Some startups turned profitable in the third quarter, some showed improvement – StartUp News

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The third quarter of the financial year 2023-24 has proved to be an important quarter for startup companies. During this period, some startup companies have registered profits and the performance of other startups has improved. Startup companies like Delhivery, Zomato, Policybazaar, Mamaearth and Nayika have either reported profit or improved their profit margins during the third quarter of FY 2023-24.

Companies have been able to improve their performance due to improvement in operational efficiency, renewed focus on profits, control on expenses and strong demand from the festive season. Interestingly, analysts are seeing potential in these new-age businesses, which till now were viewed with caution.

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Companies reporting profit for the first time include logistics sector unicorn Delhivery and fintech startup Policybazaar. Delhivery has reported a profit after tax (PAT) of Rs 11.7 crore during the third quarter as against a loss of Rs 196 crore during the same period a year ago.

It had recorded a loss of Rs 103 crore a quarter ago. The company reported a 20 per cent growth in revenue during Q3FY24 at Rs 2,194 crore as compared to last year, led by the express parcel and part truck load (PTL) category. Express category revenue increased due to the festive season.

Policybazaar’s parent company PB Fintech, on the other hand, reported a consolidated net profit of Rs 38 crore for the quarter ended December 31, compared with a loss of Rs 87.3 crore a year ago. It reported profit due to increase in revenue due to increasing demand for insurance.

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The company said revenue from its core online businesses of Policybazaar and Paisabazaar grew 39 per cent to Rs 593 crore, while new premium for health and term insurance business grew 44 per cent. While total costs increased nearly 21 percent, advertising and promotion expenses declined 28 percent from a year ago.

First Published – February 15, 2024 | 10:36 PM IST

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