Growth in Revenue for Start Ups to Watch for this 2024 1st Q
The first quarter results of revenue for Indian start-ups shows up quite a positive picture in terms of profit earning.
Resilience in face of uncertainty
The Start-up community and entrepreneurs has shown resilience in face of market based uncertainties with a total funding of $8.4 billion in India in 2023. Many Start ups went for strategy changing ranging from restructuring to eliminating not so profitable units. Few went to reduce their marketing budgets and job lay off, to navigate the downturn.
With advent of AI, the start-up landscape now turned towards implementing technologies that can assist to increase the revenue like DeepTech, SpaceTech, Artificial Intelligence and EVs.
Besides various metro cities, 2tier cities and small cities are brimming with enthusiasm and many entrepreneurs are starting their own business that is creating an impact on economy and helping with saving strategy as small cities have lesser cost of operating comparing to big cities in India.
Economic survey says in 2023 there have been maximum job creations and employment opportunities under various start up banner and this indicates a positive turn.
India has about 50,000 startups in India in 2018; around 8,900 – 9,300 of these are technology led startups 1300, and there are 2-3 tech-startups born every day.
Let’s check in Start-Ups that witnessed gains in term of revenue till May 2024.
- Online fashion and beauty commerce platform Nykaa has a 24.1% growth in scale during the fiscal year ending March 2024. The profit after tax (PAT) for the Falguni Nayar-led firm also rose 90.5% to Rs 40 crore in the same period. The 24% scale and prudent cost mechanism helped Nykaa post a 90.5% increase in profit to Rs 40 crore in FY24 from Rs 21 crore in FY23.
- Nazara Technologies Limited, a gaming and sports media company, posted a modest growth of 4.3% during the previous fiscal year ending March 2024. There is a 62% surge in non-operating income helped Nazara post a decent increase in its revenue. Nazara’s revenue from operations increased 4.3% to Rs 1,138 crore in FY24 from Rs 1,091 crore in FY23
- MamaEarth-parent Honasa posts Rs 1,920 Cr revenue, Rs 110 Cr PAT in FY24 . Honasa Consumer Ltd, the parent firm of the D2C brand MamaEarth, showcased a 28.7% year-on-year growth to near Rs 2,000 crore revenue threshold in FY24. Honasa’s revenue from operations grew to Rs 1,920 crore in FY24 from Rs 1,492 crore in FY23.
- Urban Company is yet to enter the profitable club the latest as per company reports. As per the founders of the company, the startup’s profit from India operations now “offsets” overseas loss. In a consolidated basis, the firm posted a little over Rs 7 crore in profit before tax (PBT) in April 2024 and the company achieved more than 90% of its business—it recorded over Rs 11 crore PBT in April 2024.
- Adda247, a multilingual learning platform backed by Google, has announced its financial performance for the fiscal year 2024. The company has registered a revenue of Rs 243.39 crore, reflecting a year-on-year growth of 88% from Rs 129.65 crore in the previous fiscal year.
- Zomato saw a a double-digit growth in profit sequentially for the March quarter on a single-digit growth in sequential sales. Food delivery platform Zomato, on May 13, announced its fourth quarter (Q4 FY24) financial results ending on March 31, 2024. The company posted a consolidated net profit of ₹175 crore in Q4 FY24 versus a loss of ₹188 crore same period a year ago.
- Lenskart’s revenue surged 152% from Rs 1,503 crore in FY22 to Rs 3,788 crore in FY23, while net loss narrowed from Rs 102 crore to Rs 64 crore during the period, according to the company’s regulatory filings. Lenskart primarily generated revenue from the sale of eyewear and its collections from India formed 59% of its total revenue.
