In a landscape teeming with buzzwords like disruption, innovation and scalability, the stark reality of numbers often tells a different story. While 26 leading new-age tech companies in India have released their FY23 financials, the performance figures offer a cautionary tale.
Despite a cumulative operating revenue of a staggering INR 60,000 Cr, 11 of these companies reported a combined loss of INR 9,452 Cr in FY23. In contrast, the rest managed to eke out a collective profit of INR 1,315 Cr. The divide becomes more intriguing considering 18 of these companies have the additional scrutiny that comes with being publicly listed.
We are six months into FY24, but a majority of Indian startups are yet to release their financial numbers for FY23, leaving many to wonder what lies beneath the surface. In the ongoing fiscal year, Inc42’s Indian Startup Financials Tracker FY23 aims to be your eyes and ears, updating you on the financial performance of startups.
It’s important to note that FY23 was far from smooth sailing for the Indian startup ecosystem. Faced with dwindling funding, startups resorted to mass layoffs. In addition, various Indian startups adopted restructuring measures, including elimination of some business units and reductions in marketing budgets, to navigate the downturn.
While the capital crunch was painful and humbling, it also pushed startups to control their expenditure and focus on profitability. As such, FY23 financials are more than numbers. They reveal how Indian tech companies navigated the funding winter and showed resilience while continuing pushing for growth. Now, let’s delve deeper into the financial performance of Indian startups.
Editor’s Note: This list is not a ranking of any kind, we have placed companies alphabetically. This is a running list; we will be updating it periodically.
Inside The FY23 Financials Of Indian Startups
Note: All amount in INR Cr
Company Name
Operating Revenue (FY23)
Operating Revenue (FY22)
Loss/ Profit (FY23)
Loss/ Profit (FY22)
Employee Benefit (FY23)
Employee Benefit (FY22)
Advertisement Spends (FY23)
Advertisement Spend (FY22)
Bigbasket B2B
9,468.40
8,497.70
-1,785.40
-1,040.60
1,060.70
915.1
385.1
200.4
Bigbasket B2C
7,434
7,095.90
-1,535.20
-812.7
915.6
739.2
384.7
183.9
CarTrade
363.7
312.7
40.4
-121.3
205.3
332.7
–
–
Delhivery
7,225.30
6,882.20
-1,007.70
-1,011
1,400
1,313.20
–
–
Dronacharya
18.5
3.5
3.4
0.4
4.5
1.8
–
–
EaseMyTrip
448.8
235.3
134.1
105.9
52.4
25.8
82.9
32.9
Fino
94.8
35.6
65
42.7
155.6
133.2
–
–
Ideaforge
186
159.4
31.9
44
50.9
26.8
1.5
0.1
IndiaMart
985.3
753.4
283.8
297.6
424.7
267.5
2.6
0.9
Info Edge
2,345.70
1,589
-70.4
1,288.20
1,097.30
746.3
408.2
286
Just Dial
844.7
646.9
162.7
70.8
651
504
–
–
MapMyIndia
281.4
200.4
107.5
87
66.1
57.5
8.4
7.4
Matrimony
455.7
434.4
46.6
53.5
144
132.3
182.3
162.1
Nazara
1,091
621.7
61.4
50.7
149
88.1
239.9
201.7
Nykaa
5,143.80
3,773.90
20.9
41.2
491.7
326.4
–
–
Oxyzo
570.00
313
197.5
69.3
78
45.8
–
–
Paytm
7,990.30
4,974.20
-1,776.50
-2,396.40
3,778.30
2,431.90
951.6
790.7
PB Fintech
2,557.80
1,424.80
-487.9
-832.9
1,539.60
1,255.50
1,357.20
864.4
Porter
1,753.50
847.6
-157.7
-122
185.9
106
59
27.3
Rapipay
439.2
371.4
-93.2
-39.9
114.1
42.4
–
–
RateGain
565.1
366.5
68.4
8.4
252.7
191.3
–
–
Tata 1mg
1,627
627
-1,254.80
-526.1
354.3
219.8
135.2
180.3
Tracxn
78.1
63.4
33
-4.8
66.9
58.5
–
–
True Balance
431.1
243.8
58.8
3.4
39.5
24.7
29.2
51
Urban Company
636.5
437.5
-312.4
-514.1
377
443.8
258.8
228.1
Zomato
7,079.40
4,192.40
-971
-1,222.50
1,465
1,633.10
1,227.40
1,216.80
BigBasket Crosses INR 16,000 Cr Revenue Mark
Tata-owned BigBasket reported a total revenue of INR 16,903 Cr in FY23, a jump of 8.4% from INR 15,593 Cr in the previous fiscal year.
The combined B2C and B2B business of BigBasket incurred a net loss of INR 3,320 Cr in the financial year 2022-23 (FY23), a 79% increase from INR 1,853 Cr reported in the previous fiscal year.
BigBasket spent INR 770 Cr for advertisement and promotional expenses during the year under review.
Read: BigBasket B2C Arm’s Net Loss Surges 89% To INR 1,535.2 Cr In FY23
CarTrade Back In The Black In FY23
CarTrade, which recently acquired OLX’s India business, returned in the black in the financial year ended March 31, 2023. The Rajasthan-based startup reported a net profit of INR 40.4 Cr in FY23 as compared to a loss of INR 121.3 Cr in the previous year.
Operating revenue rose around 16% to INR 363.7 Cr in FY23 from INR 312.7 Cr.
The auto marketplace also reported an over 300% rise in profit after tax at INR 13.5 Cr in the first quarter of the financial year 2023-24 (FY24) from INR 3.3 Cr posted in the year-ago quarter.
Read: CarTrade’s PAT Jumps 4X YoY To INR 13.5 Cr In Q1
Delhivery Sees Meagre Uptick In Revenue
Logistics company Delhivery saw a 5% YoY jump in operating revenue in the financial year ended March 31, 2023. The Lee Fixel-backed startup reported an operating revenue of INR 7,225.3 Cr in the financial year under review as compared to INR 6,882.2 Cr it had reported in the previous quarter.
The startup also reported a loss of INR 1,007.7 Cr in FY23, a 0.3% dip as compared to the loss of INR 1,011 Cr it had reported in the previous year.
However, the logistics startup reported almost a 78% decline in net loss at INR 89.5 Cr in the first quarter of FY24 from INR 399.3 Cr reported in the last year’s quarter.
Read: Delhivery’s Q1 Loss Narrows 78% YoY To INR 89.5 Cr On Strong Growth Across Verticals
Dronacharya Witnesses 700% Jump In Profit
Of the listed companies, Pune-based drone startup Dronacharya reported the highest jump in profit on a YoY basis. The company reported a profit of INR 3.4 Cr in FY23, a jump of over 700% from INR 0.4 Cr it had reported in the previous fiscal.
The startup’s operating revenue also increased by over 429% to INR 18.5 Cr in FY23 as compared to INR 3.5 Cr it had reported in the previous fiscal year.
Read: DroneAcharya’s FY23 Profit Jumps Over 700% YoY To INR 3.42 Cr On Increase In Offerings
EaseMyTrip Nears INR 500 Cr Mark in Sales
Prashant, Nishant, and Rikant Pitti-led online travel aggregator – EaseMyTrip – reported a 91% jump in operating revenue in the year under review. The Delhi-NCR-based startup reported an operating revenue of INR 448 Cr in FY23, an almost 2X jump from INR 235.3 Cr it had posted. EaseMyTrip also reported a profit of INR 134 Cr in FY23, a 27% jump from INR 106 Cr it had reported in the previous fiscal.
However, the startup’s profit declined by 22% YoY to INR 26 Cr in the first quarter of financial year 2023-24 (FY24).
Read: EaseMyTrip’s Q1 PAT Declines 22% YoY To INR 25.9 Cr On Deep Discounts
Fino Reports 50% PAT Jump In FY23
Mumbai-based Fino reported a 166% increase in its operating revenue to INR 95 Cr in FY23 as compared to INR 35.6 Cr it had reported in the previous fiscal year. The payments bank further reported a 52% increase in net profit to INR 65 Cr in FY23 as compared to INR 42.7 Cr it had reported in the previous financial year.
The payments bank reported an 85% YoY jump in its profit after tax (PAT) to INR 18.7 Cr in the June quarter (Q1) of the financial year 2023-24 (FY24) as compared to a PAT of INR 10.1 Cr on a revenue of INR 289 Cr in Q1 FY23.
Read: Fino Payments Bank’s Q1 PAT Jumps 85% YoY To INR 18.7 Cr; To Apply For Small Finance Bank Licence
Ideaforge’s Profit Dips In FY23
Listed in 2023, drone manufacturing startup Ideaforge saw its profit drop in the financial year ending on March 31, 2023. The company reported a 28% drop in profit to INR 32 Cr in FY23 from INR 44 Cr it had reported in the previous fiscal year.
The Mumbai-based startup’s operating revenue rose 17% to INR 186 Cr in FY23 from INR 160 Cr it had reported in the previous fiscal year.
Moreover, in the first quarter of the ongoing fiscal year, the company saw over 50% decline in profit to INR 18.9 Cr as compared to INR 41.2 Cr it had reported in the corresponding quarter last year.
Read: ideaForge’s PAT Declines 54% YoY To INR 18.9 Cr In Q1
IndiaMart Nears INR 1,000 Cr In Sales
The only new-age publicly listed ecommerce marketplace, IndiaMart, witnessed a slight improvement in its revenue in the financial year ending on March 31, 2023. Dinesh Agarwal-led B2B ecommerce marketplace reported an operating revenue of INR 985.3 Cr in FY23, a 31% increase from INR 753.4 Cr it had reported in the previous fiscal year.
The company’s profit dipped around 5% to INR 283.8 Cr in FY23 as compared to INR 298 Cr it had reported in the previous fiscal year.
In Q1 FY24, it reported a consolidated revenue of INR 282.1 Cr, up 25.65% YoY.
Read: IndiaMART At 52-Week High Following Q1 Results
Info Edge In The Red In FY23, Revenue Crosses INR 2,000 Cr Mark
Sanjeev Bikhchandani-led Info Edge, the first Indian internet company to go public, reported a 47.6% jump in operation revenue to INR 2,345.7 Cr in FY23 from INR 1,589 Cr it had reported the previous year. However, the company slipped in the red in FY23.
The parent entity of Naukri.com reported a net loss of INR 70.4 Cr in FY23 as against a net profit of INR 1,288.2 Cr in FY22. It must be noted that Info Edge wrote off investment worth INR 276 Cr in Rahul Yadav led 4B Network during this period.
However, it reported a profit of INR 147.4 Cr in the first quarter of FY24.
Read: Info Edge Back In The Black With INR 147.4 Cr Net Profit In Q1
Justdial’s Profit More Than Doubles In FY23
Reliance-acquired hyperlocal search engine Justdial reported a 130% jump in profit in the financial year ended March 31, 2023. The Mumbai-based company reported a net profit of INR 162.7 Cr in FY24, a 2.2X increase from INR 71 Cr it had reported in the previous financial year.
The company reported an operating revenue of INR 844.7 Cr in FY23, a 30.5% increase from INR 647 Cr it had reported in the previous year.
Even in the first quarter of the ongoing financial year, the company reported a net profit of INR 83.4 Cr, a 72% increase from INR 48.4 Cr it had reported in the corresponding quarter of previous fiscal year. Operating revenue stood at INR 247 Cr in Q1 FY24.
Read: Justdial’s User Traffic Crosses 17 Cr Mark In Q1, Posts Record Revenue Of INR 247 Cr
MapMyIndia’s Profit Crosses INR 100 Cr Mark
Geotech startup MapMyIndia saw a 40% jump in operating revenue to INR 281.4 Cr in the financial year ended March 31, 2023 from INR 200 Cr in the previous fiscal year. Besides increase in operating revenue, the startup reported a jump of 32% in profit on a YoY basis to INR 107.5 Cr in FY23.
In Q1 FY24, it reported a 32.2% YoY rise in consolidated net profit to INR 32 Cr.
Read: MapmyIndia Q1 Net Profit Zooms 32.2% YoY To INR 32 Cr
Matrimony Sees Dip In Profit In FY23
Indian online matchmaking site Matrimony saw its profit after tax slip 13% to INR 46.6 Cr in FY23 from INR 53.5 Cr in the previous financial year. The matrimonial site’s operating revenue rose just 5% to INR 455.7 Cr in FY23 from INR 434.4 Cr in the previous fiscal year.
Matrimony saw a 18% increase in profit to INR 4.16 Cr in the first quarter of FY24 as against INR 11.95 Cr it had reported in the corresponding quarter in previous year.
Read: Matrimony’s Q1 PAT Rises 18% YoY To INR 14 Cr
Nazara’s Sales Zooms Past INR 1,000 Cr Mark
Nitish Mittersain-led gaming company Nazara Technologies saw a sharp increase in revenue in the financial year ending on March 31, 2023. The Mumbai-based technology company reported an operating revenue of INR 1,091 Cr in the financial year under review, a 75% jump from INR 621.7 Cr it had reported in the previous year. Profit jumped 21% to INR 61.4 Cr from INR 50.7 Cr in FY22.
In the first quarter of FY24, the company saw its operating revenue jump to 14% to INR 254.4 Cr during the quarter under review from INR 223.1 Cr in the year-ago quarter.
In Septmeber 2023, the gaming giant also raised INR 510 Cr from Zerodha founders and SBI Mutual Fund.
Read: Nazara Tech’s Q1 Net Profit Soars 31% YoY To INR 20.9 Cr
Nykaa Reports 50% Dip In Profit In FY23
Beauty fashion giant Nykaa, which listed on the bourses in 2021, reported an operating revenue of INR 5,143.8 Cr in FY23, a 36% increase from INR 3,773.9 Cr it had reported in the previous fiscal year.
The Falugni Nayar-led ecommerce startup saw its profit dip by around 50% to INR 21 Cr in the year under review as compared to INR 41 Cr it had reported in the previous fiscal year.
Employee benefit expenses jumped to INR 492 Cr in FY23 from INR 326.4 Cr in FY22. Of late, the company has also seen several top-level exits.
However, the Mumbai-based company posted a net profit of INR 5.4 Cr in Q1 FY24 as compared to a profit of INR 5 Cr in the same quarter of previous fiscal year.
Read: Nykaa Q1: Net Profit Rises 8% YoY To INR 5.4 Cr
Oxyzo’s Profit Triples In FY23
Fintech unicorn Oxyzo’s profit after tax almost tripled to INR 197.5 Cr in the financial year ended March 31, 2023 from INR 69.3 Cr in the previous financial year.
Oxyzo’s revenue from operations increased by over 82% to INR 570 Cr in FY23 from INR 313 Cr in the previous financial year. The company also reported a 1.7X jump in employee benefit expense to INR 78 Cr in FY23 from INR 46 Cr in the previous year.
Read: Fintech Unicorn Oxyzo’s FY23 PAT Jumps Over 2.8X To INR 198 Cr
Paytm’s FY23 Loss Drops By 26%
Vijay Shekhar Sharma-led Paytm improved its financial performance in FY23. The Delhi NCR-based fintech giant reported a 1.6X jump in operating revenue at INR 7,990.3 in FY23 from INR 4,974.2 Cr in the previous fiscal year.
Its net loss also reduced 26% to INR 1,766.5 Cr in FY23 from INR 2,396.4 Cr in the previous fiscal year.
Even in the first quarter of FY24, the startup reported a revenue of INR 2,342 Cr, a 39% jump from INR 1,680 Cr it reported in the previous quarter.
Read: Paytm Q1 Net Loss Declines 45% YoY To INR 358.4 Cr But Jumps 113% QoQ
PB Fintech’s Operating Revenue Jumps To INR 2,558 Cr
Mumbai-based insurtech startup PB Fintech saw its operating revenue jump over 80% to INR 2,557.8 Cr in FY23 from INR 1,425 Cr in the previous fiscal year. Despite the startup’s advertisement expense jumping 1.6X to INR 1,357 Cr in FY23, PB Fintech reduced its net loss by 41.4% to INR 488 Cr from INR 832.9 Cr in FY22.
In the first quarter of FY24, the startup managed to reduce its loss by over 94% to INR 11.9 Cr from INR 204 Cr in the year-ago quarter.
Read: PB Fintech’s Q1 Net Loss Narrows 94% YoY To INR 11.9 Cr
Porter’s FY23 Revenue Crosses INR 1,700 Cr Mark
Intra-city logistics service provider Porter reported a 2X jump in operating revenue on a YoY basis in the financial year ended March 31, 2023. The Tiger Global-backed startup reported an operating revenue of INR 1,753.5 Cr in the year under review as against INR 847.6 Cr in the previous fiscal year.
Porter’s net loss jumped over 43% to INR 157.7 Cr in FY23 as compared to INR 122 Cr in the previous year. The startup, which has raised $132 Mn in funding so far, spent INR 185 Cr on employee benefit expenses, a 75% increase from INR 106 Cr in the previous year.
Read: Logistics Startup Porter’s Operating Revenue Doubles To INR 1,753 Cr In FY23
RapiPay’s Loss Doubles In FY23
After raising $15 Mn in 2022, fintech startup RapiPay saw its net loss jump over 2X in the financial year ended March 31, 2023. The Noida-based startup incurred a net loss of INR 93.3 Cr in FY23 as against a loss of INR 40 Cr in the previous financial year. The significant rise in startup’s loss could be attributed to an increase in service and commission charges, which grew to INR 360.8 Cr in FY23 from INR 322.2 Cr in the previous year.
The startup’s revenue from operations also rose to INR 439.2 Cr in FY23 as compared to INR 371.4 Cr in the previous fiscal year.
Read: Fintech Startup RapiPay’s Net Loss Jumps 2.3X To INR 93.3 Cr In FY23
RateGain’s Profit Jumps Over 700%
Traveltech SaaS startup RateGain reported a whopping 714% jump in profit to INR 68.4 Cr in FY23 from INR 8.4 Cr in the previous fiscal year. The Delhi NCR-based company saw its revenue from operations jump over 54% to INR 565 Cr from INR 366 Cr in FY22.
In Q1 FY24, the company tripled its profit after tax to INR 24.9 Cr from INR 8.4 Cr in the previous year. The company reported an 80% YoY increase in operating revenue to INR 214.5 Cr in Q1 FY24.
Read: RateGain Q1 PAT Almost Triples YoY To INR 24.9 Cr On Robust Travel Demand
Tata 1mg’s Sales Cross INR 1,600 Cr Mark
The online pharmacy, owned by the Tata Group, saw its net loss jump over 2X to INR 1,254.8 Cr in FY23 from INR 526 Cr in FY22.
However, operating revenue jumped over 2.6X to INR 1,627 Cr in FY23 from INR 627 Cr it reported in the previous fiscal year. Unlike most startups, Tata 1mg reduced its marketing expenditure by 25% to INR 135 Cr in FY23 from INR 180 Cr in FY22.
Read: Tata 1mg’s Net Loss Soars 2.3X To INR 1,259 Cr In FY23
Tracxn Reports Profit In FY23
The Bengaluru-based market intelligence startup turned profitable in the financial ending on March 31, 2023. In FY23, Tracxn reported a net profit of INR 33 Cr as opposed to a net loss of INR 4.4 Cr it had reported in the previous fiscal year. Tracxn’s operating revenue stood at INR 78.1 Cr, a 23% increase from INR 63.4 Cr it reported in the previous fiscal year.
However, Tracxn’s net profit declined 18% to INR 0.69 Cr in Q1 FY24 from INR 0.84 Cr in the year-ago quarter.
Read: Tracxn’s Q1 Net Profit Halves QoQ To INR 69 Lakh, Revenue Slips 2.5%
True Balance’s Profit Jumps Over 17X
Softbank-backed digital payments and lending platform True Balance saw its profit jump over 17X in the financial year 2022-23 (FY23).
The Delhi NCR-based fintech startup reported a net profit of INR 59 Cr in the year under review, a 1,600% jump from INR 3.4 Cr it reported in the previous fiscal year.
Urban Company’s Employee Expenses Drops 15%
Delhi NCR-based consumer service startup Urban Company saw its net loss drop by 39% to INR 312.4 Cr in FY23 from INR 514 Cr in the previous fiscal year. The Dragonner-backed unicorn reported a net operating revenue of INR 636.5 Cr in FY23, a 45% jump from INR 437 Cr it had reported in the previous financial year.
Interestingly, the company reduced its employee benefit expenses by 15% to INR 377 Cr in FY23 from INR 443.8 Cr in the previous fiscal year. Since the beginning of this year, the startup has been facing a series of protests from its partners over permanent blocking of their IDs due to a sudden increase in the required customer rating to continue working with the platform.
Read: Urban Company’s India Biz Achieves Adjusted EBITDA Breakeven In Q1 FY24
Zomato’s Loss Under INR 1,000 Cr
Delhi NCR-based food delivery giant saw its consolidated revenue surge over 68% to INR 7,079.4 Cr during the year under review. In the previous financial year, the startup had reported an operating revenue of INR 4,192.4 Cr. Zomato, which completed the acquisition of quick commerce delivery startup Blinkit in FY23, saw its net loss drop by 20.5% to INR 971 Cr in FY23 from INR 1,222.5 Cr in FY22.
In the first quarter of FY24, the startup reported an operating revenue of INR 2,416 Cr as against INR 1,413.9 Cr in Q1 FY23. The startup also reported its first-ever profitable quarter. It posted a consolidated profit after tax (PAT) of INR 2 Cr in Q1 as against a consolidated net loss of INR 186 Cr in the corresponding quarter of the previous fiscal.
Read: Zomato Turns Profitable, Reports INR 2 Cr PAT In Q1
Editor’s Note: This list is not a ranking of any kind, we have placed companies alphabetically. This is a running list; we will be updating it periodically.
[Edited By Vinaykumar Rai]
Last Updated: 9th September, 20:00 PM IST.
The post Indian Startup FY23 Financials Tracker: Tracking The Financial Performance Of Top Startups appeared first on Inc42 Media.