KreditBee’s NBFC arm posts Rs 200 Cr profit in FY24 KreditBee's NBFC arm, Krazybee, saw substantial growth in FY24, nearly doubling revenue and tripling profit. Krazybee's revenue surged to Rs 1,399 crore from Rs 717 crore in FY23, driven by a 2.5X increase in interest income and Rs 169 crore from fees. Total expenses rose 80% to Rs 1,132 crore, with significant jumps in loan amortization and employee costs. Despite rising expenses, controlled expenditure helped Krazybee triple its profit to Rs 200 crore. Its ROCE improved to 10.5%, with an EBITDA margin of 36%. KreditBee, valued at $700 million, plans to shift its domicile to India, potentially paving the way for an IPO. The company has raised $410 million from key investors like Premji Invest and Newquest Capital. #Entrackr #Fintrackr #Startup #StartupNews #IndianStartup #Krazybee #KreditBee #NBFC #RevenueGrowth #ProfitGrowth #FinancialGrowth #FintechIndia #StartupFunding #IndianStartups #FintechNews #BusinessGrowth #IndiaEconomicNews https://entrackr.com/2024/09/exclusive-kreditbees-nbfc-arm-posts-rs-200-cr-profit-in-fy24/

After Big B’s family office, Hindustan Composites invests in Swiggy Auto ancillary firm Hindustan Composite has acquired a minority stake in Swiggy, investing Rs 5.17 crore for 1,50,000 equity shares. This investment follows Amitabh Bachchan’s family office’s recent minority stake acquisition in Swiggy. Hindustan Composite plans to complete the transaction by November 30, 2024. Swiggy, with a net worth of Rs 9,810 crore as of March 2023, aims to raise up to Rs 3,750 crore through its IPO, alongside an offer for sale of up to Rs 6,664 crore. The company, which filed IPO papers confidentially in May, also introduced a $65 million ESOP liquidity program in July. Swiggy's revenue for FY24's first three quarters was Rs 5,476 crore, with a Rs 1,600 crore loss. #Entrackr #Fintrackr #News #Startup #StartupNews #IndianStartup #HindustanComposite #SwiggyAcquisition #SwiggyIPO #InvestmentNews #StartupInvestments #TechInvestments #BengaluruStartups https://entrackr.com/2024/09/after-big-bs-family-office-hindustan-composites-invests-in-swiggy/

Fampay launches UPI app Namaspay for foreign travelers in India Fampay, initially a teen-focused neo-banking platform, has launched Namaspay, a UPI-powered payment app for foreign travelers in India. The app, costing Rs 1,650 for registration with transaction fees of 4% and 1% on loading and withdrawal, caters to tourists from Europe, Africa, Australia, and the US. Given the high UPI adoption in urban India, Namaspay fills a niche by offering a convenient cashless option for visitors. With 92 million foreign tourists in 2023, there’s significant potential for such apps. Although currently competing with Cheq, larger players like PhonePe and Paytm might enter this space. Namaspay represents Fampay’s strategic pivot from a teen app to a broader UPI solution. #Namaspay #UPIforTourists #ForeignTravelers #PaymentApp #Fampay #UPIPayments #DigitalPayments #Fintech #PaymentSolutions #UPIRevolution #FintechInnovation #UPIAdoption #MobilePayments https://entrackr.com/2024/09/exclusive-fampay-launches-upi-app-namaspay-for-foreign-travelers-in-india/

Zomato acquires Paytm’s movie and ticketing biz for $244 Mn Zomato is acquiring Paytm's movie and ticketing business for Rs 2,048 crore ($244 million), marking its first major acquisition since Blinkit in June 2022. The deal involves the transfer of 100% stakes in Paytm’s subsidiaries Orbgen Technologies (TicketNew) and Wasteland Entertainment (Insider) to Zomato, along with 280 employees from these subsidiaries. The entertainment ticketing business will remain operational on the Paytm app for up to 12 months during the transition. For FY24, this business generated Rs 297 crore in revenue and an adjusted EBITDA of Rs 29 crore. The acquisition reflects Zomato’s continued expansion and Paytm’s efforts to extract value from its struggling assets. #Entrackr #ZomatoAcquisition #PaytmDeal #Foodtech #EntertainmentTicketing #QuickCommerce #BusinessAcquisition #ZomatoGrowth #BusinessNews #AcquisitionNews #StartupMergers #Startup #IndianStartup #News #StartupNews https://entrackr.com/2024/08/zomato-acquires-paytms-movie-and-ticketing-biz-for-244-mn/

Paytm reports Rs 1,501.6 Cr revenue and Rs 840 Cr loss in Q1 FY25 In Q1 FY25, Paytm's operational revenue fell 33.8% to Rs 1,501.6 crore, down from Rs 2,267.1 crore in Q4 FY24, and saw a 35.87% year-over-year decline. Total revenue, including interest and gains, was Rs 1,639.1 crore. Expenses dropped 8% to Rs 2,476.4 crore, with significant cuts in employee costs and payment processing expenses. Despite a 52.6% rise in quarterly losses to Rs 840 crore, Paytm remains optimistic, citing growth in its merchant base and transaction values nearing pre-pandemic levels. #Entrackr #Startup #StartupNews #IndianStartup #Paytm #RevenueReport #FinancialResults #BusinessUpdate #Q1FY25 #FintechNews #PaytmReport https://entrackr.com/2024/07/paytm-reports-rs-1501-6-cr-revenue-and-rs-840-cr-loss-in-q1-fy25/

OfBusiness revenue nears Rs 20,000 Cr in FY24; profits crosses Rs 600 Cr Industrial goods and services procurement platform OfBusiness saw a 25.8% revenue increase to Rs 19,296 crore in FY24, with profits surging 30% to over Rs 600 crore. Primary revenue sources included industrial goods sales and financial services for SMEs. Total revenue reached Rs 19,529 crore, with significant expenses in raw materials and employee benefits. Controlled expenditures and growth boosted profits, with an improved ROCE and EBITDA margin. OfBusiness competes with Zetwerk, Infra.market, and Moglix. #Entrackr #StartupNews #Startup #IndianStartup #News #OfBusiness #RevenueGrowth #StartupSuccess #BusinessNews https://entrackr.com/2024/07/exclusive-ofbusiness-revenue-nears-rs-20000-cr-in-fy24-profits-crosses-rs-600-cr/

Ola Electric raises Rs 100 Cr debt ahead of IPO IPO-bound Ola Electric raised Rs 100 crore ($12 million) in debt from Alteria Capital, following a $50 million debt funding from EvolutionX. The company issued 10,000 non-convertible debentures with a 13.8% interest rate. Valued at $5.4 billion, Ola Electric filed for an IPO to raise Rs 5,500 crore ($660 million). The company reported a seven-fold revenue increase to Rs 2,631 crore in FY23, despite rising losses. #Entrackr #News #StartupFunding #StartupNews #OlaElectric #IPOBound #FundingNews #DebtFunding #ElectricVehicles #EVMarket #IndiaStartups #InvestmentNews #InvestmentNews #EVGrowth https://entrackr.com/2024/06/exclusive-ola-electric-raises-rs-100-cr-debt-ahead-of-ipo/

Ixigo raises Rs 333 Cr from anchor investors ahead of IPO Le Travenues Technology Limited, the parent company of Ixigo, offered shares worth Rs 333 crore ($40 million) to anchor investors for its IPO. Ixigo's board approved issuing 3,58,11,405 shares at Rs 93 each. Key investors include SBI, HDFC, Morgan Stanley, and others. Ixigo’s IPO runs from June 10-12, 2024, with a price band of Rs 88-93. The company reported Rs 491 crore revenue and Rs 65.7 crore profit in FY24. #Entrackr #Fintrackr #News #Startup #StartupNews #IxigoIPO #TravelTech #AnchorInvestment #LeTravenuesTech #IPO2024 #StartupFunding #StockMarket #IndiaStartups #TataInvestments #TechInvestments https://entrackr.com/2024/06/ixigo-raises-rs-333-cr-from-anchor-investors-ahead-of-ipo/

Funding and acquisitions in Indian startup this week [27 May-01 Jun] Indian startups raised $387.23 million, comprising 13 growth-stage deals totaling $309.7 million and 20 early-stage deals worth $77.53 million. Major deals include SEDEMAC, Infra.Market, and Ather Energy. Bengaluru led with 15 deals, followed by Delhi-NCR. E-commerce, fintech, and EV sectors dominated. Seed funding led with 8 deals. Funding decreased by 13% from the previous week. Notable hirings include InCred's COO appointment. Seven funds were launched, and notable acquisitions include BharatX acquiring Zenifi. ESOP buybacks and potential market moves were observed. Various financial results and news flashes were reported. Notable launches include Shopsy by Flipkart and Q-Zap by Razorpay. #Entrackr #Fintrackr #Funding #Acquisitions #Startup #WeeklyRoundup #WeeklyReport #Report #WeeklyFundingReport #StartupNews https://entrackr.com/2024/06/funding-and-acquisitions-in-indian-startup-this-week-27-may-01-jun/

BluSmart raising $24 Mn in pre Series B BluSmart Mobility, an EV ride-hailing and charging hub operator, is raising Rs 200 crore ($24 million) in a pre-Series B funding round by issuing over a million preference shares. This capital-intensive company, founded in 2019, operates 4,400 EV chargers and 7,000 vehicles, competing with Ola and Uber with a unique scheduled pick-up model. Despite significant revenue growth, from Rs 160 crore in FY23 to Rs 390 crore in FY24, audited financials are pending. BluSmart is also expanding to Dubai. #Entrackr #Fintrackr #News #Startup #StartupNews #BluSmart #ElectricVehicles #GreenMobility #SustainableTransport #Startup #DubaiLaunch #RevenueGrowth https://entrackr.com/2024/05/blusmart-raising-24-mn-from-existing-investors/