Of the four, Paytm – driven by an increase in device subscriptions and accelerated adoption of high-margin businesses such as lending –
clocked the highest Y-o-Y revenue growth at 88.5% as the figure rose to Rs 1,679.6 crore compared with the year-ago period.
Zomato’s revenue rose 67% YoY to Rs 1,413.90 led by a 10% sequential growth in GOV to Rs 6,430 crore in the April-June quarter and growth in revenue per order. The momentum in GOV was supported by robust growth in order volumes and mild growth in average order values compared with the previous quarter.
Digital map company
CE Info Systems, which operates under the MapMyIndia brand name, came in third as its revenue from operations grew by about 50% to Rs 65 crore from the year-ago period on the back of providing services such as highly differentiated and unique advanced digital maps, SaaS Products, API platforms and IoT devices.
Omnichannel beauty retailer FSN Ecommerce Ventures, popularly known as Nykaa, registered a 41% Y-o-Y growth in revenue to Rs 1,148.4 crore, primarily catalysed by a bumper stock market listing in November last year, and a gross merchandise value (GMV) growth of 47% YoY to Rs 2,156 crore. Nykaa’s consolidated GMV has been growing at a 3-year CAGR of 61%. The GMV of owned brands comprised 11.2% of the total GMV.
Long road to profitability
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It was a mixed bag in terms of profits for the four major tech startups that debuted on the stock markets last year. While most of them hit the ground running soon after their initial public offering as their stock prices shot up, they are yet to see profitability.
Further, there has been a significant correction in the stocks since the beginning of 2022 following the breakout of the war between Russia and Ukraine, tightening global macroeconomic conditions, a hike in interest rates amid an overall inflationary environment and the onset of a ‘tech winter’ has made the road to profitability more difficult.