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 the 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 103 startups that have released their financial statements for FY24 so far, 42 ended the year with profitable numbers. Their cumulative profit stood at INR 5,079.2 Cr.

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

Meanwhile, the remaining 59 startups posted a cumulative loss of INR 23,657 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 losses in FY24.

In terms of top line, the 103 startups posted a cumulative operating revenue of INR 2.01 Lakh Cr (INR 2,01,211 Cr to be precise) 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

*refers to net earned premium

ACKO’s Net Loss Narrows 9%

ACKO managed to trim its consolidated net loss by 9% to INR 669.98 Cr in FY24 from INR 738.55 Cr in the previous year, on the back of a strong growth in its top line and improvement in EBITDA margin.

The digital insurance policy provider clocked sales of INR 2,106.25 Cr in FY24, a 20% jump from INR 1,758.64 Cr in the previous year.

Including other income, the startup’s total revenue rose 20% to INR 2,160.20 Cr during the year under review from INR 1,796.81 Cr in FY23.

Total expenditure grew to INR 2,830.18 Cr in the year ended March 2024 from INR 2,535.36 Cr last year.

Read More: ACKO’s Revenue Jumps 20% To Cross INR 2,000 Cr Mark In FY24

Amagi’s Loss Declines 24%

SaaS unicorn Amagi’s consolidated net loss declined 23.72% to INR 245 Cr in FY24 from INR 321.2 Cr in FY23, due to improvement in its EBITDA margin.

The company saw strong business growth, with its operating revenue rising 29.18% to INR 879.1 Cr in FY24 from INR 680.5 Cr in FY23.

Despite the strong revenue growth, Amagi’s total expenditure increased only 13.43% to INR 1,179.1 Cr in FY24 from INR 1,039.5 Cr in FY23.

Read More: SaaS Unicorn Amagi’s FY24 Loss Declines 24% To INR 245 Cr

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.

Read More: IPO-Bound Avanse’s PAT Doubles To INR 342.4 Cr In FY24, Operating Revenue Surges 74%

Ather Energy’s Loss Crosses INR 1,000 Cr Mark

IPO-bound Ather Energy’s operating revenue declined 1.5% to INR 1,753.8 Cr in FY24 from INR 1,780.9 Cr in the previous fiscal year. On the other hand, its net loss widened over 22% to INR 1,059.7 Cr from INR 864.5 Cr in FY23.

Total expenses in FY24 stood at INR 2,674.2 Cr, rising marginally from INR 2,666.3 Cr in the previous year.

Read More: Ather Energy FY24: Revenue Declines On Reduction In FAME-II Subsidy, Loss Up 22% To INR 1,060 Cr

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.

Read More: Awfis Turns Profitable In Q4 With INR 1.4 Cr PAT, Operating Revenue Jumps 45% YoY

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).

Read More: IPO-Bound BlackBuck Narrows Loss By 33% To INR 194 Cr In FY24

BlueStone’s Loss Narrows By 15% To INR 142 Cr

Omnichannel jewellery brand BlueStone managed to narrow its loss by almost 15% year-on-year (YoY) to INR 142.2 Cr in the financial year 2023-24 (FY24) from INR 167.2 Cr in the previous year.

Its operating revenue surpassed the INR 1,000 Cr mark during the year under review. Revenue from operations surged over 64% to INR 1,265.8 Cr in FY24 from INR 770.7 Cr in the previous year.

Total expenditure rose 51.4% to INR 1,445.7 Cr from INR 955.1 Cr in FY23.

Read More: BlueStone FY24: Revenue Surpasses INR 1,000 Cr Mark, Loss Narrows 15% To INR 142.2 Cr

boAt’s Revenue Slips

Aman Gupta-led boAt saw its operating revenue fall 7% to INR 3,117.7 Cr in FY24 from INR 3,376.8 Cr in the previous fiscal year.

Despite the decline in its revenue, the startup managed to narrow its loss by over 38% to INR 79.7 Cr during the year under review from INR 129.4 Cr in FY23.

The audio consumer brand’s expenses fell over 9% to INR 3,233.6 Cr from INR 3,562.1 Cr in FY23.

Read More: boAt’s FY24 Revenue Declines 7% To INR 3,118 Cr

Bombay Shaving Company’s Loss Narrows

Shantanu Despande-led D2C grooming and personal care brand Bombay Shaving Company’s net loss declined 23% to INR 62.1 Cr in FY24 from INR 80 Cr in the previous fiscal year, as its top line rose and margins improved.

Operating revenue breached the INR 200 Cr mark during the year under review. Revenue from operations rose 26% to INR 204 Cr from INR 161.8 Cr in FY23.

The rise in the startup’s expenditure was lower than the increase in its revenue. Its total expenses grew 13% to INR 295.5 Cr in FY24 from INR 262.6 Cr in the previous fiscal year.

Read More: Bombay Shaving Company’s FY24 Loss Declines To INR 62 Cr

BookMyShow’s Profit Breaches INR 100 Cr Mark

Online ticketing platform BookMyShow’s net profit zoomed 27.61% to INR 108.6 Cr in FY24 from INR 85.1 Cr in the previous fiscal year. The Mumbai-based company reported an operating revenue of INR 1,396.8 Cr in FY24, up 44% from INR 975.5 Cr in FY23.

The live events segment saw its revenue nearly double to INR 454.7 Cr from INR 237.5 Cr in FY23, on the back of rising trend of live shows in the country. The online ticketing segment brought in INR 740.7 Cr in revenue.

Read More: BookMyShow Profit Jumps 27% To INR 109 Cr In FY24

CaratLane’s Revenue Breaches INR 3,000 Cr Mark

The Tata-owned omnichannel jewellery startup reported a 42% jump in its operating revenue to INR 3,080 Cr in FY24 from INR 2,169 Cr in the previous fiscal year.

However, net profit declined nearly 5% to INR 78.59 Cr during the under review from INR 82.08 Cr in FY23 due to rise in advertising and “miscellaneous” expenses.

CaratLane FY24: Profit Declines 5% To INR 79 Cr, Revenue Crosses INR 3,000 Cr Mark

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.

Read More: CarTrade Back In The Black With INR 25 Cr PAT In Q4; Revenue Jumps 38% YoY

Chaayos Loss Reduces By 51%

Popular QSR chain Chaayos reduced its net loss by 50.59% to INR 54 Cr in FY24 from INR 109.3 Cr in FY23, as it cut its expenses and turned EBITDA profitable.

Chaayos’ operating revenue rose a mere 4.89% to INR 248.6 Cr during the year under review from INR 237 Cr in FY23. Including other income, total revenue grew 7% to INR 271.2 Cr in FY24 from INR 253.4 Cr in the previous fiscal year.

Chaayos managed to reduce its total expenditure by 3.69% to INR 352.2 Cr in FY24 from INR 365.7 Cr in the previous fiscal year.

Read More: Chaayos’ Loss Halves To INR 54 Cr In FY24

Cleartrip’s Loss Crosses INR 800 Cr Mark

Flipkart-owned online travel aggregator Cleartrip’s net loss jumped 18.5% to INR 810.3 Cr in FY24 from INR 683.8 Cr........

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