jaivardhan
@jaivardhan88
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Co-founder & CEO, @entrackr . email: jai at entrackr dot com. #Fintrackr I Follow @unicornpremier
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Just heard that a top VC firm in India has set a target to invest $70-80 Mn every month.
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NEW:Amazon India has been in late-stage talks to acquire MX Player in a distress sale. According to source, Times Internet will get around $50 Mn from Amazon. Times acquired MX Player in $200 Mn in 2018.
A🧵on the deal.
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Indian coffee ecosystem by numbers. StarBucks lead the pack with Rs 1,086 Cr revenue in FY23 followed by Third Wave, Blue Tokai. via
@thekredible
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LinkedIn has become breeding ground for startup babas. Sab saale gyan pel rahe hain. Ukhada kuch nahi lekin bakchodi decacorn level ka.
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Dunzo annual financial results are insane. It spent Rs 172 cr for Rs 76 lakh revenue in FY19. Spending on business promotions registered 63X hike while cost of ops grew 16X in FY19
Importantly, the gap between revenue from ops and expense is 222X. Isn't it mind-boggling?
Dunzo recorded a loss of Rs 169 Cr in FY19 for revenue of Rs 76.6 lakhs
@DunzoIt
#hyperlocal
#delivery
#startup
#Dunzo
#revenue
#loss
#expenditure
#FY19
➡️
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Shocking: Fashion platform Virgio, launched by former Myntra CEO Amar Nagaram, has shut down its ops after a year of the launch. This is quite surprising as the company closed a $37 million round in December last year. A thread:
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SCOOP: Ola's Bhavish Aggarwal has mastered the art of fundraising, and the data says it all. After Ola amassed several billion, he raised $1 Bn+ for Ola Electric. And now his AI firm Krutrim SI Design received $24 Mn from Matrix who is a common + early investor in all 3 firms...
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A quick look at Indian startups (B2C) who are claiming to go public in the next two-three years:
- Paytm
- Ola
- Zomato
- Grofers
- BigBasket
- MilkBasket
- Policybazaar
- Lenskart
- PhonePe
- Quikr
Feel free to add B2C internet cos who are in race to go public.
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NEW: Online astrology platform AstroTalk has achieved remarkable feat as the firm posted Rs 283 Cr income and Rs 8 Cr in FY23 . The firm achieved such scale with mere $800K funding which was led by Kunal Shah's QED Innovation Labs.
Let's look at its FY23 numbers through a 🧵.
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When people ask about editorial headcount at
@entrackr
and I say we are a 4 people team.
Their reaction: 😯
Never underestimate the power of a lean team.
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I am not sure whom you are calling "sadist' here. Below are the financial numbers of BareBack Media that owns and runs
@entrackr
in FY20:
- Operating revenue: Rs 1.07 Cr
- Expense: Rs 1.5 Cr
- Loss: Rs 41 lakhs
Some in startup media derive sadistic pleasure in publishing financial statements of startups and mocking them. Can someone publish the financials of these media houses for a change ?
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NEW: Minimalist is one of the outliers in the Indian D2C space as the company's revenue blew 8X to Rs 184 Cr in FY23 from Rs 22 Cr in FY21. Importantly, the Jaipur-based firm remained profitable since FY21.
A 🧵on its FY23 balance sheet.
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NEW: Gameskraft numbers are incredible. The company posted Rs 2,662 Cr in revenue and Rs 1062 Cr profit in FY23. It operates a slew of apps including Rummy Culture, Playship, Pocket 52, RummyPrime, Ludo Culture, and Rummy Time. A 🧵 on its FY23 numbers...
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Three years, much hard work, the sincere efforts of my colleagues and the readership of our followers. Thank you!
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SCOOP: FMCG major Emami is set to acquire 100% stake in The Man company. While the group has backed several companies in the direct to consumer segment, this would be the first complete acquisition by the group in the D2C space. A🧵on TMC acquisition by Emami.
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SCOOP: Subko Coffee has raised Rs 80 crore in a new round led by Zerodha co-founders-backed NKSquared. As per sources, NKSquared acquired a 25% stake in the Mumbai-based firm. Subko Coffee has been valued at around Rs 250 Cr or $30 Mn (post-money).
A🧵on Subko Coffee new round.
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NEW: Starbucks India took more than a decade to cross Rs 1,000 Cr in operating revenue but its growth engine gained momentum in the last two fiscals with sound economics and the post-pandemic return of customers. A 🧵on its FY23 numbers...
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NEW: BookMyShow is an outlier and its comeback after the pandemic sets it apart from other late-stage firms. BMS revenue nosedived to Rs 74 Cr in FY21 but it bounced-back with a staggering 13X growth in last two fiscals. BMS also posted profit in FY23.
A 🧵 on its FY23 numbers.
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Whether it's favouritism or not, it's evident that elite people will tweet or share stories only when big media house (preferably global) will write.
This observation is purely based on data.
@entrackr
breaks stories but elites wait till mainstream write it to share.
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Glad to see
#Fintrackr
impact on the ecosystem
Point in case: Byju's FY20
#s
. Several wrote it was profitable in FY20, but it wasn't.
Its losses shot up 30X. Today, peers picked that up right after
@entrackr
story.
Consistent high quality stuff from team
@entrackr
👏
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Observation: Some startups have been avoiding unicorn status intentionally. Point in case: Bizongo which raised $50 Mn at a valuation of $980 Mn. Another one is TurtleMint which was valued at around $950 Mn when it raised $120 Mn Series E round.
But, why? Cont... (1/2)
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NEW: Maharashtra produced the most number of unicorn founders (40) followed by Delhi with 36.
States such as Bihar and Jharkhand are on par with Karnataka, Andhra Pradesh, WB and Kerala in terms of producing unicorn founders. A 🧵on the report.
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NEW: Stockbroking platform Zerodha co-founders + whole-time directors including Nithin + Nikhil Kamath collectively withdrew Rs 195.4 Cr in FY23. Nithin and Nikhil took Rs 72 Cr each in annual remuneration.
A 🧵on how Zerodha rewarded its staff and directors.
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NEW: Swiggy-backed mobility startup Rapido has turned unicorn with a $120 Mn Series E round solely funded by its largest backer WestBridge Capital. With this, Westbridge owns around 36% stake in Rapido.
A quick🧵on Rapido's new funding round.
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Finally, Fintrackr is here. It took 6 months of efforts to deliver the product that has no parallel in the media industry. It offers a true pic with information culled from verified data + analysis on the financial health of startups. Kudos to the entire
@entrackr
team
Announcing our new product
#Fintrackr
where you can access the financial performance of startup poster boys, unicorns, and category leaders at one place
#startup
#Unicorn
#financial
#funding
#ESOP
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NEW: Not only edtech, offline institutes are witnessing sharp decline in business. As per Allen's Rajesh Maheshwari, admissions to Kota-based institutes are down by nearly 31% in 2024.
Maheshwari blames “disinformation" against Kota is a key reason. A🧵on Maheshwari note.
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Impact of TikTok's ban in India:
👉 Dailyhunt and Glance have become unicorns
👉 Soon, MX Player and ShareChat will be unicorns
🔥 In a nutshell, ban on TikTok and other China-linked apps have churned 4 unicorns in just 8 months.
MX Player is in talks with existing and new investors to raise up to $150 Mn in a new round
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Incredible! Beardo’s successful exit is a reward of creating a category that never existed. Marico completed the Beardo acquisition in Rs 350-400 Cr. Beardo raised Rs 3 Cr capital in total.
While founders made Rs 150 Cr+ each. It gave 7-8X exits to investors. Story by
@Tyagi0G
Men’s grooming brand Beardo gives full exit to its founders and backers within five years of its inception
@BeardoForMen
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boAt has been one of the only startups where the founding team controls over 50% of the equity at the time of IPO as Aman Gupta + Sameer Mehta have 28.26% stake each.
Decoding boAt's DRHP, which is all set to raise Rs 2,000 Cr via IPO, with
@Tyagi0G
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SCOOP: Zerodha Fund House is in discussions with several investors to raise up to $100 Mn for the AMC biz. For the uninitiated, this would be a first for the Zerodha Group to seek external fundraise ever. (1/2)
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Met a senior RBI official at
#GFF
and asked him why regulators go heavy on segments when they get sizable scale [short term loan apps, PA/PG and P2P]? Why not regulate them at nascent stage?
His answer: who all are saying this? This isn't true. Also, advised me to learn more.
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NEW: With addition of $61 Mn worth options, Paytm's updated ESOP pool is now valued at $604 Mn. It's one of largest ESOPs pools in India along with Oyo and Byju's.
Accn to
#Fintrackr
, Oyo and Byju's ESOPs pool stand at $580 Mn and $400 Mn respectively.
(1/2)
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NEW: Zomato’s co-founder Deepinder Goyal led Ultrahuman's Series B round with $10 Mn. It’s worth noting that Ultrahuman’s co-founders Mohit Kumar + Vatsal Singhal sold their first startup Runnr to Zomato.
As per
@TheKredible
, it was valued at $125 Mn in this round. 1/2
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Trivia: What’s the best quote you have ever read on the back of TRUCKS in India? My best one👇
मेरा दिलदार बड़ा आशिक़ ! कभी पूना कभी नाशिक !
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SCOOP: Urban Company has turned profitable at PBT level (profit before tax) on a consolidated basis in the last month. The development will potentially smoothen its public listing plan which is likely to happen in 2025.
A🧵encompassing UC profitability.
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NEW: Lightspeed and Tiger Global foresaw a massive opportunity in digital ledger in 2019 and the storied investors placed their bet on OkCredit. The potential of the firm made the two investors pump in $90 Mn along with others within a quarter.
A 🧵 on its lifetime performance.
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SCOOP: AppsForBharat, the parent company of devotional app Sri Mandir, is in talks to raise $15-20 Mn in a new round from new and existing investors. It is seeking a valuation of close to $100 Mn (1/2)
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CARS24 claims to have close to 90% of the online used car segment in India. I am just surprised all others (CarDekho, Spinny and Droom) collectively have only 10% market share 🙀
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SCOOP: Unacademy is in discussion to merge with K12 Techno, which runs the chain of Orchids International. This would be the first major consolidation in the edtech space which has been witnessing funding drought.
A🧵on the biggest consolidation in the Indian edtech.
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NEW: Practo seems to be a classic case of an early mover that has been overtaken by a changing landscape across its market. Celebrated as one of the best examples of digital innovation in the sector when it started in 2008 , Practo faces an existential crisis
A 🧵 on its FY23 #
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NEW: E-comm platform Meesho reported a notable growth as its operating scale spiked 77% YoY to Rs 5,735 Cr in FY23. It also cut down losses by 48%.
The firm also released its H1 FY24 results: Its revenue grew 37% YoY to Rs 3,521 Cr + losses shrink 90%. A🧵
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Yay! Cheers🍻
@entrackr
has turned 4.
June 21, 2017: The official launch date of Entrackr
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A Gurugram-based product manager had got 2 back to back orders from Meesho which he didn’t order. In fact, he never used or ever downloaded the app.
He’s not alone. There r many like him who have been receiving such ghost orders from Meesho.
@entrackr
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#Fintrackr
: Zerodha’s revenue grows to Rs 1,094 Cr in FY20
Operating revenue => Rs 1034.8 Cr
Expenses => Rs 500.6 Cr
Profit => Rs 442.36 Cr
The Nithin Kamath-led company reported a revenue of Rs 950 Cr in FY19
#Zerodha
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NEW: Top startups operating in cloud kitchen (CK) space raised $600 Mn in the past three years and close to $1 Bn since they born. Rebel Foods stands out as the poster boy in CK segment with a top line of around Rs 1,200 Cr. Let's look at financial health of CK firms.
A🧵
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SCOOP: Ratan Tata is all set to exit from multichannel eyewear brand Lenskart.Tata is expected to make a 28X return on his Rs 10 lakh investment.
Tata invested in LK's Series C2 round at a val of $240 Mn in 2016. He would offload shares at estimated val of $2 Bn. My story:
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NEW: FirstCry is one of the handful of e-commerce companies which has managed to cross the Rs 5,000 crore revenue threshold.
The Pune-based unicorn has recorded around 2.4X growth in revenue in FY23 but its losses blew 6X during the same period.
A 🧵 on FirstCry FY23 results
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NEW: Homegrown OTT platform Ullu has been growing at a brisk pace in the last few fiscal and the firm maintained an upward trajectory in FY23 as well. The firm’s income grew around 2X in FY23 while its profit soared nearly 4X in the same period.
A🧵on Ullu's FY23 numbers.
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SCOOP: PharmEasy has raised $216 Mn led by Ranjan Pai's Manipal Education and Medical Group and existing investors. The fresh money has come with a 90% haircut in valuation from the firm’s peak worth.
A🧵on PharmEasy's new round.
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17
95
SCOOP: Swiggy seems to be achieving a steady 25-30% YoY growth in FY24 as the firm posted Rs 5,476 Cr revenue in the 9 months of FY24 (April to Dec 2023). Food delivery biz constituted 82.65% of the total op-revenue ~ Rs 4,526 Cr.
A🧵on Swiggy's financial numbers in the period.
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NEW: Zepto is one of the largest bet for Nexus Venture as the VC firm invested $50 Mn in the quick commerce firm's $200 Mn Series E round. Nexus is the biggest stakeholder in Zepto with 20% holding. A 🧵
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91
SCOOP: Zerodha’s board has approved a remuneration of up to Rs 100 Cr per annum each to Nikhil Kamath, Nithin Kamath and his spouse Seema Patil.
This would easily make them the highest-paid co-founders + directors across the startup ecosystem in India. My story with
@Tyagi0G
Zerodha’s board has passed a special resolution approving a remuneration of up to Rs 100 Cr per annum each to Nikhil Kamath, Nithin Kamath and Seema Patil
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SCOOP: BharatPe has crossed Rs 1,000 Cr in op-revenue on a consolidated basis. Its total revenue including non-operating grew 72% to Rs 1,168 Cr.
A 🧵 on its financial performance in FY23.
1
14
91
NEW: Car-servicing startup GoMechanic has raised money under new management after nearly 30 months. At least, two dozen investors have invested in the company at a valuation of $20 Mn.
At its peak, GoMechanic was valued at $325 Mn and once seeking $1 Bn val. A 🧵
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13
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SCOOP: Fintech firm InCred has finally turned unicorn after raising $60 Mn in a Series D round from new and existing investors. It has become the second company after Zepto to gain the unicorn status in 2023.
A🧵on InCred unicorn round.
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13
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NEW: Mensa Brands has managed notable growth in scale in the last fiscal year as its operating revenues soared 3.9X to Rs 1317 Cr. However, its losses also spiked 2.4X and neared Rs 330 crore in FY23.
A🧵on its FY23 numbers:
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16
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NEW: OfBusiness' revenue grew by 25.8% to Rs 19,296 Cr (net of taxes) in FY24 from 15,343 crore in FY23. At the same time, its profit spiked 30% and crossed the Rs 600 Cr mark in the last fiscal year.
A🧵on OfBusiness financial numbers...
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20
87
It's heartening to see that most of the startup media has picked up the issue of the women protesting against Urban Company after
@entrackr
was first, and the only media, on the ground.
While businesses need to thrive, it perhaps shouldn't come at a human cost 🧵
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SCOOP: Cloud kitchen company Biryani By Kilo [BBK] has raised $9 Mn in its Series C round led by Alpha Wave Ventures. The latest equity round has come after a hiatus of more than two years.
A🧵which decodes new funding details.
2
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86
NEW: The end is nigh, or should be for ShareChat. Years after it launched in 2015, SC has failed to deliver, and spectacularly at that. Yes, building a social media at scale costs money upfront, and Sharechat certainly can't quibble that it didn’t get enough.
A 🧵on its FY23 #
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14
87
Lendingkart lands into profit with its scale touching Rs 850 Cr. Interest received against the loans offered formed 51% of its op-revenue while the rest came from platform fees and gains on the assignment of loans.
A🧵on its FY23 numbers:
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13
86
SCOOP: Zepto is gunning for unicorn status in its new fundraise. It's in talks to raise $250 Mn at over $1 Bn val.
The 10 min grocery delivery has turned into a battlefield with Swiggy + Zomato's (via Grofers) keen interest. Break by
@upadhyay_harsh1
3
13
84
SCOOP: Unacademy employees will receive no appraisal in 2024, co-founder and chief executive Gaurav Munjal said at the firm’s virtual town hall. Even in 2023, it had not given cash appraisal and instead provided performance-linked ESOPs
A🧵on no appraisal year at Unacademy...
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SCOOP: Allen Career Institute is acquiring doubt clearing edtech firm DoubtNut. The deal seems to be a distress 1 as DN has failed to raise funding after Series B round. Doubtnut has raised about $50 Mn in total funding and held acquisitions talks with Byju’s in past.
(1/2)
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19
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NEW: Uber India witnessed a 54.46% increase in its revenue which crossed Rs 2,600 Cr in FY23 but the firm’s losses rose 57%. However, this revenue number for Uber India could be taken with a pinch of salt.
A🧵on Uber India's true financial pic..
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SCOOP: Online visa application platform Atlys is in talks to raise $15-18 Mn in Series B round led by existing investor Peak XV Partners. Sources outline that the company will be valued around $70 Mn. (1/2)
1
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NEW: As Paytm Mall joins the government-backed e-commerce platform, the Open Network for Digital Commerce or ONDC, the firm sheds almost 99.5% of its valuation that it built since 2017. (cont...)
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SCOOP: CRED is acquiring enterprise-focused expense management platform Happay in a mix of cash and stock deal worth over $150 Mn.
Happay will be CRED’s 2nd acquisition after HipBar. My story via
@entrackr
1
12
83
🧵 Criticism is not welcomed in India. Be it politics, showbiz, businesses + society at general, we don’t want to be criticised.
Startups are no exception. And a recent case of an angel investor’s LinkedIn account getting restricted for views on a decacorn has raised eyebrows.
LinkedIn permanently restricted Aniruddha Malpani’s account for his many posts on Byju’s
@malpani
@BYJUS
@LinkedInIndia
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NEW: Edtech unicorn PhysicsWallah has remained profitable in FY23 as it registered a 3.4X jump in its total revenue to Rs 798 crore in the last fiscal. The firm reported an adjusted EBITDA of Rs 127 crore. (1/2)
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11
77
SCOOP: Zomato has converted into a public Ltd entity. The firm is also issuing bonus shares to a clutch of shareholders.
According to sources, Zomato has roped in Kotak Mahindra Bank, Morgan Stanley, Citi Bank, Credit Suisse + BoA as bankers for the IPO.
My story with
@Tyagi0G
Zomato’s holding entity has been converted from a private company to a public limited company
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19
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SCOOP: Even Healthcare has raised $20 Mn in a new round led by Khosla Ventures. The fresh funding for the Bengaluru-based firm has come after a gap of 20 months. A🧵on Even new funding round.
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NEW: Zomato has reported its best quarterly result ever as its revenue spiked 18.6% in Q1 FY25 while the firm's profit zoomed 44.6% to Rs 253 Cr in the same period.
A quick🧵on Zomato's Q1 FY25 numbers
3
9
79
NEW: While ride hailing firms Ola and Uber continue to make losses, their fleet management provider Everest Fleet has managed to grow its profit by 3.5X in FY23.
The firm's scale also sped up over 4X to Rs 466.5 Cr in FY23. Let's look at its major financial numbers. A 🧵
1
15
78
MEGA SCOOP: Byju's has acquired Toppr and Great Learning. It was in talks to acquire both for several months. In 2021, Byju's has acquired 6 firms.
Byju's also raised $57 Mn from Prosus + Maitri Edtech. Break by
@upadhyay_harsh1
_
@Tyagi0G
via
@entrackr
5
14
74
NEW: India’s online travel agency sector is on the rise and leading players MakeMyTrip, Ixigo, EaseMyTrip, and Yatra Online, have all demonstrated rapid growth in FY23. The Kredible brings to the fore their financial numbers.
A 🧵on financial numbers of top 5 OTAs in FY23.
1
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SCOOP: Online makeup and beauty learning platform Airblack has raised $4 Mn in its pre-series B round led by the Michael & Susan Dell Foundation and other existing investors Elevation, Blume and InfoEdge.
Let's look at details of the funding through a🧵.
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10
75
B2B fintech firm Perfios has raised $80 Mn in a new round from Teachers’ Venture Growth (TVG). The company also crossed the $1 Bn valuation mark in the funding round and entered the unicorn club (1/2).
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Virgio is a classic case of communication disaster. Its founder Amar Nagaram announced the closure of Virgio on LinkedIn without disclosing details.
When media reached out, he simply chose not to respond. Today, he says: It's is pivoting. This goof-up could have been avoided.
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SCOOP: Upstox has turned unicorn and its valuation surpassed Gorww's in a new round. According to
#Fintrackr
estimates, Upstox has been valued at $3.4 Bn.
Upstox is the 40th unicorn of 2021, 6th this month and third this week. Break by
@upadhyay_harsh1
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MX Player team will join Mini TV and its CEO Karan Bedi is likely to join as director. The acquisition will strengthen Amazon’s Mini TV operation in India. MX Player is owned by MX Media which also used to own short video entertainment app MX TakaTak.
🧵continues...
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D2C Poster boys: Ashutosh Valani & Priyank Shah appear to have cracked the code of D2C play. The duo managed to give one of the first notable exits in the space by selling Beardo to Marico in 2020. The deal was estimated to be in range of $40-50 Mn (secondary + primary). A🧵
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SCOOP: B2B e-comm unicorn Zetwerk for custom manufacturing has raised $120 Mn led by Avenir Growth Capital but its valuation remained flat. This is the first equity investment for the firm in 2023. A 🧵
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So 2019 is about to end, and it has turned out to be a terrific year for
@entrackr
. 75% of our total page views were recorded in 2019.
While we exclusively broke 100 + stories in 2019, we failed in some scoops. To b precise, we failed at 4. Let’s look back at those failures.
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NEW: Tata 1mg chased growth during FY22 and FY23 and its collection spiked over two-fold in both fiscal years. But the company appears to have prioritized the bottom line as it cut down losses by 75%.
A🧵on Tata 1mg's numbers in FY24.
1
7
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Fintech unicorn Slice and North East Small Finance Bank (NESFB) have announced their merger in a move to expand their financial accessibility. According to Slice, it has received a nod from the Reserve Bank of India (RBI) for the transaction. A 🧵
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NEW: Dunzo's scale grew over 4X in FY23 but it continues to lose staggering amount of money YoY. Since its inception in 2015, the firm has made less than Rs 330 Cr in operating revenue while its outstanding losses stand at Rs 3,033 Cr.
Let's have a quick recap on Dunzo. A 🧵
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Growth-stage startups with three funding rounds in 2021
▪️OfBusiness
$200 Mn [Sept] $160 Mn [July] $110 Mn [April]
▪️Apna
$100 Mn [Sept] $70 Mn [June] $12.5 Mn [March]
▪️Spinny
$108 Mn [July] $65 Mn [April] in talks to raise $200-300 Mn more
1
11
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NEW: Craft beer maker Bira 91 has raised $25 Mn via External Commercial Borrowing from its existing investor Kirin Holdings. With this infusion, the firm has mopped up $50 Mn in the past 3 months. It raised $25 Mn from Tiger Pacific Capital in March.
A🧵on Bira 91 fundraise...
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NEW: Fintech firm BillDesk seems to have lost its momentum in the past couple of years as it fell short of securing a double-digit growth in FY23. Moreover, profits also reduced 5.1% in the last fiscal year.
A🧵on its FY23 numbers.
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Last week
@entrackr
wrote about a startup funding citing RoC filings. We also sent them an email for confirmation but they chose not to respond.
Hours later, founders reached out and said: "Your article has incorrect info all the way through. Let me know if you can talk." (1/n)
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Zomato appears to have started delivering bulk orders through these three wheeler. I have been seeing these Zomato branded vehichles for past two-three weeks in Gurgaon.
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Rewrite other scoops and exclusives, then lock them behind a paywall—a game-changing approach in the media industry.
3
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NEW: Gadget and wearables brand Noise has raised $10 Mn strategic funding from global audio giant Bose. The Amit Khatri led company has been valued at around $460 Mn or Rs 3,820 Cr by Bose.
A🧵decoding its first ever round.
1
11
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SCOOP: E-comm major Amazon appears to be inches away from its second acquisition in the Indian fintech space as it's in advanced discussion to acquire online lending platform Axio (formerly Capital Float).
A🧵on the deal in the making
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A year ago, TikTok got banned. Let's look at its outcome:
- Created an ecosystem 4 desi short video apps
- Offered a new proposition to ShareChat, Dailyhunt + MX TakaTak
- The trio👆 amassed 550 Mn+ downloads
- Churned 3 unicorns: SC, DH + Glance-Roposo
- 👆 raised ~$900 Mn
It’s been a year since the ban on TikTok in India and the void created by the Chinese short video app has given a big opportunity to homegrown players such as MX TakaTak, Moj and Josh to claim the vacated space.
Story by
@upadhyay_harsh1
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