Indian Startup FY24 Financials Tracker: Tracking The Financial Performance Of Top Startups

By Ncr Ink On Oct 11, 2024

The world’s third largest startup ecosystem has been in the midst of a raging funding winter for a couple of years now. As investors tightened their purse strings, the Indian startup ecosystem has had to go through a lot of pain, which included thousands of employees losing their jobs.

This was especially true for the fiscal year 2023-24 (FY24), when the funding drought peaked. Far from the capital boom of 2021 when fear of missing out (FOMO) among investors drove a valuation bubble, FY23 and FY24 turned out to be a reality check for the startup ecosystem as many shut shop while others took the debt route to extend their runways.

However, not everything was doom and gloom. The struggle of funding winter brought with it sanity in valuations and forced startups to cut their expenses to chart a profitable growth. This trend was evident in the financial statements of Indian startups in FY23 and seems to have continued in FY24 as well.

Of the 36 startups that have released their financial statements for FY24 so far, 26 ended the year with profitable numbers. Their cumulative profit stood at INR 3,633 Cr.

The likes of Zomato, PB Fintech, Honasa and Milk Mantra turned profitable during the year under review.

Meanwhile, the remaining 10 startups posted a cumulative loss of INR 4,143 Cr, with just Paytm and Ola Electric accounting for more than INR 3,000 Cr of this loss figure. However, it needs to be highlighted that many of these startups were also able to cut their loss in FY24.

In terms of top line, the 36 startups posted a cumulative operating revenue of INR 97,270 Cr in the year ended March 2024.

So, without further ado, let’s take a look at the financial performance of some of these startups in FY24.

Editor’s Note: This list is not a ranking of any kind, we have placed the companies alphabetically. This is a running list and will be updated periodically.

Inside The FY24 Financials Of Indian Startups

Note: All amount in INR Cr

Company Name	Operating Revenue (FY24)	Operating Revenue (FY23)	Revenue Change In % YoY	Loss/ Profit (FY24)	Loss/ Profit (FY23)	Loss/Profit Change In % YoY	Employee Benefit (FY24)	Employee Benefit (FY23)	Advertisement Spends (FY24)	Advertisement Spend (FY23)
Avanse	1,727.00	989.60	74.51	342.4	157.7	117.12	140.9	94.8	0.78	1.4
Awfis	848.80	545.20	55.69	-17.5	-46.6	-62.45	136	95.8	–	–
BlackBuck	296.90	175.60	69.08	-194	-290.4	-33.20	286.9	219.5	157.7	177.7
CarTrade	489.90	363.70	34.70	19.9	40.4	-50.74	246	205.3	–	–
Delhivery	8,141.00	7,225.30	12.67	-249.1	-1,007	-75.26	1,436.70	1,400	15.9	22
DroneAcharya	35.19	18.56	89.60	6.2	3.42	81.29	5.34	4.53	–	–
EaseMyTrip	590.50	448.80	31.57	103.4	134.1	-22.89	82.1	52.4	–	–
Fasal	34.10	18.00	89.44	-34	-32	6.25	20	18	2.4	3.1
Fino Payments Bank	1,478.40	1,229.90	20.20	86.2	65.1	32.41	177.3	155.6	–	–
FirstCry	6,480.80	5,632.50	15.06	-321.5	-486	-33.85	686.5	769.8	482.2	416
Go Digit	7096*	5,164*	24.48	182	36	405.56	270	224.5	322	189
Honasa	1,919.90	1,492.70	28.62	110.52	-150.96	–	170.5	164.8	661.2	530.2
ideaForge	317.00	186.00	70.43	47.8	31.9	49.84	52.5	50.9	2.4	1.5
InCred	1,270.00	864.60	46.89	316.3	120.9	161.62	261.4	191.7
IndiaMART	1,196.80	985.40	21.45	334	283.8	17.69	507.3	399.2	1.7	1.9
ixigo	655.90	501.20	30.87	73.1	23.4	212.39	141	126	55.2	21.4
MapmyIndia	379.40	281.50	34.78	134.4	107.5	25.02	74.6	66.2	9.64	8.45
Milk Mantra	276.40	272.90	1.28	9.8	-12.3	–	18.9	18.6	2.1	2.8
Nazara	1,138.00	1,091.00	4.31	89.46	63.38	41.15	186	149	177.5	239.8
Nykaa	6,385.00	5,143.80	24.13	39.7	20.9	89.95	564.9	491.7	–	–
OfBusiness	19,296.30	15,342.60	25.77	603	463.2	30.18	526.1	326.6	–	–
Ola Electric	5,009.80	2,630.90	90.42	-1,584.40	-1,472.10	7.63	438.9	426.7	79.3	61.4
Oxyzo	903.30	569.90	58.50	290	197.5	46.84	115.5	77.93	–	–
Paytm	9,977.80	7,990.30	24.87	-1,422.40	-1,776.50	-19.93	4,589.20	3,778.30	922	1,076.40
PB Fintech	3,437.60	2,557.80	34.40	64.41	-487.9	–	1,644.10	1,539.60	899	1,357.20
RateGain	957.00	565.10	69.35	146.39	68.4	114.02	379.9	252.7	–	–
TAC Infosec	11.84	10.09	17.34	6.33	5.12	23.63	3.68	1.28	–	–
Tata 1mg	1,967.70	1,627.00	20.94	-313	-1,254.80	-75.06	373.5	354.3	84	135.2
TBO Tek	1,392.80	1,064.50	30.84	200.5	148.4	35.11	277.3	228.3	–	–
Tracxn	82.70	78.10	5.89	6.5	33.09	-80.36	69.25	66.9	–	–
Trust Fintech	35.00	22.50	55.56	12.5	4	212.50	6.45	10.55	–	–
Unicommerce	103.58	90.06	15.01	13.1	6.5	101.54	64.9	62	3.8	3.9
Yatra	422.30	380.00	11.13	-4.5	7.6	–	128.5	109	45.9	33.6
Yudiz	26.10	27.30	-4.40	-2.9	2.7	–	20.4	16.7	–	–
Zaggle	775.50	553.40	40.13	44	22.9	92.14	51.2	43.5	–	–
Zomato	12,114.00	7,079.00	71.13	351	-971	–	1,659	1,465	1,432	1,227

*refers to net earned premium (GWP)

Avanse’s Profit Crosses INR 300 Cr Mark

IPO-bound non-banking financial company Avanse Financial Services posted a profit of INR 342.4 Cr in FY24, a jump of 117% from INR 157.7 Cr in the previous fiscal year.

Operating revenue also jumped 74.5% to INR 1,727 Cr in FY24 from INR 989.6 Cr in the previous year.

Its IPO will comprise a fresh issue of shares worth INR 1,000 Cr and an offer for sale (OFS) component of shares worth up to INR 2,500 Cr. It plans to use the IPO proceeds to increase its capital base to fuel further expansion of its business.

Awfis’ Loss Narrows

Coworking space startup Awfis managed to reduce its loss to INR 17.75 Cr in FY24, a 62% decline from INR 46.6 Cr in the previous year. Though the startup was in loss for the entire fiscal year, it turned profitable in Q4 FY24. It posted a profit of INR 1.4 Cr in Q4 FY24.

In terms of revenue, Awfis’ operating revenue jumped 55.6% to INR 848.8 Cr in FY24 from INR 545.2 Cr in the previous year. In Q4 FY24, the startup’s operating revenue jumped over 45% YoY to INR 232.4 Cr.

Awfis went public in May this year. Its IPO comprised a fresh issue of shares worth INR 128 Cr and an OFS component of up to 1.23 Cr shares. Peak XV Partners and Bisque Limited were among the investors who sold shares via the OFS.

BlackBuck’s Loss Falls Below INR 200 Cr Mark

IPO-bound BlackBuck managed to lower its loss by over 30% in the financial year ended March 31, 2024. The logistics startup incurred a net loss of INR 194 Cr, a decline of 33% from INR 290.4 Cr in the previous fiscal year.

The Flipkart-backed startup’s operating revenue zoomed 69% to INR 296.9 Cr in FY24 from INR 175.6 Cr in FY23. It primarily earns revenue by offering payments services, telematics, load marketplace, and vehicle financing services on its platform.

The logistics unicorn’s IPO will comprise a fresh issue of shares worth INR 550 Cr and an OFS component of up to 2.16 Cr shares (2,16,09,022 to be precise).

CarTrade’s Profit Halves

Used car marketplace startup CarTrade saw its profit fall 50% to INR 20 Cr in FY24 from INR 40 Cr in the previous fiscal year. The decline in the loss could be attributed to the startup’s acquisition of Sobek Auto India, comprising OLX Autos C2B business and OLX classifieds business, for INR 535.54 Cr.

CarTrade reported an operating revenue of INR 489.9 Cr in FY24 as against INR 363.7 Cr in the previous year.

Delhivery’s Loss Narrows By 75%

Delhi NCR-based Delhivery posted a 75% decrease in its loss in FY24. The logistics unicorn reported a loss of INR 249 Cr during the year as against INR 1,007 Cr in FY23.

Operating revenue stood at INR 8,141 Cr in FY24, an increase of 12.6% from INR 7,225 Cr in the previous fiscal year.

The startup also reduced its advertising expenses to INR 16 Cr from INR 22 Cr in FY24.

DroneAcharya’s Profit Doubles

Pune-based drone startup DroneAcharya Aerial Innovations reported a consolidated profit after tax (PAT) of INR 6.2 Cr in FY24, almost double of INR 3.42 Cr profit it posted in the previous fiscal year.

DroneAcharya’s operating revenue increased nearly 90% to INR 35.19 Cr in FY24 from INR 18.56 Cr in FY23. The startup attributed this increase to the company’s steady and consistent growth as a drone solution provider and a drone training organisation.

EaseMyTrip’s Revenue Inches Closer To INR 600 Cr Mark

Online ticketing platform EaseMyTrip saw its revenue rise 32% to INR 591 Cr from INR 488.8 Cr in FY23, driven by an increase in sales of air tickets.

Despite the increase in revenue, the startup’s profit took a hit. EaseMyTrip’s profit fell 23% to INR 103.4 Cr in FY24 from INR 134 Cr in the previous fiscal year. Increase in advertising expenses was among the reasons for the decrease in profit.

Fasal’s Revenue Surges Nearly 90%

Agritech startup Fasal’s revenue from operations grew 89% to INR 34.1 Cr in FY24 from INR 18 Cr in FY23. Including other income, Fasal’s total revenue grew nearly 90% to INR 35.5 Cr in FY24 from INR 18.8 Cr in the previous fiscal year.

Meanwhile, total expenses rose 34% to INR 69.5 Cr during the year under review from INR 51.6 Cr in FY23.

Loss increased 6% to INR 34 Cr from INR 32 Cr in FY23.

Fino Payments Bank’s Profit Jumps Over 30%

Mumbai-based Fino Payments Bank’s operating revenue jumped 20% to INR 1,478.3 Cr in FY24 from INR 1,229.9 Cr in the previous fiscal year.

Its expenses also grew almost in line with revenue. Total expenses stood at INR 1,391.5 Cr in FY24, up 19% from INR 1,164.8Cr in the previous fiscal year.

Fino’s net profit zoomed 32% to INR 86.2 Cr from INR 65 Cr in FY23.

FirstCry’s Loss Declines Over 30%

Ahead of its IPO, kids-focussed omnichannel retailer FirstCry managed to reduce its net loss by 34% to INR 321.5 Cr in FY24 from INR 486 Cr in the previous fiscal year.

Its operating revenue increased 15% to INR 6,480.8 Cr during the year under review from INR 5,632.5 Cr in FY23. Expenses rose 9.2% to INR 6,896.6 Cr from INR 6,315.7 Cr in FY23.

FirstCry made its public market debut in August. Its shares listed at INR 651 on the NSE, a premium of 40% over its issue price of INR 549.

Go Digit’s Profit Zooms 5X

Insurtech startup Go Digit posted strong results with a 400% jump in its profit after tax (PAT) to INR 182 Cr in FY24 from INR 36 Cr in the previous fiscal year.

With the sharp growth in health, travel, and personal accident premiums, Go Digit’s total gross written premium (GWP) increased 24.5% to INR 9,016 Cr from INR 7,243 Cr in FY23.

Net earned premium rose over 37% to INR 7,096 Cr in FY24 from INR 5,164 Cr in FY23.

Mamaearth Turns Profitable In FY24

Honasa Consumer Ltd, the parent entity of D2C unicorn Mamaearth, returned to the black during the year under review. After posting a net loss of INR 150.9 Cr in FY23, the startup minted a profit of INR 110.5 Cr in FY24.

Operating revenue rose 28.6% to INR 1,919.9 Cr from INR 1,492.7 Cr in FY23. Total expenditure jumped 21.3% to INR 1,822.4 Cr in FY24 from INR 1,501.6 Cr in the previous fiscal year.

ideaForge’s Profit Nears INR 50 Cr Mark

ideaForge reported its third consecutive profitable fiscal as the drone maker clocked a net profit of INR 47.8 Cr in the fiscal ended March 2024. This was an increase of almost 50% from INR 31.9 Cr. Its profit stood at INR 44 Cr in FY22.

Operating revenue also soared more than 70% year-on-year (YoY) to INR 186 Cr during the year under review.

Meanwhile, expenses zoomed 81% to INR 282.9 Cr in FY24 from INR 155.6 Cr in the previous year.

InCred’s Profit Surges 2.6X

The fintech startup’s operating revenue crossed the INR 1,000 Cr mark during the year under review. InCred saw its top line grow nearly 47% to INR 1,270 Cr in FY24 from INR 864.6 Cr in FY23.

Meanwhile, profit soared 162% to INR 316.3 Cr from INR 120.9 Cr in FY23. Rising finance costs and employee benefit expenses pushed up InCred’s total expenses by over 37% YoY to INR 871.3 Cr during the fiscal year under review.

IndiaMART’s Revenue Crosses INR 1,000 Cr Mark

The B2B ecommerce major posted a 17% rise in its net profit to INR 334 Cr in FY24 from INR 283 Cr in the year-ago period.

Operating revenue jumped 21% to INR 1,196 Cr in the fiscal ended March 2024 from INR 985 Cr in FY23. On similar lines, total expenses also rose 20% to INR 910.7 Cr in FY24 from INR 756.7 Cr in the previous fiscal year. This increase in expenditure was largely attributable to a sharp jump in employee benefit costs, which rose 27% YoY to INR 507 Cr during the year under review.

ixigo’s Profit Triples

Online travel aggregator ixigo had a bumper year as its net profit more than tripled to INR 73.1 Cr from INR 23.4 Cr in FY23.

The travel tech major’s operating revenue increased almost 31% to INR 655.9 Cr in the reported fiscal year from INR 501.2 Cr in FY23. This came largely on the back of broad-based growth across its business verticals and healthy uptick in annual active users.

Total expenditure jumped almost 30% YoY to INR 627.8 Cr in FY24.

Le Travenues Technology, the parent company of the travel tech startup, made a stellar debut on the stock exchanges in June 2024 and listed at INR 138.10 per share on the BSE, a 48.5% premium from the issue price of INR 93.

MapmyIndia’s Profit Jumps 25%

Geotech company MapmyIndia reported a profit of INR 134.4 Cr in FY24, up 25% from INR 107.5 Cr in the previous fiscal year.

Operating revenue rose more than 34% to INR 379 in the year ended March 2024 from INR 281 Cr in FY23. Meanwhile, total expenditure increased 36% YoY to INR 240.9 Cr on the back of a sharp rise in other expenses, which rose 73%.

Milk Mantra Back In The Black

Bhubaneswar-based dairy tech startup Milk Mantra turned profitable in FY24, posting a net profit of INR 9.8 Cr as against a net loss of INR 12.3 Cr in the previous fiscal year. It is pertinent to note that the startup slipped into the red for the first time in FY23 after eight straight years of profitability.

Operating revenue stood at INR 276.4 Cr in FY24, a marginal increase of 1.3% from INR 272.9 Cr in FY23.

In terms of expenditure, the startup’s total cost fell a little over 7% to INR 269.1 Cr in FY24 from INR 289.5 Cr in the previous year.

Nazara’s Profit Increases By Over 20%

Gaming major Nazara Technologies reported an operating revenue of INR 1,138.2 Cr during the year under review. This was an increase of 4.3% from INR 1,091 Cr in FY23.

Profit jumped 21.7% to INR 74.7 Cr from INR 61.3 Cr in the previous fiscal year.

Nazara’s total expenses stood at INR 1,112.4 Cr in FY24, an increase of 5.7% from INR 1,051.7 Cr in the previous fiscal year.

Nykaa Nearly Doubles Its Profit

Fashion ecommerce startup Nykaa reported an operating revenue of INR 6,358.6 Cr in FY24, 23.6% higher than INR 5,143.8 Cr in the previous fiscal year.

Its profit increased 89.5% to INR 40 Cr in FY24 from INR 21.1 Cr in FY23.

The Falguni Nayar-led unicorn’s total expenditure grew 23.5% to INR 6,346.5 Cr in FY24 from INR 5,135.6 Cr in the previous fiscal year.

OfBusiness’ Revenue Crosses INR 19,000 Cr Mark

B2B marketplace OfBusiness’ consolidated operating revenue surged over 25% to INR 19,296.3 Cr FY24 from INR 15,342.6 Cr in the previous fiscal year. Net profit increased by over 30% to INR 602 Cr from INR 463 Cr in the previous fiscal year.

Total expenses jumped 24.3% to INR 18,695.7 Cr in FY24 from INR 15,037.5 Cr in the previous fiscal year.

Edited By: Vinaykumar Rai
Last Updated: 17 Aug, 7:00 IST

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