Post-sales service firm Servify has reported 23.6 percent revenue growth in FY24 and reduced losses by 59 percent.
The company’s operation grew to Rs 755 crore in FY24 from Rs 611 crore in FY23.
According to a report by Entrackr, white-labeled protection plans sold via mobile applications and web portals contributed 87.8 percent of the total operating revenue, which rose by 19.2 percent to Rs 663 crore in FY24.
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The income from mobile handsets and spare parts grew by 66 percent, reaching Rs 91 crore, during the same period. The cost of materials, including plans and mobile handsets, made up 66.8 percent of total expenses.
The increased scale and steady cost control helped the Blume Venture-backed company reduce its losses by 59 percent to Rs 94 crore in FY2024. In FY23, the company’s losses were at rs 229 crore.
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Kuku FM’s ROCE (return on capital employed) and EBITDA have remained negative at -34.48 percent and -8.83 percent, respectively.
India is Servivy’s largest revenue contributor, accounting for 56.8 percent, followed by the USA at 36.8 percent, Entrackr mentioned in its report.
The company has raised over Rs 1,000 crore to date. Some of the notable investors are Iron Pillar, Beenext, and 3F Ventures.