As the festive season kicks off with Dussehra today, the Indian startup economy has much to celebrate. This year, the blessings of Dhanlaxmi, the goddess of wealth, seem to have showered profits on many startups and unicorns alike. The financial year 2024 (FY24) has been nothing short of remarkable for several high-growth ventures in India, showcasing their resilience and ability to thrive in an increasingly competitive market. With some of the country’s most notable startups revealing their financial results, it’s clear that many are ringing in an early Diwali with impressive numbers.
Startups Prosper as Festive Season Ushers in Financial Growth for FY24
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Zerodha: Record-breaking 61% increase in PAT, revenue up 21%.
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Swiggy: Significant reduction in losses, strong revenue growth.
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OYO: Profitable turnaround, slight revenue decline.
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Astrotalk: Tremendous growth, profits tripled, revenue doubled.
Zerodha’s Unstoppable Growth
Bootstrapped stockbroking platform Zerodha continues its meteoric rise, cementing its dominance in the financial landscape. The company reported an astounding 61% increase in its consolidated profit after tax (PAT), soaring to INR 4,700 crore in FY24 from INR 2,909 crore in FY23. Zerodha’s revenue also followed suit, growing 21% to reach INR 8,320 crore. The company’s stellar performance highlights the power of a well-executed business model, especially one that operates without external funding, proving that independent ventures can achieve massive success.
Swiggy on the Road to Profitability
Food delivery giant Swiggy has made significant strides toward profitability in FY24. The company slashed its losses by an impressive 44%, bringing them down to INR 2,350 crore from INR 4,179.3 crore in FY23. In tandem, Swiggy’s operating revenue surged by 36%, reaching INR 11,247.3 crore. As Swiggy edges closer to its much-anticipated IPO, its financial improvements signal increasing operational efficiency and a strategic focus on scaling while managing costs.
OYO’s Financial Turnaround
In a major victory for its investors and stakeholders, hospitality startup OYO has finally turned a corner, posting a net profit of INR 229.5 crore in FY24. This marks a dramatic recovery from the net loss of INR 1,286.5 crore in FY23. Although OYO’s revenue from operations saw a slight dip of 1.3%, settling at INR 5,388.7 crore, the shift to profitability is a significant milestone for the startup as it seeks to solidify its position in the global market.
Astrotalk’s Stellar Ascent
Astrology platform Astrotalk has emerged as one of the year’s most profitable startups, with its earnings more than tripling in FY24. The company reported a profit of INR 94 crore, a significant jump from INR 27 crore in FY23. Astrotalk’s revenue also skyrocketed, more than doubling to INR 659 crore from INR 282 crore the previous year. This performance underscores the growing demand for niche digital services and the platform’s ability to capture a dedicated user base.
A New Chapter for India’s Startup Ecosystem
The financial performance of these startups highlights the increasing maturity of India’s entrepreneurial landscape. Not only are many of them narrowing losses, but they are also achieving sustainable growth and, in several cases, profitability. As we step into FY25, it will be intriguing to watch how these companies continue to scale, especially with IPOs on the horizon and expansion strategies taking shape.
The success of these startups exemplifies the immense potential of India’s burgeoning startup ecosystem, driven by innovation, adaptability, and ambition.
