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We are passionate about innovation, entrepreneurship, and the remarkable journey of startups in India. Our goal is to bolster India’s tech & startup economy and we do this by focusing on three core elements — Content, People and Connections. 

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Shiprocket saw a 78% increase in its operating revenue in FY23 to INR 1,089 Cr — from INR 611 Cr it had reported in the previous fiscal year. Meanwhile, its net loss surged 266% on the back of its multiple acquisitions. 

The #logistics unicorn reported a net loss of INR 341 Cr in FY23 from INR 93.1 Cr it had reported in the previous fiscal year. 

The startup blamed its 2 acquisitions – Omuni for INR 200 Cr and one of its rivals Pickrr for $200 Mn in FY23 – the primary reason for its more than 3-fold increase in loss. 

Shiprocket has been on an acquisition spree since the beginning of 2022. After bagging$185 Mn from Zomato and Temasek at the end of 2021, Shiprocket went on to acquire Wigzo by Shiprocket, Rocketbox, Glaucus Supply Chain Solutions Private Limited, Pickrr, and Omuni in quick succession to expand its product offerings. 

#fy23 #financials #startup

#FounderX startup tour begins! Our fellows got a golden ticket to visit 3 prominent startup offices —  and the first stop is Droom 🚘 

It was an inspiring, productive and insightful start to the day as our fellows got to meet the one and only, Sandeep Aggarwal – who has two unicorns to his name, Droom and ShopClues – and experience his unique leadership and startup culture first hand. They also got a demo of cutting edge technology, AI lab and many technological innovations.

At FounderX, our mission is to foster actionable learning, and that’s precisely why we’ve meticulously crafted a week of activities that will empower our fellows to evolve into the founders of tomorrow. 

#entrepreneurship #founder Omkar Palit Sudhir Singh Amarpreet Singh Sundar Rawat

Mamaearth’s public issue was oversubscribed 7.61X on the last day of its IPO on the back of huge demand from qualified institutional buyers (QIBs).

The issue received bids for 22 Cr shares as against 2.89 Cr shares on offer. The bids by QIBs accounted for 82% of the total bids.

However, retail investors seemed the least interested in Mamaearth’s IPO. The portion reserved for them was oversubscribed by only 1.35X.

#mamaearth #ipo #fundraising

“Small companies owning fewer than 10 trucks dominate the fragmented truck market,” said Md. Imthiaz, founder of RAAHO. Recognising the need for quick and consistent freight orders for optimised asset utilisation, Imthiaz setup Raaho with three others in 2017.

Read how the startup uses machine learning and data science for requirement-matching and route optimisation.

#Xpressbees saw its net loss jump 566% to INR 180.4 Cr in FY23 from INR 27.1 Cr in FY22 — due to higher cash burn. While its loss rose astronomically, revenue from operations increased a mere 1.3X. 

Xpressbees’ total expenses increased 42% to INR 2,784.7 Cr in FY23 from INR 1,957.1 Cr in the previous fiscal year. 

🔻 Courier charges continued to be the biggest expense for the logistics startup. It spent INR 1,620.4 Cr on courier charges in FY23, a 6% jump from INR 1,526.8 Cr in the last fiscal year. Courier charges accounted for 58% of the total expenditure.

🔻 Employee benefit expenses increased 74% to INR 322.9 Cr in FY23 from INR 185.7 Cr in FY22. As per LinkedIn, the startup’s total employee count currently stands at 6,211, an increase of 20% from the previous year. 

#expenses #loss #fy23 #startup

Recently, Indian SaaS unicorn Freshworks announced that it was confident to achieve its goal of $1 Bn in revenue in the next 3 years. This made us wonder — which are the most valuable SaaS startups in the country? Let's take a look 👇 

🔸 Fractal turned profitable in FY23, posting a profit of INR 194.4 Cr as against a loss of INR 148.4 Cr in FY22. 

🔸 Freshworks' revenue jumped 19% in Q3 2023 to $153.6 Mn from $128.7 Mn in Q3 2022. It reported $38.7 Mn in net loss from operations in Q3 2023, down 33.6% YoY from $58.3 Mn in Q3 2022.

🔸 Uniphore 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. 

#saas #unicorn #valuation

🎉 The Party Begins! 🎉 After a long day of pitches the fellows of #FounderX are now unwinding over dinner and drinks. 

It’s heartwarming to see that the bonds and camaraderie forged among the fellows will extend way beyond the FounderX program and is set to redefine innovation and collaboration within India's vibrant #startup ecosystem! ✨

Here are some glimpses from the first of the three exhilarating days we’ve planned out for the fellows of #FounderX. The story continues tomorrow, stay tuned…

[Rujuta Shah, Himanshu Periwal, Ashwin Raguraman, Swati Bhargava, Ankit Agrawal, Lal Chand Bisu, Vinay Singhal, Geetika Raheja, Dhruvil Sanghvi, Krish Ramineni, Anand Jain, Ashish Tulsian, Siddhartha Ahluwalia, Sandeep Aggarwal, Nitya Sharma, Dhirendra Mahyavanshi, Arjun Vaidya]

Delhi NCR-based Cashify’s operating revenue jumped 64% in FY23 to INR 815.9 Cr from INR 497.9 Cr in the previous fiscal year. 

Founded in 2013 by Mandeep Manocha, Nakul Kumar, Amit Sethi, and Siddhant Dhingra, Cashify is a recommerce marketplace that offers an online platform to sell old or used electronic gadgets like smartphones, laptops, tablets, desktops and gaming consoles.

Including other income, Cashify earned a total revenue of INR 825.4 Cr in FY23, up 63.6% from INR 504.4 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.

#fy23 #financialnews #loss

Landowners with unused land endure financial losses as their assets remain underutilised. This untapped potential fails to generate income and burdens them with ongoing expenses causing economic uncertainty. To empower these landowners, eeki leverages such lands to establish their IoT-enabled growing chambers.  
 
Discover how Eeki Foods helps these landowners earn tax-free profits while producing high-quality yields.

Sustainable packaging startup Fibmold has secured $10 Mn funding in a round led by Omnivore and Accel. 

Founded in October 2022 by Param Gandhi and Vaibhav Garg, Fibmold manufactures eco-friendly, moulded fibre packaging products that mimic the functionality of rigid plastics. 

#fundraising #startup

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Inc42 is India's largest tech media platform focused on accelerating the GDP of India's tech and startup economy. They provide content, connections, and insights to the tech community through news, research reports, events, and conferences.

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