Edtech unicorn upGrad clocks Rs 560 crore loss in FY24
Online skills and learning platform upGrad has recorded a loss of Rs 560 crore in FY24, a decrease from a Rs 1,142 crore loss in FY23.
Online gaming major Nazara Technologies on Tuesday reported 2 per cent growth in revenue in Q3 FY24 to Rs 320.4 crore as against Rs 314.8 crore in Q3 FY23.
EBITDA increased by 24 per cent to Rs 37.7 crore as against Rs 30.5 crore in Q3 FY23, while profit after tax (PAT) grew by 47 per cent to Rs 29.5 crore as against Rs 20.1 crore in Q3 FY23.
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For the nine months ended December 21 in the current fiscal year, the company saw its revenue grew by 9 per cent to Rs 872.1 crore as against Rs 801.7 crore in the same period in the last fiscal year.
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PAT grew by 44 per cent to Rs 74.6 crore in the current nine-month period as against Rs 51.8 crore in FY22.
“We saw healthy growth in Animal Jam and Sportskeeda resulting in our EBITDA increase by 24 per cent year-on-year and our EBITDA margin increasing from 9.7 per cent in Q3 FY23 to 11.8 per cent in Q3 FY24,” said Nitish Mittersain, Founder, CEO and joint managing director of Nazara Technologies.
“We are optimistic this strategy will enable substantial scale-up opportunities we can replicate in the future,” he added.
The company also completed its FY24 fundraising goal, securing Rs 760 crore through a preferential placement to marquee investors.
Last month, Nazara Technologies raised Rs 250 crore via preferential allotment of equity shares.
The company also announced that it will acquire a 10.7 per cent stake in Kofluence, a leading social media influencer-led marketing-tech platform, from certain existing investors through a share swap.
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