India’s startup ecosystem is vibrant and rapidly evolving, with numerous startups making waves in various industries. The top startups in India are those that are answering the everyday needs of the more than 1.3 billion people who live in the country.
India’s startup ecosystem is a hotbed of innovation and entrepreneurship, with a mix of profitable and challenging scenarios for listed startups in FY24. These startups play a crucial role in driving economic growth, attracting investments, and shaping the future of various industries in India.
Listed below are such startups in Indian stock exchanges that have performed well during recent quarters:
Zomato Ltd
With a market capitalization of Rs. 1,62,416 crores, the shares of the online food delivery company started Monday’s trading session on a higher note at Rs. 183.90 compared to its previous close of Rs. 182.90. During the trading session, the shares hit a high of Rs. 184.90, gaining around 1 percent and are currently trading at Rs. 183.70 apiece.
Looking at the recent financial statements, the revenue increased by 8 percent from Rs. 3,288 crores during the December quarter to Rs. 3,562 crores in the March quarter. In addition, the net profits jumped by 27 percent from Rs. 138 crores to Rs. 175 crores during the same period.
Comparing these metrics on a YoY basis, the revenue zoomed by 73 percent from Rs. 2,056 crores during Q4FY23 to Rs. 3,562 crores in Q4FY24. On the other hand, the net profits showcased a transition from a net loss of Rs. 188 crores to a net profit of Rs. 175 crores during the same timeframe.
Gross Order Value (GOV) across B2C businesses grew 51 percent YoY to Rs. 13,536 crores. Food delivery GOV grew 28 percent YoY, quick commerce GOV grew 97 percent YoY, and Going-out GOV grew 207 percent YoY.
Quick commerce arm Blinkit reported revenue of Rs. 769 crore in Q4 FY24, more than doubling from Rs. 363 crore in Q4 FY23. Blinkit added 75 net new stores in Q4 FY24, taking the total to 526 stores. It plans to reach 1,000 stores by March 2025.
The results demonstrate strong growth in both food delivery and quick commerce, with Blinkit turning adjusted EBITDA positive and Zomato’s profitability improving significantly YoY.
Honasa Consumer Ltd (Mamaearth)
With a market capitalization of Rs. 13,947 crores, the shares of the largest digital-first beauty and personal care company started Monday’s trading session on a flatter note at Rs. 430.60. During the trading session, the shares hit a low of Rs. 428.20, losing around 1 percent and are currently trading Rs. 428.25 apiece.
Looking at the recent financial statements, the revenue decreased by 4 percent from Rs. 488.22 crores during the December quarter to Rs. 471.09 crores during the March quarter. On a contrasting note, the net profits increased by 18 percent from Rs. 25.9 crores to Rs. 30.48 crores during the same period.
Comparing these metrics on a YoY basis, the revenue zoomed by 22 percent from Rs. 387.86 crores during Q4FY23 to Rs. 471.09 crores in Q4FY24. On the other hand, the net profits transition from a net loss of Rs. 161.76 crores to a net profit of Rs. 30.48 crores during the same timeframe.
The consolidated EBITDA improved by 780 bps to Rs 33 crores, and the company achieved its highest-ever PAT at Rs 30 crores for the quarter and Rs 111 crores for FY24.
These results reflect Honasa Consumer’s resilience, growth, and strategic focus on the beauty and personal care segment, positioning the company for further success in the market.
PB Fintech Ltd (Policybazaar)
With a market capitalization of Rs. 57,777 crores, the shares of India’s largest online platform for insurance started Monday’s trading session on a higher note at Rs. 1,277.30 compared to its previous close of Rs. 1,275.65. During the trading session, the shares hit a low of Rs. 1,256.15, losing around 2 percent and are currently trading at Rs. 1,260 apiece.
Coming onto the company’s financial statements, the revenue jumped by 26 percent from Rs. 870.89 crores during the December quarter to Rs. 1,089.57 crores in the March quarter. In addition, the net profits surged by 61 percent from Rs. 37.23 crores to Rs. 60.19 crores during the same timeframe.
Comparing the same metrics on a YOY basis, the revenue zoomed by 25 percent from Rs. 869.09 crores during Q4FY23 to Rs. 1,089.57 crores in Q4FY24. On the other hand, the net profits showcased a transition from a net loss of Rs. 9.34 crores to Rs. 60.19 crores during the same period.
Revenue from the core online marketplaces, Policybazaar and Paisabazaar, grew 39 percent to Rs. 2,375 crores and total insurance premium for the quarter was Rs. 5,127 crores, with an annual run rate (ARR) of Rs. 20,000 crores, driven by growth in new health and life insurance business.
The strong financial performance in Q4 FY24 demonstrates PB Fintech’s continued growth and profitability. The company has successfully transitioned from reporting losses to generating consistent profits, positioning itself well for future expansion in the insurance and credit markets.
Written By Vaibhav Patil
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