IPO-bound seafood marketplace Captain Fresh posts Rs 229 crore loss in FY24IANS

 IPO-bound B2B seafood marketplace Captain Fresh suffered a massive loss of Rs 229 crore in FY24, over 340 per cent decline (or up 4.4 times) from Rs 52 crore in FY23.

In last fiscal, the company’s total expenses also increased by 44.8 per cent year-on-year to Rs 1,648 crore. It was Rs 1,138 crore in FY23, as per its financials.

Material cost contribution was 79.55 per cent in the company’s total expenses. It increased by 72.5 per cent to Rs 1,311 crore.

The company’s employee expenses in FY24 declined by 32.45 per cent year-on-year to Rs 81.6 crore. Legal expenses increased by 30.56 per cent year-on-year to Rs 47 crore.

The company’s transportation expenses in FY24 declined by 24 per cent year-on-year to Rs 38 crore. Other expenses remained stable at Rs 170.4 crore, according to its financials.

Captain Fresh’s operating income in FY24 increased by 70.7 per cent year-on-year to Rs 1,395 crore, from Rs 817 crore in FY23.

From this, 99.28 per cent or Rs 1,385 crore of income came from the sale of products. At the same time, Rs 1.3 crore were received from the sale of services and Rs 8.7 crore from other items.

If the interest income of Rs 27 crore is also included, then the gross income of Captain Fresh in FY24 was Rs 1,422 crore.

Captain Fresh’s operating income in FY24 increased by 70.7 per cent year-on-year to Rs 1,395 crore, from Rs 817 crore in FY23IANS

Due to loss in FY24, the company’s ROCE and EBITDA margins remained at (-) 22.95 per cent and (-) 12.10 per cent. The company spent Rs 1.18 to earn one rupee in the last financial year.

The company’s current assets in FY24 were Rs 1,804 crore and this also includes cash and bank balance of Rs 148 crore.

According to reports, the company is preparing for IPO. Recently, Rs 100 crore were reportedly raised from Motilal Oswal Group under the pre-IPO funding. The company appointed Axis Capital and BofA as bankers for the IPO.

Captain Fresh raised a total of $176 million in funding to date, with Matrix Partners, Tiger Global, Accel, Prosus and Ankur Capital as its lead investors.

(With inputs from IANS)

Amid sustained demand for spacious homes with state-of-the-art amenities, the National Capital Region (NCR) saw properties priced Rs 1 crore and above accounting for 80 per cent of the total residential units sold in 2024, a report showed on Monday.

Within this segment, the Rs 1 crore-Rs 2 crore and Rs 2 crore-Rs 5 crore bracket saw the most significant activity, driven by affluent homebuyers prioritising quality living spaces, as per the Knight Frank India report.

In 2024, the NCR recorded the highest sales volume in the ticket size category of Rs 2 crore-Rs 5 crore across eight markets in the country.

With sales of 18,997 units, NCR led the sales of this ticket size segment, contributing 38 per cent of the overall volume across eight markets in the country. The Rs 2 crore-Rs 5 crore segment in NCR witnessed a significant increase of 84 per cent from the residential sales of 10,311 units in 2023, according to the data.

“Gurugram and key locations of Noida and Greater Noida continue to draw a substantial interest among homebuyers in the higher ticket size segment,” said Mudassir Zaidi, Executive Director–North, Knight Frank India.

The Rs 1 crore-Rs 2 crore ticket size segment recorded sales of 19,111 units, highest sales volume for any ticket size segment in NCR’s residential market. The segment has contributed over 33 per cent of the residential sales in NCR.

The Rs 5 crore-Rs 10 crore segment saw a growth of 34.6 per cent, from 5,469 units in 2023 to 7,361 units in 2024.

In the Rs 10 crore-Rs 20 crore segment, NCR witnessed an increase of 44 per cent in sales volume from 275 units in 2023 to 397 units in 2024.

NCR witnessed a significant increase in the sales for the category above Rs 50 crore from six units in 2023 to 49 units in 2024, said the report.

(With inputs from IANS)

Flexible co-working space provider WeWork India suffered a loss of about Rs 130.8 crore in FY24, down from Rs 144.5 crore in FY23.

WeWork India’s total expenses last fiscal also increased by 19 per cent to Rs 1,864.3 crore. The expenses were Rs 1,566.7 crore in FY23.

The Bengaluru-based company’s non-cash components such as depreciation and amortisation accounted for 40 per cent of the company’s total cost. It increased by 16.9 per cent to Rs 742.8 crore, according to data accessed by business intelligence platform Tofler.

Employee costs were another major part of the company’s expenses, surged by 11.9 per cent to Rs 132 crore in FY24.

The company’s operating income grew 26 per cent year-on-year to Rs 1,661.6 crore in FY24 from Rs 1,314 crore in FY23.

Membership fees accounted for 84 per cent of the company’s total income. IT grew 48.9 per cent year-on-year to Rs 1,402.5 crore.

Apart from this, the company received Rs 71.9 crore as other income in FY24, taking the company’s gross income to Rs 1,733.5 crore.

Meanwhile, WeWork India has just raised Rs 500 crore through a rights issue, with an objective to reduce debt and increase growth.

At the end of FY24, the company had a debt of Rs 616.5 crore, and its total assets were worth Rs 4,485.3 crore, according to data.

Realty firm Embassy Group holds a 73 per cent stake in WeWork India, while WeWork Global holds a 27 per cent stake in the company.

WeWork India currently has over 100,000 desks across eight cities.

The co-working space provider has expanded to 63 operational centres in Chennai, New Delhi, Gurugram, Noida, Mumbai, Bengaluru, Pune, and Hyderabad since its inception in India in 2016.

(With inputs from IANS)

Indian stock market fell more than 1 per cent on Monday amid mixed global and local cues, including strong US employment data suggesting fewer rate cuts in 2025.

Among other factors that led to the market tumbling were rising crude oil prices, weakening rupee and massive foreign capital outflows which dragged the market, resulting in a loss of around Rs 12 lakh crore for investors.

Heavy selling was seen in realty PSU banks, metal, auto and pharma sectors. Realty sector ended in red with a decline of more than 6 per cent.

Sensex ended at 76,330.01, down by 1,048.90 points, or 1.36 per cent, and Nifty settled at 23,085.95, down by 345.55 points or 1.47 per cent.

According to experts, the global markets witnessed a significant sell-off, prompting a similar response in domestic markets due to strong US payroll data suggesting fewer rate cuts in 2025. This has strengthened the dollar, driven up bond yields, and made emerging markets less attractive.

Rupak De of LKP Securities said, “Bears remained at the helm as the Nifty continued to breach crucial levels. The index slipped below its previous swing low on the daily chart, indicating increasing bearishness.”

“However, it held the 23,000 mark, which remains a key level to watch. If the Nifty sustains above 23,000 over the next few days, it could signal a potential recovery. Conversely, a decisive fall below this level might trigger a deeper correction,” he added.

Nifty Bank ended at 48,041.25, down by 692.90 points, or 1.42 per cent. The Nifty Midcap 100 index closed at 52,390.4 after dropping 2,195.35 points, or 4.02 per cent, while the Nifty Smallcap 100 index closed at 16,922.10 after declining 723.45 points, or 4.10 per cent.

In the Sensex pack, Zomato, Power Grid, Tata Steel, NTPC, Tata Motors, Tech Mahindra, M&M, Asian Paints, Sun Pharma, Tech Mahindra, L&T, SBI, Bajaj Finance, HDFC Bank and ICICI Bank were the top losers. Whereas, Axis Bank, TCS, IndusInd Bank and Hindustan Unilever Limited were among the top gainers.

The FIIs remained net seller on sixth consecutive day, as they sold equities worth Rs 2,254.68 crore on January 10, on the other hand domestic institutional bought equities worth Rs 3,961.92 crore on the same day.

(With inputs from IANS)

India is poised to redefine its role in global trade, with a projected compound annual growth rate (CAGR) of 6.4 per cent in trade over the next decade, roughly in line with its high GDP growth, according to a report on Monday.

The ASEAN region and especially India, are among the greatest beneficiaries of production shifts spurred by geopolitics, such as trade tensions between the US and China.

“We project 6.4 per cent CAGR in India’s total trade through 2033, to $1.8 trillion annually, roughly in line with its high GDP growth,” according to the report by Boston Consulting Group (BCG).

As the world increasingly pivots toward resilient and diversified supply chains, India’s ‘China+1’ strategy, backed by its large domestic market, skilled workforce, and forward-looking policies, positions it as a preferred global manufacturing hub.

“Strengthening partnerships with the US, EU, and emerging regions like Africa and ASEAN will be pivotal for India to capitalise on this momentum and drive inclusive, sustainable growth in global trade,” said Nishant Gupta, Managing Director Partner, BCG India.

India is emerging as the other big Global South trade story as it pursues favourable relations with most of the world’s major economies.

Among the drivers will be India’s growing popularity as a production base for companies seeking to diversify supply chains concentrated in China, hefty government incentives for manufacturing, a huge low-cost workforce, and rapidly improving infrastructure, said the report.

The analysis by BCG’s Center for Geopolitics estimates that global trade is set to top $29 trillion by 2033, but the routes these goods will travel is changing at a remarkable pace. The Global South, which accounts for around 30 per cent of global trade, is likely to see several major shifts over the coming decade.

Geopolitical rivalries, alliances, and aspirations are rewiring the global economy — and will continue to do so in the years ahead, accelerated by the imposition of tariffs by the US on foreign imports, the report mentioned.

Without a broad increase in tariffs, world trade in goods will keep growing at an average of 2.9 per cent annually for the next eight years, but the routes goods travel will change markedly as North America reduces its dependence on China and China builds up its links with the Global South, which is cementing its power in the global trade map.

“Trade lanes were already shifting from historical patterns and looming US tariffs will accelerate this. Navigating these new dynamics will be critical for any global business,” said Aparna Bharadwaj, managing director and partner at BCG, global leader of the Global Advantage practice.

In terms of product categories imported by the US, the greatest impact would be on imported auto parts and automotive vehicles, which would primarily affect trade with Mexico, the EU, and Japan.

Consumer electronics, electrical machinery, and fashion goods would be most affected by higher tariffs on Chinese goods.

“We estimate that a 60 per cent tariff rate would add $61 billion to cost of importing consumer electronics products from China into the US,” said the report.

(With inputs from IANS)