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/

Livpure raises $28 Mn from M&G Investments and Ncubate Capital Livpure, a manufacturer of water purifiers and air conditioners, has raised Rs 208 crore ($25 million) from M&G Investments and Rs 25 crore ($3 million) from Ncubate Capital Partners. The funds will be used to expand categories, develop products, and enhance market presence. Founded in 2012 by Rakesh Malhotra and Navneet Kapoor, Livpure offers a range of products including water purifiers, air coolers, and kitchen appliances. The company, with over $80 million raised to date, competes with DrinkPrime and traditional players like Eureka Forbes. In FY23, Livpure saw a 35% growth in revenue to Rs 294 crore, with water purifiers contributing over 80% of sales. The company reported a 45% growth in Q1 FY25. #Entrackr #Fintrackr #Startup #StartupNews #IndianStartup #Livpure #StartupFunding #WaterPurifiers #HomeAppliances #ProductDevelopment #VentureCapital #BusinessGrowth #HomeImprovement #Innovation #TechInvestment #AirConditioners https://entrackr.com/2024/08/livpure-raises-28-mn-from-mg-investments-and-ncubate-capital/

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/

SoftBank-backed FirstCry, Unicommerce get SEBI approval for IPO FirstCry and Unicommerce, both SoftBank-backed companies, have received final SEBI approval for their IPOs. FirstCry refiled its IPO papers in April after initial concerns from SEBI regarding disclosed metrics. The IPO includes a fresh issue of equity shares up to Rs 1,816 crore and an OFS of up to 54,391,592 shares. FirstCry reported Rs 4,814 crore in revenue and Rs 278 crore in net losses until Q3 FY24. Meanwhile, Unicommerce plans an OFS of up to 2,98,40,486 shares. SEBI's recent approvals include Ola Electric, reflecting a surge of internet companies entering India's stock market. #Entrackr #News #Startup #StartupNews #IndianStartup #FirstCryIPO #UnicommerceIPO #SoftBankBacked #IndianStockMarket https://entrackr.com/2024/07/softbank-backed-firstcry-unicommerce-get-sebi-approval-for-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/

IPO-bound Portea Medical raises $20 Mn via right issue Home healthcare solution provider Portea Medical has raised around $20 million via rights issue. The capital raise comes amid its efforts to launch an initial public offering (IPO). Visit - https://entrackr.com/2024/04/exclusive-ipo-bound-portea-medical-raises-20-mn-via-right-issue/ #Entrackr #IPO #IPONews #PorteaMedical #Startupnews

Flipkart to take on Zepto, Blinkit with quick commerce foray Flipkart will launch 10-15 minutes delivery in at least a dozen cities in the next six to eight weeks, It’s building up a chain of dark stores across several cities including Bengaluru, Delhi (NCR) and Hyderabad among others. Visit- https://entrackr.com/2024/03/exclusive-flipkart-to-take-on-zepto-blinkit-with-quick-commerce-foray/ #Flipkart #Blinkit #Zepto #entrackr

Metalbook raises $15 Mn in Series A round Metalbook, a platform for the global metals supply chain, has raised $15 million in its Series A funding round led by Rigel Capital, with participation from FJ Labs, as well as existing investors, Axilor Ventures, Foundamental, Stride Ventures, Trifecta Capital, and others. #Metalbook #funding #fundingnews #startupnews #entrackr https://entrackr.com/2024/02/metalbook-raises-15-mn-in-series-a-round/