	5,463.90	-1.00	229.50	-1,286.50		744.30	1,548.80	–	–
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
PhonePe	5,064.00	2,914.00	73.78	1,996	2795	-28.59	3,603.00	3,096.00	693	688.00
PhysicsWallah	1,940.00	744.30	160.65	-1,131	-84	1,246.67	1,158.90	412.50	19.5	67.00
Porter	2,733.70	1,753.70	55.88	-95.7	-174.6	-45.00	237.30	190.90	–	–
Purplle	679.60	474.90	-56.00	-124.1	-230	46.00	191.00	170.50	209.4	266.50
RateGain	957.00	565.10	69.35	146.39	68.4	114.02	379.9	252.7	–	–
Rare Rabbit	636.70	376.30	69.20	74.5	32.2	131.37	77.9	39.5	92.9	63.8
Razorpay	2,475.00	2,279.30	8.59	33.5	7.2	365.28	611.6	637.5	–	–
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	–	–	–	–
Swiggy	11,247.30	8,264.50	36.09	-2,350	-4,179.30	-43.77	2,012.10	2,129.80	1,850.70	2,501
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
Whatfix	424.50	284.70	49.10	-262.6	-328.3	-20.01	450.6	416	70.6	78.9
Wrogn	243.80	344.30	-29.19	-56.8	-44.3	28.22	32.3	34.9	29.7	32.1
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
Zypp	292.7	109.1	168.29	-91.1	-40	127.75	46.5	22
*refers to net earned premium

[SC/]

*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.

Ather Energy’s Loss Crosses INR 1,000 Cr Mark

IPO-bound Ather Energy’s operating revenue declined 1.5% to INR 1,753.8 Cr in FY24 from INR 1,780.9 Cr in the previous fiscal year. On the other hand, its net loss widened over 22% to INR 1,059.7 Cr from INR 864.5 Cr in FY23.

Total expenses in FY24 stood at INR 2,674.2 Cr, rising marginally from INR 2,666.3 Cr in the previous year.

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.

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).

BlueStone’s Loss Narrows By 15% To INR 142 Cr

Omnichannel jewellery brand BlueStone managed to narrow its loss by almost 15% year-on-year (YoY) to INR 142.2 Cr in the financial year 2023-24 (FY24) from INR 167.2 Cr in the previous year.

Its operating revenue surpassed the INR 1,000 Cr mark during the year under review. Revenue from operations surged over 64% to INR 1,265.8 Cr in FY24 from INR 770.7 Cr in the previous year.

Total expenditure rose 51.4% to INR 1,445.7 Cr from INR 955.1 Cr in FY23.

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.

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.

DevX Turns Profitable In FY24

IPO-bound coworking space provider DevX posted a net profit of INR 43.7 Lakh in FY24 as against a net loss of INR 12.83 Cr in the previous fiscal.

The startup’s operating revenue zoomed 55% to INR 108.08 Cr during the year under review from INR 69.91 Cr in the previous fiscal year.

The coworking space provider’s total expenses rose 37% to INR 119.50 Cr in FY24 from INR 87.49 Cr in the previous fiscal year.

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.

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.

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.

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.

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.

Infra.Market’s Profit Crosses INR 350 Cr Mark

Mumbai-based Infra.Market reported a profit of INR 378 Cr in FY24, an increase of 144% from INR 155 Cr in the previous fiscal year.

The IPO-bound startup’s operating revenue increased 23% to INR 14,530 Cr from INR 11,846.5 Cr in the previous year.

In line with the increase in sales, total expenditure grew 23% to INR 14,272 Cr from INR 11,607.6 Cr in FY23.

Lenskart’s Revenue Crosses INR 5,000 Cr Mark

Peyush Bansal-led Lenskart saw its sales jump 43% to INR 5,427.7 Cr during the year under review from INR 3,788 Cr in FY23.

Including other income, total revenue rose 43% to INR 5,609.8 Cr in FY24 from INR 3,927.9 Cr in the previous fiscal year.

Lenskart managed to reduce its net loss by 84% to INR 10 Cr in FY24 from INR 64 Cr in FY23.

Kuku FM’s Revenue Inches Closer To INR 100 Cr Mark

Kuku FM saw its operating revenue increase over 100% in FY24. Revenue from operations zoomed 114% to INR 88 Cr from INR 41.1 Cr in FY23.

The IFC-backed startup saw its expenditure increase 21% to INR 200 Cr in FY24 from INR 165.4 Cr in the last fiscal year.

It also managed to bring down its loss. Net loss stood at INR 96 Cr in FY24, down 18% from INR 116.5 Cr in FY23.

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.

iD Fresh Foods Turns Profitable

The Bengaluru-based read-to-eat food maker turned profitable in FY24, posting a net profit of INR 1.84 Cr as against a loss of INR 23.25 Cr in FY23.

iD Fresh Foods clocked a 16% increase in its operating revenue to INR 395.76 Cr in FY24 from INR 340.9 Cr in the previous year.

Total expenditure grew 8.4% to INR 398.75 Cr during the year under review from INR 367.94 Cr in FY23.

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.

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.

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.

Josh Talks Trims Loss By 25%

Delhi NCR-based media and entertainment startup Josh Talks pruned its loss by 25% in FY24 to INR 9.88 Cr from INR 13.21 Cr loss it incurred in the previous fiscal year.

Revenue from operations rose 2% to INR 18.71 Cr from INR 18.29 Cr in FY23. Including other income of INR 65.40 Lakh, the startup’s total revenue for the fiscal stood at INR 19.37 Cr. This number was 3% higher than the INR 18.80 Cr total revenue for FY23.

The startup also managed to lower its total expenditure by 9% to INR 29.2 Cr in FY24 from INR 32 Cr.

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%.

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.

Minimalist’s Profit Jumps 2X In FY24

D2C skincare brand Minimalist’s net profit more than doubled to INR 10.9 Cr in the financial year 2023-24 (FY24) from INR 5.2 Cr in FY23, on the back of a strong growth in its top line.

The Rajasthan-based startup’s revenue from operations surged 89% to INR 347.4 Cr during the year under review from INR 183.8 Cr in FY23.

Expenditure rose largely in line with the growth in its sales. Total expenses jumped 84% to INR 331.7 Cr in FY24 from INR 180.2 Cr in the previous fiscal year.

Navi Finserv’s Operating Revenue Takes Hit

Navi Finserv’s consolidated operating revenue fell 6.6% to INR 1,906.2 Cr in FY24 from INR 2,040.6 Cr in FY23. The startup’s profit from continued operations also slipped 41% year-on-year (YoY) to INR 155.6 Cr in FY24.

It is pertinent to mention that Navi Finserv divested its entire holding in microfinance subsidiary Chaitanya India Fin Credit Private Ltd during the year under review. Including profit from discontinued operations, its net profit more than doubled to INR 545.1 Cr in FY24 from INR 264.2 Cr.

Total expenses saw a marginal increase to INR 1,750.4 Cr in the reported year from INR 1,743.9 Cr in FY23, with finance cost alone comprising over 37% of its total spending.

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.

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.

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.

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.

OPEN’s Revenue Slumps To INR 25 Cr

Neobanking startup OPEN’s operating revenue declined 17% to INR 24.8 Cr in FY24 from INR 29.9 Cr in FY23.

Including other income, the startup’s total revenue declined 13% to INR 46.1 Cr from INR 53.1 Cr in FY23.

With the decline in revenue, the Temasek-backed startup’s net loss also reduced 30% to INR 170 Cr during the year under review from INR 242.2 Cr in the previous fiscal year.

Total expenditure fell 34% to INR 194.6 Cr in FY24 from INR 296.5 Cr in FY23.

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.

OYO Turns Profitable With INR 229 Cr PAT As Employee Costs Halve

IPO-bound OYO posted a net profit of INR 229.5 Cr during the year as against a net loss of INR 1,286.5 Cr in the previous financial year.

However, its operating revenue remained almost flat during the year under review. Revenue from operations stood at INR 5,388.7 Cr in FY24, a decline of 1.3% from INR 5,463.9 Cr in the previous fiscal year.

The startup managed to reduce its total expenditure by 16% to INR 5,725.7 Cr in FY24 from INR 6,799.6 Cr in the previous fiscal year.

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.

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.

PhonePe’s Revenue Breaches INR 5,000 Cr Mark

Walmart-backed fintech giant PhonePe reported an operating revenue of INR 5,064 Cr in FY24, an increase of 74% from INR 2,914 Cr in the previous fiscal year.

It also managed to reduce its net loss by 28% to bring it under INR 2,000 Cr. The company’s net loss stood at INR 1,996 Cr during the year under review as against INR 2,795 Cr a year ago. Excluding share based payment expenses of INR 2,193 Cr, PhonePe posted adjusted profit after tax of INR 197 Cr in FY24 as against a loss of INR 738 Cr in FY23.

Read More: PhonePe Narrows Net Loss To INR 1,996 Cr In FY24

Porter’s Loss Declines 45% To INR 96 Cr

The Peak XV Partners-backed startup’s loss declined 45% to INR 95.7 Cr in FY24 from INR 174.6 Cr in the previous fiscal year. Operating revenue zoomed 56% to INR 2,733.7 Cr in FY24 from INR 1,737.4 Cr in the previous fiscal year.

The startup’s total expenditure rose 46% to INR 2,862.1 Cr during the year under review from INR 1,964 Cr in the previous fiscal year.

Purplle’s FY24 Sales Zoom 43% To INR 680 Cr

The Abu Dhabi Investment Authority (ADIA)-backed unicorn reported an operating revenue of INR 679.6 Cr in FY24, an increase of 43% from INR 475 Cr in the previous fiscal year.

Purplle’s total expenditure rose only 15% year-on-year. Its expenses stood at INR 849.6 Cr in FY24 as against INR 738.3 Cr in the previous fiscal year.

Purplle managed to reduce its cash burn during the year under review, as a result of which its net loss plummeted 46% to INR 124.1 Cr from INR 230 Cr in FY23.

Rare Rabbit’s Profit Doubles

Radhamani Textiles, the parent entity of Rare Rabbit, posted a profit of INR 74.5 Cr in FY24, up 131% from INR 32.2 Cr in the previous fiscal year

The apparel brand’s operating revenue zoomed 69% to INR 637 Cr during the year under review from INR 376 Cr in FY23.

The startup’s expenses also increased. However, the rise in revenue was more than the increase in expenses. Total expenditure rose 60% to INR 542 Cr in FY24 from INR 339 Cr in the previous fiscal year.

Read More: Rare Rabbit’s FY24 Profit Doubles To INR 75 Cr

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.

Razorpay’s Profit Quadruples

Peak XV Partners-backed Razorpay posted a profit of INR 33.5 Cr in FY24, an increase of 365% from INR 7.2 Cr in the previous year, as margins improved.

Operating revenue rose 9% to INR 2,475 Cr from INR 2,283 Cr in the previous fiscal year.

Total expenditure stood at INR 2,454.3 Cr, an increase of 7% from INR 2,283.1 Cr in FY23.

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.

Swiggy’s FY24 Revenue Crosses INR 10K Mark

IPO-bound Swiggy managed to narrow its loss by 44% to INR 2,350 Cr in FY24 from INR 4,179.3 Cr in the previous fiscal year.

Operating revenue stood at INR 11,247.3 Cr, up 1.3X from INR 8,264.5 Cr in FY23.

The IPO-bound company managed to control the rise in its expenses during the year. Its total expenditure grew a mere 8% to INR 13,947.3 Cr from INR 12,884.3 Cr in FY23.

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.

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.

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

Whatfix’s Revenue Crosses INR 400 Cr Mark

SoftBank-backed Whatfix posted a 49% increase in its revenue from operations to INR 425 Cr in FY24 from INR 285 Cr in the previous fiscal year.

Including other income, the startup’s total revenue rose 1.5X to INR 445.3 Cr from INR 303.9 Cr in FY23.

Whatfix also managed to lower its loss. Its net loss declined 20% to INR 263 Cr from INR 328.3 Cr in FY23. Besides, the startup’s total expenses rose only 12% to INR 706 Cr from INR 631.3 Cr in FY23.

WROGN’s Operating Revenue Slumps 29%

Virat Kohli and Accel-backed youth fashion brand WROGN’s operating revenue slumped 29% to INR 243.8 Cr in FY24 from INR 344.3 Cr in the previous fiscal year. Including other income, total income declined 27% to INR 264.7 Cr in FY24 from INR 361.3 Cr in FY23.

Despite the decline in revenue, WROGN’s net loss rose 28% to INR 56.8 Cr during the year under review from INR 44.3 Cr in FY23.

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%

Zypp Electric’s Revenue Jumps Over 2.5X

The two-wheeler electric bike manufacturer saw its operating revenue surge over 2.5X in the financial year ended March 31, 2024. The Delhi NCR-based startup reported an operating revenue of INR 292.7 Cr in FY24, a jump of 168% from INR 109 Cr in FY23.

However, loss also surged over 125% to INR 91.1 Cr in FY24 from INR 40 Cr in FY23.

Total expenditure grew 160% to INR 394 Cr from INR 152 Cr in FY23.

Edited By: Vinaykumar Rai
Last Updated: 09 Nov, 10:25 PM IST

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