In a landscape teeming with buzzwords like disruption, innovation and scalability, the stark reality of numbers often tells a different story. While 87 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 1.97 Lakh Cr, 60 of these companies reported a combined loss of INR 38,933.6 Cr in FY23. In contrast, the rest managed to eke out a collective profit of INR 5,675 Cr. The divide becomes more intriguing considering that 19 of these companies are listed. 

We are over eight 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 to push 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

Acko’s FY23 Loss Jumps To INR 739 Cr

Bengaluru-based fintech unicorn Acko saw its operating revenue rise 32% to INR 1,758.6 Cr in FY23 as compared to INR 1,334.4 Cr in the previous year. Loss jumped over 50% to INR 738.5 Cr during the year under review as against INR 482.3 Cr in the previous fiscal year. Earlier this year, the startup received the licence from the Insurance Regulatory and Development Authority of India (IRDAI) to commence life insurance business.

Read: Acko Earned INR 1,759 Cr By Selling Insurance In FY23

Apna’s Revenue Jumps 3X

Tiger Global-backed professional networking platform Apna’s revenue from operations surged nearly 3X to INR 180.2 Cr in FY23 from INR 63.8 Cr in the previous fiscal year. 

The startup incurred a loss of INR 120.3 Cr in FY23, an increase of 7% from INR 112.5 Cr in FY22.  The Nirmit Parikh-led startup’s total expenses also rose 73% to INR 308.4 Cr in FY23 from INR 178.3 Cr in the previous fiscal year.

Read: Tiger Global-Backed Apna’s FY23 Revenue Nearly Triples To INR 188 Cr

Atlan’s Profit Takes A Hit

Data collaboration software startup Atlan reported a profit after tax (PAT) of INR 7.74 Cr in FY23, a decline of 18.70% from INR 9.52 Cr in FY22.

The Salesforce-funded startup’s operating revenue rose 189.78% to INR 93.83 Cr from INR 32.38 Cr in FY22

Total expenses jumped 203.45% to INR 85.53 Cr in FY23 from INR 28.19 Cr in FY22.

Read: SaaS Startup Atlan’s Profit Slips 19% To INR 7.74 Cr In FY23

Ather Energy’s Revenue Quadruple In FY23

Bengaluru-based two-wheeler electric vehicle (EV) manufacturer Ather Energy’s operating revenue jumped 4.3X to INR 1,783.6 Cr in FY23 from INR 408.5 Cr in the previous fiscal year. Despite this, the Hero MotoCorp-backed startup’s net loss surged over 150% to INR 864.5 Cr from INR 344.1 Cr in FY22. 

The two-wheeler EV manufacturer’s total expenses more than tripled to INR 2,670.6 Cr from INR 757.9 Cr in FY22

Read: Ather Energy’s Loss Shoots Up 2.5X To INR 865 Cr IN FY23

BankBazaar’s Loss Falls 15% To INR 37 Cr

Fintech startup BankBazaar’s net loss narrowed over 15% to INR 36.71 Cr in FY23 from INR 43.23 Cr in the fiscal year ended March 2022. The startup’s operating revenue stood at INR 158.69 Cr in FY23, up from INR 95.52 Cr in FY22.  

Eight Roads-backed BankBazaar’s total expenditure zoomed 40% YoY to INR 196.93 Cr in FY23.

Read: BankBazaar Trims FY23 Loss By 15% As Top Line Jumps 66% To INR 158.69 Cr

Beardo Slips Into The Red, Posts INR 6.1 Cr Loss In FY23

Marico-owned men’s grooming D2C brand Beardo slipped into the red during the financial year under review. The Ahmedabad-based D2C brand reported a net loss of INR 6.1 Cr in FY23 as against a net profit of INR 75.5 Lakh in the previous fiscal year. 

Beardo’s revenue from operations rose 12.3% to INR 106.6 Cr in FY23 from INR 94.8 Cr in FY22, as per Marico’s annual report for the year ended March 31, 2023.

Total expenditure stood at INR 115.3 Cr in FY23, a rise of 20% from INR 96.1 Cr in FY22. 

Read: Marico-Owned Beardo Slips Into The Red, Posts INR 6.1 Cr Loss In FY23

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

Bira 91’s Sales Inch Closer To INR 1,000 Cr Mark

Delhi NCR-based beer brand Bira 91 reported an operating revenue of INR 824.3 Cr in the year ended March 31, 2023, an increase of 15% from INR 718.8 Cr in the previous fiscal year. 

Bira 91’s net loss increased 12% to INR 445.4 Cr in FY23 from INR 396 Cr in the previous fiscal year. Total expenditure increased 14% to INR 1,282.4 Cr during the year under review from INR 1,122.5 Cr in FY22.

Read: Bira 91 Incurred Loss Of INR 445 Cr From Sales Of Beers In FY23

BlueStone’s Expenses Dip 45%

Jewellery startup BlueStone’s operating revenue increased over 1.6X to INR 770.7 Cr in FY23, an increase of 67% from INR 461.3 Cr in the previous fiscal year. 

The startup’s loss plunged 86% to INR 167.2 Cr from INR 1,268.4 Cr in FY22 on account of a one-time non-operating expense in the previous fiscal year. The jewellery startup’s total expense declined 45% to INR 955.1 Cr in FY23 from INR 1,739 Cr in FY22. 

The startup is in the process to raise $65 Mn from Nikhil Kamath’s office, Deepinder Goyal, Amit Jain, and Ranjan Pai

Read: Ratan Tata-Backed BlueStone Earned INR 771 Cr By Selling Jewellery In FY23

boAt Slips Into The Red For First Time Since Inception

Aman Gupta-led consumer electronics startup boAt slipped into the red for the first time since its inception as the increase in its expenses outpaced the rise in sales. boAt reported a net loss of INR 129.4 Cr in FY23 after posting a profit of INR 68.7 Cr in FY22.

Operating revenue rose 18% to INR 3,376.7 Cr from INR 2,873 Cr in the previous fiscal year.

The startup earned INR 2,350.8 Cr in FY23 from the audio segment, which accounted for 70% of its operating revenue. The wearable segment contributed INR 901.5 Cr to boAt’s topline this year.

Total expenses jumped 28% to INR 3,562 Cr in FY23 from INR 2,786.9 Cr in the previous fiscal year.

Read: Aman Gupta’s boAt Sold Audio Products, Smartwatches Worth INR 3,376 Cr In FY23

BookMyShow Turns Profitable After COVID

Online ticketing platform BookMyShow turned profitable and posted a consolidated net profit of INR 85.1 Cr in FY23 as against a loss of INR 92.2 Cr in the previous fiscal year.

As more people stepped out and went to movie theatres and attended live events post the Covid-19 pandemic, the startup’s operating revenue surged 252% to INR 975.5 Cr in FY23 from INR 277 Cr in the previous fiscal year. 

BookMyShow’s total expenses also jumped 138% to INR 940.9 Cr in FY23 from INR 395.2 Cr in the previous financial year

Read: BookMyShow Posts INR 85 Cr Profit In FY23 On Post-Pandemic Boost, Sales Jump 3X

CaratLane’s Sales Cross INR 2,000 Cr Mark

Titan-owned jewellery startup CaratLane’s operating revenue surged 73% to INR 2,169 Cr in FY23 from INR 1,255.6 Cr in the previous fiscal on the back of growing demand.

Despite the rise in revenue, CaratLane’s net profit dipped 8% to INR 82 Cr during the year under review from INR 89.2 Cr in the previous fiscal year.
Total expenditure jumped 69% to INR 2,068.5 Cr in FY23 from INR 1,225.9 Cr in the previous fiscal year.

Read: Titan-Owned CaratLane’s FY23 Sales Jump To INR 2,169 Cr, Profit Dips To INR 82 Cr

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

Amazon-Backed Cashify’s Revenue Crosses INR 800 Cr Mark

Delhi NCR-based recommerce startup Cashify’s sales jumped 67% to INR 815.9 Cr during FY23 from INR 497.9 Cr in the previous fiscal year. 

Despite the rise in revenue, Cashify’s net loss increased in FY23. Its net loss grew 49% to INR 147.9 Cr during the year under review from INR 99.3 Cr in FY22.

The Amazon-backed startup saw its expenditure grow 61% to INR 973.4 Cr in FY23 from INR 603.1 Cr in the previous fiscal year.

Read: Cashify Earned INR 816 Cr By Selling Refurbished Phones, Laptops In FY23

Classplus’ FY23 Loss Widens To INR 257 Cr

The Tiger Global-backed edtech startup’s net loss rose 57% to INR 256.6 Cr in FY23 from INR 163.5 Cr in FY22. Operating revenue jumped 4X to INR 102.04 Cr in FY23, compared to INR 25.9 Cr in the previous year.

Earlier this year, Classplus faced legal trouble when Saarthi’s cofounder, Chiraag Kapil, and its investors filed a lawsuit against it in the Delhi High Court (HC) for alleged cheating and criminal breach of trust.

Read: Tiger-Backed Classplus Spent INR 4 To Earn Every INR 1 From Ops In FY23

Clear’s Revenue Crosses INR 100 Cr Mark

Peak XV Partners-backed Clear’s (formerly known as ClearTax) operating revenue jumped over 85% to INR 108.8 Cr in the financial year 2022-23 (FY23) from INR 58.7 Cr in FY22.

Despite the increase in revenue, the startup’s net loss grew nearly 5% to INR 233.5 Cr in FY23 from INR 222.7 Cr in FY22.

Total expenditure increased over 21% to INR 343.7 Cr from INR 283 Cr in FY22.

Read: Tax Filing Platform Clear’s FY23 Revenue Jumps Over 85% To Cross INR 100 Cr Mark

Flipkart-Owned Cleartrip’s Loss Doubles 

Flipkart-owned online travel aggregator Cleartrip witnessed a 90% surge in its loss to INR 676.5 Cr in FY23 from INR 356.5 Cr in the previous financial year. The startup’s operating revenue declined 10% to INR 50 Cr, whereas expenses jumped 63% to INR 773.2 Cr in the financial year. On a unit economics level, the startup spent INR 15 to earn every INR 1 from its operations. 

Read: Flipkart Owned Cleartrip Spent INR 15 To Earn Every INR 1 From Ops In FY23

Kunal Shah’s CRED’s Revenue Jumps 250% In FY23

Kunal Shah-led fintech unicorn CRED’s total revenue jumped over 3.5X in the financial year ended March 31, 2023 to INR 1,484 Cr from INR 422 Cr in the previous fiscal year. 

While the loss grew 5% to INR 1,347.4 Cr in FY23 from INR 1,279.5 Cr in the previous fiscal year, the startup’s total expenditure jumped 1.6X to INR 2,831.9 Cr in FY23 from INR 1,702.1 Cr.

CRED, which is known for splurging on advertisements, reduced its marketing costs by 26% to INR 713.4 Cr from INR 975.7 Cr in FY22.

Read: Kunal Shah-Led CRED’s Revenue Jumps 3.5X To INR 1,484 Cr In FY23

Darwinbox’s Loss Jumps To INR 158 Cr

HRtech unicorn Darwinbox’s consolidated net loss soared 2.4X to INR 158.25 Cr in FY23 from INR 65.72 Cr in the previous fiscal year.

The Microsoft-backed startup’s operating revenue almost doubled to INR 224.04 Cr in FY23 from INR 116.73 Cr in FY22. 

The SaaS-based startup’s total expenses soared 2.2X to INR 407.22 Cr in FY23 from INR 186.93 Cr in the previous fiscal year.

Read: HRtech Unicorn Darwinbox’s FY23 Loss Surges 2.4X To INR 158 Cr

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

DroneAcharya Witnesses 700% Jump In Profit

Of the listed companies, Pune-based drone startup Droneacharya 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

Dunzo’s Loss Quadruples

Reliance-backed Dunzo’s loss nearly quadrupled in the financial year ended March 31, 2023. The Bengaluru-based hyperlocal delivery startup’s loss surged to INR 1,801 Cr in FY23 from INR 464 Cr in the previous fiscal year. 

Meanwhile, operating revenue increased 317% to INR 226.6 Cr in FY23 from INR 54.3 Cr in FY22. The startup’s total expenses ballooned 286% to INR 2,054.4 Cr in FY23 from INR 531.7 Cr in the previous fiscal year

Read: Dunzo Spent INR 9 To Earn Every Single Rupee From Operations In FY23

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

ElasticRun’s Revenue Cross INR 4,000 Cr Mark

Softbank-backed logistics unicorn ElasticRun’s revenue from operations saw a YoY increase of 24.71% to INR 4,754.86 Cr from INR 3,812.65 Cr in FY22. Further, the total revenue saw a YoY increase of 26.71% to INR 4,851.09 Cr from INR 3,828.24 Cr in the previous fiscal.

However, the startup loss nearly doubled to INR 618.82 Cr from INR 358.59 Cr in FY22. 

ElasticRun’s total expenditure surged 30.65% YoY to INR 5,469.91 Cr from INR 4,186.66 Cr in FY22.

Read: SoftBank-Backed ElasticRun’s FY23 Loss Doubles To INR 619 Cr

Flipkart’s B2B Arm’s Loss Jumps 42%

Flipkart India, the B2B arm of Flipkart, saw its standalone net loss balloon over 42% to INR 4,845.7 Cr in FY23 from INR 3,404.3 Cr in FY22. 

Operating revenue increased a mere 9.7% to INR 55,923.9 Cr in FY23 from INR 50,992.5 Cr in the previous fiscal year.  Total expenses rose 11.5% to INR 60,858.5 Cr in FY23 from INR 54,580 Cr in FY22.

Read: Flipkart’s B2B Arm’s FY23 Loss Surges 42% To INR 4,846 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

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

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

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

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

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

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

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

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

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

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

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

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

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

Purplle’s Sales Inches Closer To INR 500 Cr Mark

Beauty ecommerce marketplace Purplle’s operating revenue more than doubled to near the INR 500 Cr mark during the year ended March 31, 2023. The startup’s operating revenue or sales stood at INR 474.9 Cr in FY23, an increase of 116% from INR 219.8 Cr in FY22. 

Despite the rise in operating revenue, Purplle’s net loss grew 13% to INR 230 Cr from INR 203.6 Cr in FY22. 

The startup’s total expenditure grew 71% to INR 738.3 Cr from INR 431.2 Cr in FY22.

Read: Purplle’s FY23 Sales Inch Closer To INR 500 Cr Mark, Loss Widens To INR 230 Cr

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

Recykal Slips Into The Red 

Morgan Stanley-backed waste management marketplace Recykal slipped into the red in FY23, reporting a net loss of INR 25.7 Cr as against a net profit of INR 1.2 Cr in FY22. 

However, the Hyderabad-based startup’s operating revenue jumped 291% to INR 745.1 Cr in FY23 from INR 190.4 Cr in the previous fiscal year. 

Read: Morgan Stanley-Backed Recykal Slips Into The Red, Posts INR 25.7 Cr Loss In FY23

Rupeek’s Loss Declines 23% 

Gold loan startup Rupeek reported a 22.7% narrowed loss of INR 281.6 Cr in FY23 from INR 364.4 Cr in FY22. The Bengaluru-based startup’s revenue from operations dropped 27.7% to INR 88.9 Cr in FY23 from INR 122.9 Cr in FY22.

Total expenses fell one-fourth to INR 376.9 Cr in FY23 from INR 499.4 Cr in the previous fiscal year.

Read: Fintech Startup Rupeek’s FY23 Loss Declines 23% To INR 282 Cr, Sales Slide 28%

Pine Labs-Owned Setu’s Loss Jumps Over 100%

Bengaluru-based fintech startup Setu’s FY23 net loss jumped 118% year-on-year (YoY) to INR 62 Cr. The startup’s operating revenue increased 22% to INR 14.2 Cr from INR 11.6 Cr a fiscal ago.

The fintech startup’s overall expenditure rose by over 77% to INR 79.6 Cr during the year under review from INR 44.9 Cr it spent in the previous fiscal year. 

Read: Pine Labs Owned Setu Spent INR 5.6 To Earn Every Rupee In FY23

Servify’s Operating Revenue Almost Doubles

Device management startup Servify’s net loss narrowed to INR 229.1 Cr in FY23 from INR 2,860.8 Cr posted in the previous fiscal, helped by a sharp decline in non-operating expenses.

Servify’s operating revenue almost doubled to INR 313 Cr during the year under review from INR 611.2 Cr in FY22.

The startup reported an over 73% decline in its total expenses to INR 846.7 Cr in FY23 from INR 3,176.4 Cr the previous year.

Read: Decline In Non-Operating Expenses Helps Servify Narrow FY23 Loss Over 90% To INR 229 Cr

ShareChat’s Loss Crosses INR 5,000 Cr Mark

India’s indigenous social media platform ShareChat saw its loss increase to INR 5,144 Cr in FY23 on the back of amortisation expenses due to the acquisition of MX Taka Tak. In FY22, the startup’s loss stood at INR 2,988.6 Cr in FY22.

ShareChat’s revenue from operations increased 59% to INR 552.7 Cr in FY23 from INR 346.9 Cr in FY22.

The startup’s total expenses increased 72% to INR 5,862.1 Cr in FY23 from INR 3,407.5 Cr

Read: Google Backed ShareChat’s Losses Ballooned To INR 4,064 Cr In FY23 

Shiprocket’s Revenue Crosses INR 1,000 Cr Mark

Zomato-backed logistics unicorn Shiprocket’s revenue from operations increased over 78% to INR 1,088.8 Cr in FY23 from INR 610.5 Cr on the back of its acquisition spree.

The startup’s loss increased over 425% to INR 333.8 Cr during the year under review from INR 63.6 Cr in the previous fiscal year.

On the expenses front, the Saahil Goel-led startup spent a total INR 1,397 Cr in FY23 as against INR 697.8 Cr it had spent in FY22.

Read: Shiprocket’s FY23 Revenue Crosses INR 1,000 Cr Mark, Reports 3.6X Surge In Loss

Spacetech Startup Skyroot’s Loss Doubles 

Indian spacetech startup Skyroot Aerospace saw its standalone net loss widen to INR 55.2 Cr in FY23 from INR 23.7 Cr in the prior fiscal year.

While the startup’s operating revenue rose to INR 44 Lakh in FY23 from INR 1.5 Lakh in the previous year, its expenses surged to INR 63 Cr during the year under review from INR 24 Cr in FY22.  

Read: Skyroot Aerospace’s FY23 Net Loss Jumps Over 2X To INR 55 Cr

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

Testbook’s Loss Almost Triples In FY23

Government job test prep startup Testbook’s loss surged 2.7X to INR 129.8 Cr in FY23 from INR 48 Cr in FY22.  The Mumbai-based startup’s revenue from operations rose 59% to INR 56.1 Cr in FY23 from INR 35.2 Cr in the previous fiscal year. 

Testbook’s expenses rose a whopping 2.2X to INR 186.7 Cr during the year under review from INR 81.4 Cr in the previous year, with employee benefit expenses climbing 200% to INR 95 Cr from INR 31.8 Cr in FY22. 

Read: Testbook Spent INR 3.3 To Earn Every Rupee From Operations 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. 

True Elements’ Spent INR 84 Cr To Earn INR 57 Cr

Marico-owned healthy snacks brand True Elements’ net loss jumped 37% to INR 18.6 Cr in FY23 from INR 13.6 Cr in FY22. 

While the startup’s operating revenue saw a 25% jump to INR 57.3 Cr in FY23 from INR 45.8 Cr in FY22, expenditure increased over 44% to INR 84.2 Cr in FY23 from INR 58.4 Cr in the previous fiscal year. The startup’s biggest expenses, cost of materials consumed, increased over 43% to INR 36.5 Cr in FY23 from INR 25.5 Cr.

Read: True Elements Spent INR 84 Cr To Earn INR 57 Cr From Selling Healthy Snacks In FY23

Udaan’s FY23 Revenue Declines 43%

Bengaluru-based B2B ecommerce startup Udaan’s operating revenue declined 43% to INR 5,609.3 Cr in FY23 from INR 9,897.3 Cr in the previous fiscal year. Its net loss also fell 33.5% to INR 2,076 Cr in FY23 from INR 3,123.4 Cr in the previous fiscal year.

As per some media reports, Udaan is in discussions to raise around $250 Mn in  fresh round of funding. 

Read: Udaan’s Operating Revenue Drops 43% To INR 5,609 Cr In FY23

Unicommerce’s Profit Inches Up 

IPO-bound SaaS startup Unicommerce’s operating revenue zoomed 52% to INR 90 Cr in the financial year 2022-23 from INR 59 Cr in the previous fiscal year on strong demand for its services.

This resulted in the SoftBank-backed startup’s net profit rising 8% to INR 6.4 Cr in FY23 from INR 5.9 Cr in FY22.

The startup’s overall expense rose 55% to INR 84.1 Cr in FY23 from INR 54.4 Cr in the previous fiscal year.

Read: IPO-Bound Unicommerce Posts INR 6.4 Cr Profit In FY23, Revenue Nears INR 100 Cr Mark

Uniphore’s Net Profit Quadruples

Uniphore, one of the few profitable unicorns, saw its net profit rise further in FY23. The startup’s profit jumped over 4X to INR 142.7 Cr in FY23 from INR 33.4 Cr in FY22. This was the second consecutive profitable year for the startup after it reported a net loss of INR 281.8 Cr in FY21. 

However, operating revenue fell 28% to INR 488.4 Cr and overall expenses also dropped 29% to INR 492.7 Cr in FY23. 

Read: Uniphore’s FY23 Profit Quadruples To INR 143 Cr As Revenue From India Soars 272X

upGrad’s Loss Jumps Past INR 1,000 Cr Mark

Mumbai-based edtech unicorn upGrad’s net loss surged 76% to INR 1,141.5 Cr in the financial year 2022-23 (FY23) from INR 648.2 Cr in the previous fiscal year.

The startup’s bottom line took a hit due to goodwill writedown of INR 410 Cr despite its operating revenue crossing the INR 1,000 Cr mark. The Ronnie Screwvala-led startup reported an operating revenue of INR 1,169.6 Cr in FY23, an increase of 97% from INR 595 Cr in the previous fiscal year.

The startup’s overall expenses increased 56% to INR 1,938 Cr from INR 1,241 Cr reported in the previous fiscal year.

Read: upGrad’s FY23 Loss Surges To INR 1,141.5 Cr On Goodwill Writedown Of INR 410 Cr

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

Wakefit’s Operating Revenue Crosses INR 800 Cr Mark

D2C furniture and mattress startup Wakefit’s net loss widened by 37% to INR from INR 107 Cr in the previous fiscal year. 

Revenue from operations increased 28% to INR 813 Cr during the year under review from INR 632.5 Cr in the previous fiscal year.  Total expenses grew 30% to INR 965.6 Cr in FY23 from INR 743.5 Cr in the previous fiscal year.

Read: After Spending INR 96 Cr On Advertising, Wakefit Incurs INR 146 Cr Loss In FY23

Xpressbees’ Loss Surges Over 6X 

Logistics unicorn Xpressbees’ net loss widened over 500% to INR 180.4 Cr in FY23 from INR 27.1 Cr in FY22. Operating revenue increased a mere 1.3X to INR 2,531.5 Cr during the year under review from INR 1,904.4 Cr in FY22.  

The TPG-backed startup’s total expenses grew 42% to INR 2,784.7 Cr in FY23 from INR 1,957.1 Cr in the previous fiscal year. 

Read: Logistics Unicorn Xpressbees’ FY23 Loss Surges Over 500% To INR 180 Cr

Yulu’s Loss Inches Closer To INR 100 Cr Mark

Emobility startup Yulu saw its consolidated net loss widen 71% to INR 94.9 Cr in FY23 from as against INR 55.5 Cr in FY22.

The cleantech startup’s operating revenue rose to INR 41.7 Cr, a 43.8% from INR 29 Cr it reported in the previous fiscal year. 

Yulu reported a total expenditure of INR 140.1 Cr in FY23, a sharp 60.5% increase from INR 87.3 Cr spent in the prior fiscal.

Read: Yulu’s FY23 Net Loss Widens 71% To INR 94.9 Cr As Business Expands

Zepto’s Revenue Suprasses INR 2,000 Cr Mark

Zepto, the latest entrant to the unicorn club, reported an operating revenue of INR 2,024.3 Cr in FY23, a 14X increase from INR 140.7 Cr in the previous fiscal year.

At the same time, the startup’s loss soared 3.2X to INR 1,272.4 Cr from INR 390 Cr in FY22.

Total expenses stood at INR 3,350 Cr in FY23 as against INR 532.7 Cr in the previous year.

Read: Zepto’s FY23 Revenue Jumps 14X To INR 2,078 Cr, Loss Triples To INR 1,272 Cr

Kamath Brothers’ Led Zerodha’s Revenue Inches Closer To INR 7,000 Cr Mark

Bootstrapped stock-broking platform Zerodah, led by Nithin and Nikhil Kamath, reported a total income of INR 6,875 Cr in FY23, an increase of 38% from INR 4,964 Cr in the previous fiscal year. 

The Bengaluru-based unicorn, which is valued at $3.6 Bn, saw its net profit jump 39% to INR 2,907 Cr from INR 2,094.3 Cr in FY22.

Read: Zerodha’s FY23 Net Profit Rises To INR 2,907 Cr As Revenue Nears INR 7,000 Cr Mark

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

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Edited By: Vinaykumar Rai
Last Updated: 16th December, 17:30 PM IST