Urban Company, a home service marketplace, has shown impressive growth since its inception, with operating revenue reaching Rs 827 crore in FY24, up from Rs 248 crore in FY21.  The company reporte...

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- Urban Company, a home service marketplace, has shown impressive growth since its inception, with operating revenue reaching Rs 827 crore in FY24, up from Rs 248 crore in FY21.
- The company reported a 30% year-on-year increase in revenue for FY24, while also achieving a 70% reduction in losses, which fell to Rs 93 crore from Rs 312 crore in FY23.
- Despite the positive financials, Urban Company noted that these figures are unaudited and may differ from the actual balance sheet to be released soon.
- In Q1 FY25, the company recorded Rs 281 crore in revenue, a 37.3% increase compared to Q1 FY24, with an operating EBITDA of Rs 7 crore.
- The firm also highlighted that female service partners earned 23% more per hour than their male counterparts in H2 CY23, and the company charged an average commission of 25% from service partners. 

 Source: Entrackr

Urban Company Reports Significant Growth and Reduced Losses in FY24

Journalist

Urban Company Reports Significant Growth and Reduced Losses in FY24- Grapevine

Welcome to Indian Startups's Private Community

Context - Morning Context article on Teachmint
https://themorningcontext.com/internet/teachmint-is-the-latest-edtech-on-the-verge-of-a-crisis

IITians or Ponzi Schemers?

Some excerpts from the article: 
  
 Their core product is not relevant to schools in the post-pandemic world,” says the edtech entrepreneur. “Unless they are able to build additional layers, they will not be able to monetize.” 
 “Burn has been relatively high in the past, however, we have aligned our burn and business structure to be in-line with the current market and macro factors,” said the Teachmint spokesperson. After starting paid subscriptions late in 2021-22, revenue saw “a major ramp” in 2022-23, they said. The company is “working towards breaking even over the next 3 years”. 
  
 “The money got to their head. It gave them fake confidence and COVID exacerbated that. They became cocky and arrogant,” says the second former employee. “I remember discussions used to be like how to make a $10 billion company. And we were like, please get the revenue of $1 million. They thought whatever they touch will turn to gold. And this has been the reason for their downfall.” 
  
 “It is pretty shocking to see identical Mercedes SUVs in the parking lot. How can you do this after raising just a Series B?” asks a second former employee, also on condition of anonymity. “Especially when you don’t have a product and vision?” 
  
  
 “Both Mihir and Divyansh bought houses worth crores of rupees. All this was done when the company still had no steady revenue,” says a third former employee, requesting not to be identified. 
  
 The buyback “is very similar to a founder secondary [just a different structure],” says a VC investor, asking not to be named. “Founder shares are typically locked in. So, if it is a small amount, <Rs 10 crore type in a mature company, yes. Else, likely no.”

Founder

Program Manager

I'm talking about new startups, as a founder who's trying to build an ecommerce platform currently.

I'm still very early, but it feels that the writing is on the wall. 
Flipkart, Myntra, Nykaa, Zomato, Swiggy etc. have all built great products and soon great businesses (I'm sure) 

But it does not make sense to me why we've barely seen anything new in the last 5 years. Even funding wise, if that is something one wants to look at. 

So many people have tried - none of the new ideas have worked. CAC is too high. Current platforms already solve problems. Retention is never there, people may try you out, but will move back to Amazon/Instamart. 

But this is not how things typically work. It's very clear that consumer spending is going to increase, online more so, at an even faster rate. I don't feel the current platforms solve everything, a better version can be built. 

SO, is it the founders of the current era that have failed to make a dent? Is it the fact that VCs have stopped paying attention to this space? Or is it that the current platforms indeed solve everything? 

Would love everybody's thoughts. And also if you have tried building/or have ideas on what potential next eCommerce platforms could loook like. 

Over and out.

Is Indian eCommerce dead? (from a new startup founders' pov)

Data Scientist

- Student housing startup Your-Space reported a 21.8% increase in revenue to Rs 142.7 crore in FY24, up from Rs 117.2 crore in FY23. 
- The company's losses also rose, reaching Rs 30.7 crore in FY24, a 20% increase from Rs 25.5 crore in FY23. 
- Your-Space operates over 60 smart spaces providing affordable housing for students, with income from residential services accounting for 99.5% of total operating revenue. 
- Rental costs for accommodations made up 52.6% of total expenses, rising by 34% to Rs 92.2 crore in FY24. 
- The company has raised Rs 129 crore to date and competes with other student housing providers like Abuzz Oxfordcaps and Stanza Living.

Source: [Entrackr](https://entrackr.com/2024/10/your-space-posts-rs-142-cr-revenue-in-fy24-losses-up-20/)

Your-Space Revenue Hits Rs 142 Cr in FY24, Losses Rise by 20%

Urban Company towards profits

Growth Manager

Wanted to check with folks working at UrbanCompany how the company is doing. Are they growing / doing well? It appears to be smooth sailing but I heard they postponed their IPO. 

Also how’s culture there? Heard Abhiraj is a great CEO.

What’s up with UrbanCompany?

Product Owner

Goldman Sachs has set a price target of INR 2,800 on MapmyIndia's stock, implying an upside of almost 40% from its close on Wednesday.

Here's why this matters:

1/ Riding the Digital Wave: MapmyIndia isn't just mapping streets; it's mapping India's digital transformation. From smart cities to autonomous vehicles, the company is at the intersection of critical growth sectors.

2/ The Numbers Tell a Story:
- 35% YoY revenue jump to INR 379.4 Cr
- 25% profit growth to INR 134.3 Cr
- Projected 38% revenue CAGR (FY24-FY27)
These aren't just figures; they're proof of a scalable, profitable model in a sector where growth often comes at the cost of profitability.

3/ Beyond Navigation: MapmyIndia's expansion into telematics and government digitization signals a pivot from being a map provider to becoming a critical digital infrastructure player.

4/ The 40% Upside Question: Goldman's target implies MapmyIndia is significantly undervalued. Is the market missing something, or is Goldman overly optimistic?

5/ The Bigger Picture: MapmyIndia's success could be a bellwether for India's broader tech ecosystem, showcasing the potential for homegrown companies to dominate in niche, high-growth sectors.

🍇 for Thought: Goldman Sachs' bullish outlook on MapmyIndia challenges the notion of Google Maps' invincibility in the geospatial landscape. Despite Google's global dominance, MapmyIndia's projected growth suggests there's significant value in localized, specialized mapping solutions, especially in sectors like automotive and government. This highlights the potential for homegrown tech companies to carve out lucrative niches in markets traditionally dominated by global giants. However, MapmyIndia's ability to sustain its growth and fend off competition from both local and international players will be crucial in determining whether it can truly rival Google's influence in India's digital mapping ecosystem. 🗺️🇮🇳

Image Credits: Inc42

Goldman Sachs Sees 40% Upside In MapmyIndia; Stock Hits 20% Upper Circuit

- Livspace, the home interior platform, saw a 14.78% revenue growth in FY24, reaching Rs 1,185.7 crore.
- The company's losses shrank by 48.48%, down to Rs 413.8 crore from Rs 803.3 crore in FY23.
- Revenue from interior projects formed 94% of the total, increasing to Rs 1,110.65 crore.
- Employee benefits expenses dropped by 16.1%, contributing to controlled overall expenditure.
- Livspace plans to shift its domicile to India and aims to go public within 18-24 months. 

 Source: [Entrackr](https://entrackr.com/2024/09/livspace-revenue-crosses-rs-1200-cr-in-fy24-losses-shrink-by-48/)

Livspace Revenue Soars to Rs 1,200 Cr in FY24, Losses Halved

- Swiggy's revenue grew 36 percent from Rs 8,265 crore in FY23 to Rs 11,247 crore in FY24.
- Despite the growth, Swiggy still lagged behind Zomato, which had a revenue of Rs 12,114 crore and a profit of Rs 351 crore.
- Swiggy's losses were reduced by 44 percent, from Rs 4,179 crore to Rs 2,350 crore, due to better expense control.
- The company spent Rs 13,947 crore in FY24, 8 percent less than the previous year, mainly by cutting promotion and marketing costs.
- Swiggy's Instamart, however, lagged behind Zomato's Blinkit in quick commerce, with revenues of Rs 1,100 crore versus Blinkit's Rs 2,301 crore. 

 Source: [Moneycontrol](https://www.moneycontrol.com/news/business/startup/swiggy-narrows-gap-with-zomato-on-revenue-food-delivery-business-grew-36-to-rs-11247-crore-in-fy24-12814599.html)

Swiggy Narrows Gap with Zomato on Revenue, Food Delivery Business Grows 36% to Rs 11,247 Crore in FY24

- Acko, a new-age insurance firm, has surpassed the Rs 2,000 crore revenue mark in FY24, a 19.8% increase from FY23. 
- The company also managed to reduce its losses by 9%, bringing them below Rs 700 crore. 
- Gross premium earned accounted for 73.35% of total income, showing a 33.9% growth to Rs 1,587 crore. 
- Acko's controlled costs in employee benefits, advertising, and claims paid helped reduce losses to Rs 670 crore in FY24. 
- The firm aims to achieve profitability by FY27, driven by its general and health insurance segments.

Source: [Entrackr](https://entrackr.com/2024/10/acko-hits-rs-2000-cr-revenue-threshold-with-lower-losses-in-fy24/)

Acko Surpasses Rs 2,000 Cr Revenue, Reduces Losses in FY24

VC here. Doing this for fun.
Don't take all views seriously.

Comment a startup's name, I'll share if it's promising or whatever I know

Analyst

- Stockbroking startup Dhan reported a 600% increase in gross revenues, reaching Rs 380 crore in FY24. 
- The company also reported a net profit of Rs 155 crore, a significant turnaround from the net loss of Rs 22 crore in the previous fiscal. 
- Dhan is currently in talks to raise fresh capital of around $100 million. 
- The company's growth reflects the overall expansion of the equity trading market and the rise of new-age discount brokers. 
- Despite regulatory challenges, Dhan is diversifying its offerings to maintain its revenue streams.

Source: [Economic Times](https://economictimes.indiatimes.com/tech/startups/dhan-swings-to-profit-in-fy24-with-gross-revenues-of-rs-380-crore-up-600-from-last-year/articleshow/113874378.cms)

Dhan's Revenue Skyrockets 600%, Reports Maiden Profits of Rs 155 Crore in FY24

- Tata Consultancy Services (TCS) slightly exceeded first-quarter revenue expectations but remains cautious about future growth due to volatile market conditions, according to CEO K Krithivasan.
- Customers are holding back on tech spending in preparation for economic uncertainties, impacting demand for Indian IT services since FY23.
- TCS reported a 5.4% rise in consolidated revenue to 626.13 billion rupees and an 8.7% increase in net profit to 120.40 billion rupees for the June quarter.
- The company secured deals worth $8.3 billion, down from $13.2 billion in the previous quarter, with significant contributions from mega deals like BSNL and Aviva.
- Analysts predict a demand recovery for the Indian IT sector in the second half of FY25, with a full-blown recovery expected in FY26, potentially boosted by an early rate cut in the U.S. 

 Source: Reuters

TCS Surpasses Q1 Revenue Estimates Amid Demand Uncertainty

https://inc42.com/features/indian-startup-fy23-financials-tracker-tracking-the-financial-performance-of-top-startups/amp/

The FY23 Financials Of Indian Startups

Software Engineer

Welcome to Office Gossip's Private Community

2 Engineering Director's and a Marketing Director left in last 2 months. 
CTO, CGO, CHRO have put down papers and are leaving soon. 
A Sr. Engg Director has also resigned.
A couple of SDE's joined and are leaving within the month of joining and more older SDE's leaving too.
These are voluntary exits despite the current layoff and downtrend.

Mass exodus at Upstox

Product Manager

- Licious reported a 44% decrease in loss to INR 293.77 Cr in FY24 from INR 528.5 Cr in FY23.
- However, the startup's revenue also declined by 8.4% to INR 685.05 Cr in FY24 from INR 748 Cr in FY23.
- The decline in revenue was attributed to the closure of sales from Dunzo and Swiggy Meatstore, and reduced exposure to modern trade and local stores.
- Despite this, the company saw a 35% YoY growth in quick commerce deliveries and is now piloting 30-minute meat deliveries in Gurugram.
- Licious is also planning to expand its offline store network, recently acquiring Bengaluru-based retailer My Chicken and More.

Source: [Inc42](https://inc42.com/buzz/licious-says-fy24-loss-down-44-yoy-to-inr-294-cr/)

Licious Reports 44% Decrease in FY24 Loss to INR 294 Cr

The Morning Vine 🍇

Can anyone here tell me what exactly went wrong with Dunzo... I was working on a case study related to the same... Would certainly help me a lot

What went wrong with Dunzo?

Urbancompany announces its biggest ESOP buyback of  203Cr where 446 employee will participate. 
In the era of layoffs be a UC 🙃

Urban Company Reports Significant Growth and Reduced Losses in FY24

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