CultYvate records 2X hike in revenue in FY24, losses shrink CultYvate, an Agritech company founded in 2016 by Mallesh T.M. and Bhavana M., doubled its revenue in FY24, reaching Rs 3.24 crore from Rs 1.31 crore in FY23. Specializing in precision farming, CultYvate’s platform integrates IoT, AI, and satellite technology to automate field operations. Based in Bangalore, the company has raised Rs 5 crore across two funding rounds, including a pre-Series A led by SiriusOne Capital in 2022, bringing its valuation to over Rs 12 crore. Key shareholders include Mallesh T.M. with over 40%, Bhavana Mallesh, and SiriusOne Capital. In FY24, expenses rose to Rs 4.09 crore, and losses reduced to Rs 89.08 lakh, reflecting improved EBITDA and ROCE margins at -18.88% and -22.32%, respectively. #CultYvate #Agritech #SatelliteTechnology #DigitalAgriculture #FundingNews #Startups #FinancialGrowth #TechInnovation #AgricultureTechnology #SmartFarming #StartupEcosystem #Agtech #FarmTech #TheKredible https://thekredible.com/blogs/cultyvate-records-2x-hike-in-revenue-in-fy24-losses-shrink

IppoPay experiences 94% revenue decline in FY24, swings to losses Chennai-based fintech startup IppoPay experienced a drastic 94% revenue decline, dropping from Rs 329.77 crore in FY23 to Rs 18.12 crore in FY24. Founded in 2022 by Mohan Karuppaiah and Jai Kumar, IppoPay functions as a payment aggregator, offering solutions such as QR codes, sound boxes, and lending options. The company has raised Rs 17.33 crore in funding over three rounds, with its latest seed funding in August 2024. Despite a valuation exceeding Rs 90 crore, IppoPay reported losses of Rs 52.40 crore in FY24, down from profits over Rs 100 crore in FY23. Key expenses included employee benefits, advertising, and professional fees, contributing to negative EBITDA and ROCE margins. #IppoPay #Fintech #PaymentAggregator #StartupNews #FundingRound #ChennaiStartups #StartupFunding #Entrepreneurship #TechNews #FintechStartups #BusinessInsights #StartupChallenges #TheKredible #News https://thekredible.com/blogs/ippopay-experiences-94-revenue-decline-in-fy24-swings-to-losses

TraceX’s scale rose 79% in FY23, losses widen 3X Bengaluru-based agritech startup TraceX saw a 79% revenue increase in FY23, reaching Rs 1.54 crore, mainly from software subscriptions. FY22's operational revenue was Rs 86 lakhs. Founded by Anil Nadig and Srivatsa T Sreenivasarao, TraceX raised Rs 8 crore in an extended Seed round in 2022. FY23 expenses totaled Rs 6.1 crore, up from Rs 2 crore in FY22. TraceX, leveraging blockchain for the food and agricultural supply chain, recorded a 3X rise in losses to Rs 5 crore. #Agritech #thekredible #Startup #TraceX #RevenueGrowth #FoodSupplyChain #AgricultureInnovation #TechInAgriculture #SeedFunding #TraceXGrowth #FinancialReport #TraceXJourney #AgritechRevolution #TechInAgri #News https://thekredible.com/blogs/tracexs-scale-rose-79-in-fy23-losses-widen-3x

Deepetch Ecozen records 2X rise in scale in FY23, expenses follow Ecozen, a deeptech firm based in Pune, saw its revenue surge to Rs 295.5 crore in FY23, a 2.4X increase from Rs 123 crore in FY22. The firm, known for climate-smart solutions, faced significant expenses, raising overall costs to Rs 289.5 crore. Despite rising losses to Rs 5.7 crore, it secured substantial funding and maintained positive EBITDA and ROCE. #thekredible #Startup #StartupNews #Data #Insights #Ecozen #SustainableTech #EnergyStorage #PuneStartups #GreenTechnology #Investment https://thekredible.com/blogs/deepetch-ecozen-records-2x-rise-in-scale-in-fy23-expenses-follow

Traya Health Sees 8X Scale Increase in FY23, Expense Surge Mumbai-based Traya Health's revenue surged 8.8X to Rs 61.7 crore in FY23. Established in 2019, it offers personalized hair care products. Operational revenue rose to Rs 61 crore from Rs 6 crore. Major expenses included advertising (55%) and materials (15%). Losses increased to Rs 27.8 crore. Recently, it secured Rs 75 crore in Series A funding from Xponentia Capital. #thekredible #TrayaHealth #HairCare #HairLossSolutions #StartupIndia #RevenueGrowth #News #Startup #Data #Insight #XponentiaCapital #SeriesAFunding https://thekredible.com/blogs/traya-health-posted-8x-growth-in-scale-in-fy23-expenses-rise

SaaS based firm Increff recorded two fold rise in revenue in FY23 SaaS-based firm Increff recorded a two-fold rise to Rs 88.7 crore in the fiscal year ending March 2023. The same year its revenue from operations spiked 91% to Rs 85 crore as compared to the preceding fiscal’s Rs 44 crore. Visit - https://thekredible.com/blogs/saas-based-firm-increff-recorded-two-fold-rise-in-revenue-in-fy23 #Saas #Increff #revenue #Thekredible #Startup #Startupnews

Proptech platform Propsoch registers Rs 8 lakhs in scale in FY23 Proptech platform Propsoch registered a revenue of Rs 8.64 lakhs in its first fiscal of revenue generation in FY23. The company raised Rs 76.2 lakhs in its maiden funding round. It is currently valued at Rs 15.75 crore. Visit - https://thekredible.com/blogs/proptech-platform-propsoch-registers-rs-8-lakhs-in-scale-in-fy23 #Propsoch #revenue #Proptech #Startupnews #TheKredible

E-commerce firm CapGrid’s scale spikes 7.7X in FY23, losses cross Rs 1 Cr CapGrid, a B2B e-commerce startup, experienced robust revenue growth, surging 7.7X to Rs 44.3 crore in FY23. However, losses also spiked to Rs 8.4 crore, a 6.9X increase from FY22. The Gurgaon-based company, founded by Dheeraj Tiwari and Himanshu Singh Raghuvanshi, operates an AI-enabled sourcing platform serving various industries globally. Despite rising expenses, including a significant increase in material costs, CapGrid raised Rs 57.1 crore in its latest funding round, led by Nexus Venture Partners, bringing its total fundraising to Rs 61.2 crore since inception. #TheKredible #Data #Insight #Startup #News #ECommerce #CapGrid https://thekredible.com/blogs/e-commerce-firm-capgrids-scale-spikes-7-7x-in-fy23-losses-cross-rs-1-cr

Edtech Doubtnut posts revenue of Rs 21.7 Cr, expenses drop to Rs 76 Cr Gurgaon-based edtech startup Doubtnut reported FY23 revenue of Rs 21.7 crore, marking growth from the previous year. Despite increased revenue, expenses and losses significantly dropped. Valued at Rs 1162 crore, it raised Rs 19.3 crores from operations. Co-founders own substantial shares, and Tencent controls 12%. The company was recently acquired by edtech veteran Allen, competing with others like Classplus and Leverage Edu. #Doubtnut #thekredible #Edtech #Insight #Data #Startup #News #StartupNews https://thekredible.com/blogs/edtech-doubtnut-posts-revenue-of-rs-21-7-cr-expenses-drop-to-rs-76-cr