Flipkart’s B2C Arm Narrows Its Loss

A decline in its cash burn helped Flipkart’s B2C arm, Flipkart Internet Private Ltd, reduce its net loss by 9% to INR 4,026.5 Cr in FY23 from INR 4,419.5 Cr in the previous fiscal year.

Flipkart Internet’s operating revenue zoomed 42% to INR 14,845.8 Cr in FY23 from INR 10,477.4 Cr in FY22.

Total expenditure surged 27% to INR 19,043 Cr in FY23 from INR 15,024.3 Cr in FY22

Read More: Flipkart’s B2C Arm’s Sales Near INR 15,000 Cr Mark, FY23 Loss Dips To INR 4,026 Cr

SaaS Unicorn Fractal Posts INR 194 Cr Profit 

New York-based AI intelligence unicorn Fractal turned profitable in FY23, posting a profit of INR 194.4 Cr as against a loss of INR 148.4 Cr in FY22. 

Operating revenue increased 53% to INR 1,985.4 Cr in FY23 from INR 1,295.3 Cr in the previous fiscal year. Total expenditure surged 52% to INR 2,225.2 Cr from INR 1,461.5 Cr in the previous fiscal year. 

Read: Exceptional Gain Helps SaaS Unicorn Fractal Post INR 194 Cr Profit In FY23

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

FirstCry’s Loss Surges Over 500% In FY23

IPO-bound omnichannel retailer FirstCry’s net loss surged over 518% to INR 486 Cr in the financial year 2022-23 (FY23) from INR 78.6 Cr in the previous fiscal year. In the first quarter of FY24, FirstCry incurred a net loss of INR 110.4 Cr.

FirstCry’s operating revenue rose 135% to INR 5,632.5 Cr in FY23 from INR 2,401.2 Cr in the previous fiscal year. In the first quarter of FY24, the startup’s operating revenue stood at INR 1,407 Cr.

FirstCry reported a total expenditure of INR 6,315.6 Cr in FY23, an increase of 146% from INR 2,568 Cr in FY22. In the first quarter of FY24, its expenditure stood at INR 1,541.8 Cr.

Read: IPO-Bound FirstCry’s FY23 Loss Zooms Over 500% To INR 486 Cr

Groww Turns Profitable In FY23

Bengaluru-based stock broking platform Groww’s parent entity Billionbrains Garage Private Limited turned profitable in the financial year ended March 31, 2023. It reported a net profit of INR 448.7 Cr in FY23 as against a net loss of INR 239 Cr in the previous fiscal year. 

Operating revenue jumped over 3X to INR 1,277.8 Cr in FY23 from INR 351 Cr in the previous fiscal year. Groww’s expenses increased by a muted 41% to INR 932.9 Cr in FY23 from INR 663.6 Cr in the previous fiscal year

Read: Groww’s Revenue Crosses INR 1,000 Cr Mark, Posts Profit Of INR 449 Cr In FY23

Gupshup’s Profit Zooms

Conversational engagement platform Gupshup’s net profit increased 23% to INR 49.2 Cr in FY23 from INR 39.9 Cr in the previous fiscal year.

The startup’s operating revenue rose over 40% to INR 1,618.5 Cr in FY23 from INR 1,132.1 Cr in FY22. Total expenditure stood at INR 1,562 Cr during the year under review, a rise of 44% from INR 1,084.2 Cr in FY22.

Read: Gupshup’s FY23 Revenue Crosses INR 1,500 Cr Mark, Posts INR 49 Cr Profit

HealthifyMe’s Loss Dips

Healthtech startup HealthifyMe saw its total loss decline by around 10% to INR 142 Cr in FY23, down from INR 157 Cr reported in the year-ago fiscal. 

Meanwhile, total revenues from operations rose 23% to INR 228.7 Cr in FY23 from INR 185.25 Cr in FY22. Total expenditure stood at INR 371.72 Cr during FY23, up 8.23% YoY.

Read: HealthifyMe’s Revenue Cross INR 200 Cr Mark, Losses Dip 10% In FY23

HomeLane’s Net Loss Jumps Over 15% 

Home interior startup HomeLane witnessed a 1.1X increase in net loss in the financial year ended March 31, 2023. The Bengaluru-based startup reported a net loss of INR 173.5 Cr in the financial year 2022-23 (FY23), a 15% increase from INR 150.8 Cr in FY22. 

The MS Dhoni-backed startup saw its total expenses increase over 1.3X to INR 757.2 Cr in FY23 from INR 581.7 Cr in the previous fiscal year. 

Read: HomeLane’s Loss Widens 15% To INR 173.5 Cr In FY23

ideaForge’s Profit Dips In FY23

Listed in 2023, drone manufacturing startup ideaForge saw its profit drop in the financial year ended 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

iD Fresh Food’s Loss Halves In FY23

Ready-to-cook food maker iD Fresh Food’s net loss narrowed over 50% in FY23. The Bengaluru-based startup, which sells idli batter and parota, incurred a loss of INR 328.8 Cr in FY23, a 53% decline from INR 703.7 Cr in the previous year. 

Operating revenue increased 26% to INR 479.2 Cr during the year under review from INR 381.6 Cr in FY22. The startup’s expenses grew 14% to INR 517.1 Cr in FY23 from INR 453.9 Cr in the previous fiscal year. 

Read: iD Fresh Food Earned INR 479 Cr By Selling Idli & Dosa Batter In FY23

InCred’s PAT Jumps 4X

Fintech unicorn InCred Financial Services’ net profit quadrupled to INR 120.9 Cr in FY23 from INR 30.8 Cr reported in the previous fiscal year. 

Its operating revenue saw an over 77% jump to INR 864.6 Cr in FY23 from INR 488 Cr in FY22. Total expenditure increased 32.5% to INR 633.5 Cr in FY23 from INR 478.2 Cr in the previous year, with finance cost being the biggest contributor to the expense.

Read: Fintech Unicorn InCred’s Profit Quadruples To INR 121 Cr In FY23

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 ended 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 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

Indifi In The Black In FY23

Lendingtech startup Indifi Technologies turned profitable in the financial year ended March 31, 2023. The Delhi NCR-based startup reported a net profit of INR 5.1 Cr in FY23 as compared to a loss of INR 32.8 Cr in FY21. 

Revenue from operations jumped over 2X to INR 197.9 Cr in FY23 from INR 96.29 Cr in the previous fiscal year. 

The startup’s total expenditure stood at INR 202.8 Cr in FY23, an increase of 1.4X from INR 138.4 Cr in the previous fiscal year. 

Read: Alok Mittal Led Indifi Reports INR 5.1 Cr Profit In FY23

INDMoney’s Operating Revenue Doubles 

Investment tech startup INDmoney reported a 7.7% rise in its net loss to INR 73.9 Cr in FY23 from INR 68.6 Cr in the previous fiscal year.

The startup’s operating revenue  increased to INR 40.6 Cr during the year from INR 21.8 Cr in FY22.

INDmoney’s overall spending grew 1.5X to INR 200 Cr in FY23 from INR 133.4 Cr in the prior fiscal year. 

Read: INDmoney’s FY23 Net Loss Widens To INR 73.9 Cr, Revenue More Than Doubles

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

Infra.Market’s Sales Cross INR 11,000 Cr Mark

Mumbai-based construction solutions provider Infra.Market reported an operating revenue of INR 11,846.5 Cr in FY23, an increase of 90% from INR 6,236.3 Cr in the previous fiscal year. 

However, the startup’s net profit declined 17% to INR 155.2 Cr from INR 185.9 Cr in the previous fiscal year as its depreciation and amortisation expenses rose over 5X to INR 178.7 Cr.

Total expenditure increased 92% to INR 11,607.6 Cr in FY23 from INR 6,058 Cr in the previous fiscal year. 

Read: Infra.Market’s FY23 Sales Cross INR 11,000 Cr Mark But Profit Slips

InsuranceDekho Narrows Loss To INR 51.5 Cr 

InsuranceDekho, the insurance arm of CarDekho, managed to narrow its net loss by 29% to INR 51.5 Cr in FY23 from INR 72.2 Cr in FY22, on the back of a strong growth in its business.

The Haryana-based insurtech startup’s operating revenue doubled to INR 96.4 Cr during the year under review from INR 47.9 Cr in the previous fiscal year. The startup’s total expenses rose 25% to INR 151.8 Cr from INR 121 Cr in FY22

Read: InsuranceDekho’s Net Loss Narrows 29% To INR 51.5 Cr In FY23

Ishtara’s Expenses Cross INR 100 Cr Mark

Coliving startup Isthara saw its net loss widen 54% to INR 30.5 Cr in FY23 from INR 19.8 Cr in FY22.  Operating revenue of the startup, founded in 2017, rose 161% to INR 67.5 Cr in FY23 from INR 25.8 Cr in the previous fiscal year.

Isthara’s total expenditure jumped 119% on the back of growing canteen expenses to INR 100.2 Cr in FY23 from INR 45.6 Cr in the previous year. 

Read: Coliving Startup Isthara’s FY23 Loss Surges 54% To INR 30.5 Cr

Jar Spent INR 16 To Earn Every Rupee

Fintech startup Jar’s loss increased 77% to INR 122.8 Cr in FY23 from INR 69.5 Cr in FY22.

The Bengaluru-based investment tech startup’s revenue from operations jumped to INR 8.7 Cr in FY23 from INR 73.8 Lakh a fiscal ago. 

The Tiger Global-backed startup’s expenses doubled to INR 137.5 Cr in FY23 from INR 70.3 Cr in FY22.

Read: Tiger Global-Backed Jar Spent INR 16 To Earn INR 1 In FY23

Jumbotail’s Loss More Than Doubles

Bengaluru-based B2B startup Jumbotail saw its loss more than double in FY23. The startup incurred a net loss of INR 264.1 Cr, a 111% increase from INR 124.7 Cr it reported in the previous fiscal year.

Its operating revenue surpassed the INR 800 Cr mark. In FY23, the startup’s operating revenue stood at INR 819 Cr, a 117% increase from INR 377.3 Cr in FY22.

Total expenditure jumped over 100% to INR 1,114.04 Cr in FY23 from INR 523.60 Cr in the previous year

Read: Jumbotail’s FY23 Loss Surges 112% To INR 264 Cr Despite Doubling Sales

Jupiter Spent INR 54 To Earn Every Rupee

Neobanking soonicorn Jupiter Money’s loss jumped over 2X to INR 327 Cr in FY23 from INR 156.3 Cr in the previous fiscal, hurt by a sharp jump in its employee benefit expenses.

The Jitendra Gupta-led startup reported an astronomical increase in revenue to INR 7.1 Cr from a mere INR 40 Lakh it had reported in the previous year. The startup’s FY23 expenses increased 115% to INR 383 Cr in FY23 from INR 178 Cr in FY22.

Read: Neobank Jupiter Spent INR 54 To Earn Every Rupee In FY23

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

LEAD School’s Loss Narrows 

Mumbai-based edtech startup LEAD School’s net loss declined 18.5% to INR 321.9 Cr in FY23 from INR 395.3 Cr in FY22 on strong growth in business and reduction in cash burn.

The startup’s revenue from operations increased by more than 2X to INR 273.1 Cr in FY23 from INR 132.3 Cr in the previous fiscal year, as per its filing with the Ministry of Corporate Affairs.

Total expenses increased over 14.7% to INR 617.4 Cr in FY23 from INR 538.1 Cr in FY22. 

Read: LEAD School’s FY23 Loss Narrows 18.5% to INR 322 Cr

Licious Narrows Loss By 38% To INR 529 Cr

Bengaluru-based meat delivery startup Licious witnessed a marginal rise of 9.5% in its operating revenue to INR 748 Cr in FY23 from INR 682.5 Cr in the previous fiscal year.

Meanwhile, the startup managed to decrease its net loss by over 38% to INR 528.5 Cr in FY23 from INR 855.6 Cr in the previous year due to reduction in its cash burn. 

Licious’ total expenses rose 9.8% to INR 1,309.2 Cr in FY23 from INR 1,191.4 Cr in the previous fiscal year. 

Read: Licious Sold Meat Worth INR 748 Cr In FY23 But Growth Plateau

Mamaearth Slips Into The Red 

IPO-bound D2C unicorn Mamaearth slipped into the red with a net loss of INR 151 Cr in FY23 as against a net profit of INR 14.4 Cr in the previous fiscal year on the back of a one-time loss of INR 155 Cr.

The startup reported an operating revenue of INR 1,492.7 Cr in FY23, a jump of 58% from INR 943.4 Cr in the previous fiscal year. Total expenditure surged 59% to INR 1,501.6 Cr in FY23 from INR 942 Cr in the previous year, in line with the increase in its operating revenue.

Read: Goodwill Impairment Hits IPO-Bound Mamaearth, Posts INR 151 Cr Loss In FY23

Mensa Brands’ Revenue Touches INR 500 Cr Mark

Ananth Narayanan-led Mensa Brands’ loss increased over 2X to INR 227 Cr in the financial year ended March 31, 2023. The house of brands unicorn had incurred a net loss of INR 96.6 Cr in FY22.

Operating revenue stood at INR 499.6 Cr, a 137.4% increase from INR 210.4 Cr in the previous fiscal year.

Mensa Brands’ total expenses jumped 142% to INR 763.2 Cr during the year under review from INR 315.4 Cr in FY22.

Read: Mensa Brands’ FY23 Loss More Than Doubles To INR 227 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

D2C Brand mCaffeine’s Loss Widens 62%

D2C brand mCaffeine saw its net loss widen 61.5% to INR 91.6 Cr in FY23 from INR 56.7 Cr in the previous year. 

Sales revenue jumped 51.8% to INR 205.2 Cr during the year under review from INR 135.2 Cr in FY22. 

mCaffeine’s expenses stood at INR 301.7 Cr in FY23, almost a 57% jump from INR 192.4 Cr in the previous year. Advertising expenses accounted for a whopping 42% of the total expenses.

Read: D2C Brand mCaffeine’s Loss Widens 61% To INR 92 Cr In FY23, Sales At INR 205 Cr

MediBuddy’s Loss Crosses INR 300 Cr Mark

Bengaluru-based healthtech startup MediBuddy’s net loss widened 24% to INR 321.7 Cr in FY23 from INR 259.3 Cr in the previous fiscal year.

The operating revenue of the startup, founded by Satish Kannan and Enbasekar Dinadayalane, grew 27.2% to INR 297.7 Cr during the year under review from INR 234.1 Cr in FY22.

MediBuddy’s total expenses jumped over 30% to INR 648.9 Cr in FY23 from INR 497.4 Cr in the previous year, with the cost of materials consumed being the single biggest contributor at 35%.

Read: MediBuddy’s FY23 Loss Jumps 24% To INR 321.7 Cr As Business

Milk Mantra Slips Into The Red In FY23

Bhubaneswar-based dairy tech startup Milk Mantra slipped into the red in the financial year ended March 31, 2023 with a net loss of INR 12.3 Cr as against a net profit of INR 13.6 Cr in FY22.

Operating revenue rose a marginal 2% to INR 272.9 Cr in FY23 from INR 267.1 Cr in the previous fiscal year.

Total expenditure jumped 13% to INR 289.4 Cr in FY23 from INR 256.6 Cr in the previous fiscal year.

Read: Milk Mantra Posts INR 12.3 Cr Loss In FY23 As Sales Remain Flat

Fintech Giant MobiKwik Narrows Loss To INR 83.8 Cr

Delhi NCR-based fintech unicorn MobiKwik’s net loss fell 35% in the financial year ended March 31, 2023. The startup reported a net loss of INR 83.8 Cr in FY23 as against a loss of INR 128.1 Cr in the previous fiscal year. 

While the startup reduced its expenditure to INR 617 Cr in FY23 from INR 652.5 Cr in the previous fiscal year, MobiKwik’s operating revenue remained almost flat at INR 539.4 Cr in FY23. 

Read: MobiKwik’s FY23 Loss Declines 35% To INR 84 Cr, Operating Revenue Flat

Moglix’s Revenue Crosses INR 4,000 Cr Mark

Rahul Garg’s B2B ecommerce startup Moglix reported an operating revenue of INR 4,664.7 Cr in FY23, a jump of 83% from INR 2,554.6 Cr in the previous year. The Bengaluru-based startup saw its loss increase 12% to INR 196 Cr from INR 175.3 Cr in FY22. Total expenditure jumped 80.5% to INR 4,941 Cr in FY23 from INR 2,736.8 Cr in FY22. 

Earlier this year, the Tiger Global-backed startup laid off around 40 employees. 

Read: Moglix FY23 Revenue Jumps To $560 Mn, Founder Sells Shares Worth $10 Mn

Mswipe Halves Its FY23 Loss

Fintech startup Mswipe’s net loss declined 45% to INR 49.1 Cr in FY23 from INR 90 Cr in FY22.

The Mumbai-based startup’s revenue from operations rose 14% to INR 274.5 Cr in FY23 from INR 240.7 Cr in FY22. Including other income, Mswipe’s total income rose 12% to INR 278.3 Cr during the year under review from INR 247.7 Cr in the previous fiscal year.

Total expenditure declined 3% to INR 328.4 Cr in FY23 from INR 337.8 Cr in FY22.

Read: Mswipe’s FY23 Loss Declines 45% To INR 49 Cr On Lower Cash Burn

Myntra’s Loss Nears INR 800 Cr Mark

Flipkart-owned fashion ecommerce marketplace Myntra’s net loss jumped over 30% to INR 782.4 Cr in FY23 from INR 597.6 Cr in the previous fiscal year. 

Operating revenue jumped 25% to INR 4,375.3 Cr during the year under review from INR 3,501.2 Cr in the previous fiscal year. Including other income, total revenue rose 25% to INR 4,509.2 Cr from INR 3,609.9 Cr in FY22.

Total expenditure rose 26% to INR 5,290.1 Cr during the year under review from INR 4,206.9 Cr in the previous fiscal year.

Read: Myntra’s FY23 Loss Surges 31% To INR 782 Cr, Clocks Sales Of INR 4,375 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

NeoGrowth Turns Profitable In FY23

Mumbai-based non-banking financial company (NBFC) NeoGrowth turned profitable in the financial year ended March 31, 2023. The NBFC reported a profit of INR 17.2 Cr in FY23 as against a net loss of INR 39.4 Cr in FY22. 

The Lighrock-backed NBFC reported an operating revenue of INR 380.8 Cr in FY23, a meager 5.3% increase from INR 361.5 Cr in the previous year. Meanwhile, it saw a 13.7% decline in expenses to INR 357.4 Cr from INR 414.5 Cr in FY22. 

Read: NeoGrowth In The Black In FY23, Posts Profit Of INR 17.2 Cr

Ninjacart’s Revenue Crosses INR 1,000 Cr Mark

Flipkart-backed Ninjacart saw its operating revenue increase 19% to INR 1,153.4 Cr in FY23 from INR 967.3 Cr in FY22. 

Despite the increase in operating revenue, the startup’s loss rose 6% to INR 326.3 Cr in FY23 from INR 307.9 Cr in the previous fiscal year.

Total expenditure rose 18% to INR 1,538.7 Cr during the year under review from INR 1,299.8 Cr in FY22. 

Read: Flipkart-Backed Ninjacart’s Sales Cross INR 1,000 Cr Mark In FY23

Noise Profits Takes A Plunge

Gurugram-based bootstrapped startup Noise saw its profit nosedive to INR 88 Lakh in the financial year 2023-23 (FY23) from INR 35.5 Cr a year ago.

However, the startup’s operating revenue jumped 1.8X to INR 1,426.5 Cr in FY23 from INR 792.8 Cr in FY22. 

The smartwatch and earphone manufacturer’s expenses surged 1.9X to INR 1,431.6 Cr in FY23 from INR 752.6 Cr in FY22. 

Read: Noise’s FY23 Revenue Soars Past INR 1,400 Cr, But Profit Fails To Create A Buzz On Rising Expenses

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

OfBusiness’ Revenue Crosses INR 15,000 Cr Mark

Delhi NCR-based B2B marketplace OfBusiness’ revenue from operation crossed the INR 15,000 Cr mark in FY23. The unicorn marketplace reported an operating revenue of INR 15,342.5 Cr in FY23, an increase of 115% from INR 7,139.5 Cr in the previous fiscal year.

Net profit surged 130% to INR 463.2 Cr in FY23 from INR 201.1 Cr in the previous fiscal year. 

Total expenditure more than doubled to INR 15,037.4 Cr during the year under review from INR 6,993.5 Cr in FY22

Read: OfBusiness Posts INR 463 Cr Profit In FY23, Revenue Crosses INR 15,000 Cr Mark

OneCard’s Operating Income Jumps 6X

Credit card startup OneCard reported a 6X increase in its operating revenue to INR 541.1 Cr in FY23 from INR 83.7 Cr in the previous fiscal year. 

Meanwhile, loss more than doubled to INR 405.6 Cr in FY23, an increase of 122% from INR 182.7 Cr in FY22. 

Total expenditure rose 3.5X to INR 999.5 Cr in FY23 from INR 280.6 Cr in the previous fiscal year. 

Read: Fintech Unicorn OneCard Spent 60% Of Its Operating Revenue On Advertising In FY23

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

Ola Electric’s FY23 Sales Cross INR 2,600 Cr Mark

IPO-bound Ola Electric’s operating revenue surged 605% to INR 2,630.9 Cr in FY23 from INR 373 Cr in FY22. In Q1 FY24, Ola Electric’s sales stood at INR 1,242.7 Cr. 

The EV startup reported a net loss of INR 1,471.6 Cr in FY23, an increase of 88% from INR 783.4 Cr in the previous fiscal year. In April to June of FY24, Ola Electric’s loss stood at INR 268 Cr.

While it posted a total expenditure of INR 1,460.7 Cr in the first quarter of FY24, expenses rose 231% to INR 3,883.3 Cr in FY23 from INR 1,173.8 Cr  in FY22.

Read: Ola Electric Clocks INR 1,242.7 Cr In Q1 FY24 Sales, Nearly 50% Of FY23 Revenue

OYO’s Loss Declines 34% To INR 1,287 Cr 

IPO-bound hospitality unicorn OYO reported a 34% decrease in its net loss to INR 1,286.5 Cr in FY23 from INR 1,941.5 Cr in the previous fiscal year, as expenses declined marginally despite growth in business. 

The SoftBank-backed startup’s operating revenue grew 14% to INR 5,463.9 Cr in FY23 from INR 4,781.3 Cr in the previous fiscal year. Total expenditure fell 3% to INR 6,799.6 Cr from INR 6,985.3 Cr in the previous fiscal year. 

Read: IPO-Bound OYO’s Loss Declines 34% To INR 1,287 Cr In FY23

Paper Boat’s Sales Cross INR 500 Cr Mark

Hector Beverages, the parent company Paper Boat, saw its net loss widen 71% to INR 90.6 Cr in the financial year FY23 from INR 53 Cr in FY22.

The juice maker’s loss widened, despite it crossing the INR 500 Cr mark in sales for the first time. The startup’s sales rose 56% to INR 504 Cr during the year under review from INR 324 Cr in FY22.

Paper Boat’s total expenses rose to INR 599.1 Cr in FY23 from INR 378.1 Cr in the previous fiscal year.

Read: Paper Boat’s FY23 Loss Surges 71% To INR 90.6 Cr, Revenue Crosses INR 500 Cr Mark

PayMate Manages To Narrow Its Loss

IPO-bound B2B payments solutions provider PayMate managed to narrow its consolidated net loss by a marginal 3.5% to INR 55.7 Cr in FY23 from INR 57.7 Cr in the previous fiscal year. On the other hand, operating revenue rose 11.7% to INR 1,350.1 Cr in FY23 from INR 1,208.9 Cr in FY22.

The fintech startup’s total expenses increased 11% to INR 1,407.3 Cr during the year under review from INR 1,266.9 Cr in FY22. In that, the cost of materials accounted for a significant 95%.

Read: IPO-Bound PayMate’s FY23 Loss Narrows Marginally To INR 55.7 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