FY23

FY23 results for Myntra, ZestMoney, Curefoods, Unacademy, Sugar Cosmetics, and Kapiva presented a mixed picture on Wednesday, with surging revenues being mostly offset by wider losses. This and more in today's ETtech Top 5.Also in this letter:■ Byju’s general counsel Roshan Thomas quits■ Retailers flag concerns over Samsung’s upgrade offer■ Norms for moving used IT hardware from SEZs easedFY23 financials for Myntra, ZestMoney, Unacademy, Curefoods, others While a host of new-age companies such as…

Ecommerce firm Snapdeal has seen its consolidated loss after tax narrow to Rs 282.2 crore for FY23, down from Rs 510 crore in FY22, according to the company's RoC filing. The company's total income fell to Rs 388.1 crore in FY23, from Rs 563.5 crore in FY22. "The focus on profitability and long-term sustainability of the business yielded results with adjusted Ebitda loss reducing to Rs 144 crore in FY23, from Rs 419 crore in FY22," the filing said. Elevate Your Tech Prowess with High-Value Skill CoursesOffering…

Ecommerce platform Meesho on Friday said its loss for the year ended March 31, 2023, narrowed by 48% to Rs 1,675 crore, while operating revenue grew 77% to Rs 5,735 crore.The Bengaluru-based online marketplace, which drives a majority of its sales from non-metro markets, had reported operating revenue of Rs 3,232 crore in FY22, while incurring a loss of Rs 3,247 crore. The FY23 financials pertain to Meesho's Indian entity called Fashnear Technologies. Its parent firm, Meesho Inc, is domiciled in the US.Elevate Your Tech…

Edtech unicorn PhysicsWallah said its revenue from operations in fiscal 2023 rose threefold to Rs 772 crore on a standalone basis, attributing the growth mainly to its expansion into the offline space.Net profit, however, fell to Rs 16 crore from Rs 98 crore in FY22, on account of a significant increase in employee costs and provisioning towards certain non-cash expenses, which led to a sevenfold jump in total expenses, PhysicsWallah said in a news release Friday.Elevate Your Tech Prowess with High-Value Skill…

Amazon Pay India, the digital payments arm of ecommerce giant Amazon reported flat growth in operational revenue at Rs 2,093 crore in fiscal 2023 compared to Rs 1,998 crore a year ago.The company's net losses dipped 13% to Rs 1,499 crore in FY23, from Rs 1,740 crore in FY22, mostly driven by a reduction in expenses.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIndian School of BusinessISB Professional Certificate in Product ManagementVisitIIT DelhiIITD Certificate Programme in Data…

Merchant payments company Pine Labs reported a total revenue of Rs 1,588 crore in the financial year ended March 31, 2023, up 56% from a year ago. Its overall losses dipped marginally to Rs 227 crore, down from Rs 259 crore in the previous financial year, data sourced from business intelligence platform Tracxn showed.Pine Labs largely deploys point of sales (PoS) terminals at retail merchant outlets. It has recently expanded into online ecommerce payments through its gateway solutions platform Plural.Elevate Your Tech…

Ecommerce giants Amazon and Flipkart's cumulative ad revenue rose 39% to Rs 8,705 crore in the fiscal year through March 2023, as advertisers across categories used the platforms amid growth in their user base, as per data filed by the companies with the Registrar of Companies (RoC).In FY23, Amazon Seller Services, the marketplace arm of Amazon, recorded 29% growth in ad revenue at Rs 5,380 crore, according to the RoC filings sourced from business intelligence platform Tofler. For Flipkart Internet, the marketplace arm of…

Flipkart Internet, the marketplace arm of ecommerce major Flipkart, reported a 42% growth in operating revenue for financial year 2023 to Rs 14,845 crore while its total loss narrowed by 9% to Rs 4,026 crore, according to regulatory filings.The firm had made Rs 10,477 crore in operating revenue in FY22 while incurring a total loss of Rs 4,419 crore.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIndian School of BusinessISB Digital TransformationVisitIndian School of BusinessISB Product…

Omnichannel retailer FirstCry saw its operating revenue for the year ended March 2023 more than double year on year to Rs 5,632 crore even as its total loss shot up more than six times to Rs 486 crore.The public markets-bound firm had made operating revenue of Rs 2,401 crore in FY22 when it incurred a total loss of Rs 78.6 crore, according to regulatory filings sourced from business intelligence platform Tofler.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIndian School of BusinessISB…

New-age luggage brand Mokobara saw its operating revenue grow more than four-fold to Rs 53 crore in the financial year ended March 2023, according to the firm’s regulatory filings.The startup, backed by investors like Saama Capital and Sauce VC, reported a 78% widening in losses for the year to about Rs 8 crore.Elevate Your Tech Prowess with High-Value Skill CoursesOffering CollegeCourseWebsiteIndian School of BusinessISB Digital TransformationVisitIIT DelhiIITD Certificate Programme in Data Science & Machine…