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FreshToHome posts Rs 421 Cr revenue in FY25; losses remain stable

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FreshToHome posts Rs 421 Cr revenue in FY25; losses remain stable
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FreshToHome posts Rs 421 Cr revenue in FY25; losses remain stable FreshToHome, a D2C meat and seafood brand, recorded a marginal improvement in its financial performance in the fiscal year ending March 2025. The company managed to grow its scale while keeping its loss stable in the period. FreshToHomeโ€™s gross revenue increased 14% to Rs 421 crore in FY25 from Rs 369.5 crore in FY24, according to its financial statements sourced from the Registrar of Companies (RoC). The company primarily generates its revenue from the sale of meat, seafood and other fresh produce across its platform. Including non-operating income of Rs 9 crore, its total income stood at Rs 430 crore in FY25. The cost of material consumed remained the largest expense element for the Bengaluru-based company, forming over 83% of total expenditure. This cost grew 5% to Rs 481 crore in FY25 from Rs 458 crore in FY24. Employee benefit costs increased 10% to Rs 33 crore, while advertising and promotional expenses declined 37% to Rs 14.5 crore during the year. Subscription costs remained flat at Rs 8 crore. Other overheads more than doubled to Rs 33.5 crore in FY25. Overall, FreshToHomeโ€™s total expenditure went up by 6% to Rs 576 crore in FY25 from Rs 542 crore in FY24. At the bottom line, FreshToHome reported a net loss of Rs 146 crore in FY25, compared to Rs 150 crore in FY24, representing a modest 2.7% reduction in losses. Its ROCE and EBITDA margin stood at -107.64% and -36.58% respectively. On a unit level, the company spent Rs 1.37 to earn a rupee, improving from Rs 1.47 it spent in FY24. The firm recorded cash and bank balances of Rs 42 crore, while its current assets were valued at Rs 73.5 crore at the end of FY25. According to TheKredible, FreshToHome has raised over $320 million of funding to date. In the last round, FreshToHome raised $104 million in its Series D funding, led by Amazon Smbhav Venture Fund.

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Wonderchef posts 421 Cr revenue and Rs 4 Cr profit in FY25

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Wonderchef posts 421 Cr revenue and Rs 4 Cr profit in FY25
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Wonderchef, the premium kitchenware and home appliances brand co-founded by Ravi Saxena and Chef Sanjeev Kapoor, delivered a stable financial performance in FY25 with improved profitability. Wonderchefโ€™s operating revenue increased 11% to Rs 421 crore in FY25, up from Rs 378 crore in FY24, as per its financial statements filed with the Registrar of Companies (RoC). The sale of products was the sole source of revenue for the company. The company earned an additional Rs 2 crore from interest income which pushed its total income to Rs 423 crore in FY25, compared to Rs 381 crore in FY24. For the kitchen and home appliances seller, the cost of procurement of appliances naturally becomes the largest cost center forming 68% of its overall cost. This cost increased by 11.5% to Rs 281 crore in FY25 from Rs 252 crore in FY24. Employee benefits increased to Rs 35 crore, while transportation and contract manpower costs stood at Rs 17 crore and Rs 10.6 crore, respectively. Overall, total expenses rose 11% to Rs 415 crore in FY25 from Rs 375 crore in FY24. With the companyโ€™s revenue growing steadily, its profit spiked to Rs 4.4 crore in FY25 from Rs 1.5 crore in FY24. Its ROCE and EBITDA margin improved to 4.78% and 2.02% respectively. On a unit basis, its expense-to-revenue ratio remained at Rs 0.99, unchanged from FY24. On the balance sheet side, Wonderchef held Rs 23 crore in cash and bank balances, while current assets stood at Rs 229 crore in the same period. Wonderchef is preparing to make its public market debut with a targeted valuation of around Rs 1,800 crore. The IPO is expected to be largely an offer for sale, giving existing investors a chance to exit, though the final issue size remains unclear. The IPO was originally anticipated for late 2025, but may now be pushed to 2026.

Healthians posts Rs 263 Cr revenue in FY25; nears breakeven

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Healthians posts Rs 263 Cr revenue in FY25; nears breakeven
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Healthians posts Rs 263 Cr revenue in FY25; nears breakeven Healthians didn't manage notable growth in the fiscal year ending March 2025. However, the WestBridge-backed company narrowed its losses by 89% year on year and neared break-even during the same period. The firmโ€™s operating revenue increased 8% year-on-year to Rs 263 crore in FY25, up from Rs 243 crore in FY24, as per its consolidated financial statements filed with the Registrar of Companies (RoC). Including non-operating income of Rs 7 crore, the companyโ€™s total income grew 7% to Rs 270 crore during the year. Cost optimisation played a key role in supporting the companyโ€™s financial recovery. Total expenses declined 8% to Rs 275 crore in FY25, compared to Rs 298 crore last year. Among the major cost heads, employee benefits, the largest expense category, dropped 13% year-on-year to Rs 104 crore in FY25 from Rs 120 crore in FY24. Cost of materials contracted 7% to Rs 54 crore. Advertising costs rose 10% to Rs 43 crore. Meanwhile, depreciation and finance costs remained stable at Rs 29 crore and Rs 15 crore, respectively. The improvement in revenue and control of key expenses helped Healthians bring down its losses sharply by 89% to Rs 5 crore in FY25 from Rs 45 crore in FY24. The firm posted positive EBITDA of Rs 32 crore in FY25 with EBITDA margin of 12.17%. Its ROCE stood at 2.73% in the same period. On a unit basis, the company spent Rs 1.05 to earn a rupee of operating revenue in FY25. The firmโ€™s current assets increased slightly to Rs 170 crore including cash and bank balances worth Rs 49 crore in the fiscal. According to startup data intelligence platform TheKredible, Healthians has raised a total of $75 million of funding till date, having WestBridge, BEENEXT, DG Ventures and Youwecan as its lead investors. The companyโ€™s founder and CEO, Deepak Sahni owns 6.5% of the company.

Ather Energy posts Rs 645 Cr revenue in Q1 FY26, losses remain flat

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Ather Energy posts Rs 645 Cr revenue in Q1 FY26, losses remain flat
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Ather Energy posts Rs 645 Cr revenue in Q1 FY26, losses remain flat Ather Energy reported a 79% year-on-year jump in its operating revenue compared to Q1 FY25. At the same time, the Bengaluru-based firm also narrowed losses by 3%. Electric two-wheeler maker Ather Energy has announced its financial results for the first quarter of the ongoing financial year FY26. The company reported a 79% year-on-year jump in its operating revenue compared to Q1 FY25. At the same time, the Bengaluru-based firm narrowed losses by 3%. Atherโ€™s revenue from operations increased by 79% to Rs 645 crore in Q1 FY26, from Rs 360 crore in Q1 FY25, according to its quarterly report sourced from the National Stock Exchange (NSE). The Tarun Mehta-led company did not provide a revenue breakdown during the last quarter. Atherโ€™s cost of materials, primarily driven by battery and component procurement, made up the largest share of its expenditure. This cost increased by nearly 74% to Rs 518 crore in Q1 FY26 from Rs 297 crore in the same period last year, accounting for over 61% of the total expenses during the quarter. Employee benefit expenses saw a surge of 37% YoY to Rs 119 crore in Q1 FY26 compared to Rs 87 crore in Q1 FY25. Depreciation and amortization costs rose 20% to Rs 48 crore, while other operational costs jumped nearly 31% to Rs 166 crore. Overall, Atherโ€™s total expenditure grew 54% to Rs 851 crore in Q1 FY26, up from Rs 551 crore in Q1 FY25. As a result, the companyโ€™s net losses reduced by 3% to Rs 178 crore in Q1 FY26 from Rs 183 crore in Q1 FY25. In July 2025, Ather Energy maintained its fourth-place market position, selling 16,231 units. This represents a 10.59% month-on-month increase from the 14,677 units sold in June, bringing their market share to 15.78%. Ather Energy made its stock market debut on May 6, 2025, listing at Rs 328 per share on the NSE. However, the stock is currently trading at Rs 375, bringing its total market capitalization to Rs 13,723 crore ($1.5 billion). Ather competitor Ola Electricโ€™s topline shrank by nearly 50% year-on-year during the first quarter of FY26. At the same time, the Bengaluru-based firmโ€™s losses widened by 23%.

Paytm posts Rs 1,828 Cr revenue and Rs 208 Cr loss in Q3 FY25

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Paytm posts Rs 1,828 Cr revenue and Rs 208 Cr loss in Q3 FY25
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Fintech firm Paytm announced its financial results for the third quarter of the current fiscal year (Q3 FY25) on Monday. The Noida-based company reported revenue of Rs 1,828 crore and a net loss of Rs 208 crore for the period. According to Paytmโ€™s unaudited consolidated quarterly report filed with the National Stock Exchange, its revenue from operations declined by 35.9% year-on-year from Rs 2,850 crore in Q3 FY24 to Rs 1,828 crore in Q3 FY25. However, on a quarter-on-quarter basis, the firm recorded a 10% increase in revenue compared to Q2 FY25 (the preceding quarter). Income from payment service revenue accounted for 55% of the total operating revenue which stood at Rs 1,003 crore in Q3 FY25 while the revenue from financial and marketing services were recorded at Rs 502 crore and Rs 267 crore in the same period. The company also added Rs 189 crore from other non-operating sources, bringing its overall revenue to Rs 2016.5 crore in Q3 FY25. For the fintech firm, its employee benefits remained the largest cost center accounting for 34% of the overall cost which decreased by 36% to Rs 756 crore in Q3 FY25. This includes Rs 182 crore as ESOP cost (non-cash). Its payment processing charges and marketing costs were reduced by 42% and 48.7% to Rs 570 crore and Rs 141 crore respectively in Q3 FY25 from Rs 982 crore and Rs 275 crore in Q3 FY24. Software, communication, legal, cashback, and other overheads took the total expenditure to Rs 2,220 crore in Q3 FY25 from Rs 3,216 crore in Q3 FY24. A reduction across all overhead departments enabled Paytm to narrow its losses by 6.3% to Rs 208 crore in Q3 FY25 from Rs 222 crore in Q3 FY24.

Swiggy posts Rs 4,410 Cr revenue in Q4 FY25, Instamart grows 115%

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Swiggy posts Rs 4,410 Cr revenue in Q4 FY25, Instamart grows 115%
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Swiggy posts Rs 4,410 Cr revenue in Q4 FY25, Instamart grows 115% Foodtech and quick commerce major Swiggy has managed a 45% year-on-year growth in its operating revenue which spiked to Rs 4,410 crore during Q4 FY25 as compared to Rs 3,045 crore in Q4 FY24. However, the Bengaluru-based companyโ€™s losses surged 95% in the same period. Swiggyโ€™s food delivery business continues to be a major contributor, accounting for 37% of the total collection in Q4 FY25. Revenues from this vertical grew 18% to Rs 1,629 crore from Rs 1,375 crore in Q4 FY24. The companyโ€™s quick commerce segment also saw remarkable growth, with revenue surging by 115% to Rs 689 crore in Q4 FY25 from Rs 320 crore in Q4 FY24. The segment's gross order value (GOV) growth was driven by an increase in order frequency and the addition of new dark stores. Scootsy Logistics contributed a major 45% of Swiggyโ€™s overall operating collection. Income from this entity increased by 58% YoY to Rs 2,004 crore in Q4 FY25 from Rs 1,265 crore in Q4 FY24. During the last quarter, Swiggy invested Rs 1,000 crore in Scootsy to support expansion and growth. Swiggyโ€™s Dine Out, Genie, Swiggy Mini, and other non-operating income took its total revenue to Rs 4,531 crore in Q4 FY25. For the full fiscal year ending March 2025, Swiggyโ€™s revenue rose 35% to Rs 15,227 crore in FY25 from Rs 11,247 crore in FY24. On the cost side, the procurement of FMCG products for supply chain distribution formed 33% of its overall cost which increased by 52% to Rs 1,854 crore in Q4 FY25. Meanwhile, the delivery charges saw 27% growth to Rs 1,161 crore in Q4 FY25. Swiggy spent Rs 695 crore and Rs 978 crore on employee benefits and advertising, respectively. Overall, Swiggyโ€™s total expenses for the quarter increased 53% to Rs 5,609 crore from Rs 3,668 crore in Q4 FY24. On a fiscal-on-fiscal year basis, its total expenses increased to Rs 18,725 crore in the quarter ending March 2025 from Rs 13,947 crore in FY24. The 53% growth in expenditure led losses to increase by 95% to Rs 1,081 crore in Q4 FY25 from Rs 555 crore in Q4 FY24. On a fiscal-on-fiscal basis, Swiggyโ€™s losses spiked 33% to Rs 3,117 crore in FY25 from Rs 2,350 crore in FY24.

Cult.fit posts Rs 1,216 Cr revenue and Rs 481 Cr loss in FY25

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Cult.fit posts Rs 1,216 Cr revenue and Rs 481 Cr loss in FY25
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Fintrackr All Stories Cult.fit posts Rs 1,216 Cr revenue and Rs 481 Cr loss in FY25 Fitness tech company Cult.fit reported over 31% year-on-year growth in operating revenue for the fiscal year ended March 2025, while its losses narrowed by 10% to Rs 481 crore during the period. Mukul Manchanda 15 Dec 2025 16:06 IST Fitness tech company Cult.fit reported over 31% year-on-year growth in operating revenue for the fiscal year ended March 2025, while its losses narrowed by 10% to Rs 481 crore during the period, as the company gears up for an initial public offering (IPO). Cult.fit reported an operating revenue of Rs 1,215.5 crore in FY25 compared to Rs 926.6 crore in FY24, according to its consolidated financial statements filed with the Registrar of Companies (RoC). Revenue from fitness subscriptions, including flagship offerings such as Cultpass, Cult.fit centres, and platform services, accounted for 73% of total revenue which increased by 32.7% year-on-year to Rs 889 crore in FY25. The sale of products, including sportswear for men and women as well as other gym and fitness products, contributed Rs 326.4 crore to total revenue, with the segmentโ€™s revenue rising 27% compared to FY24. Cult.fit also earned Rs 56.5 crore from other income, including interest on current investments and miscellaneous non-operating sources, taking its total revenue to Rs 1,272 crore in FY25. Coming to expenses, employee benefit costs remained largely flat at Rs 347.4 crore in the last fiscal, including Rs 99.5 crore ESOP expenses. Meanwhile, Cult.fitโ€™s cost of materials rose 31% year-on-year to Rs 521.5 crore in FY25, accounting for nearly 30% of the companyโ€™s overall expenses and remaining its largest cost centre. Spending on advertising and promotional expenses remained flat at Rs 202.9 crore in FY25, while depreciation and amortisation costs increased 12% year-on-year to Rs 237.6 crore. Legal and professional expenses, along with finance costs, added another Rs 120.9 crore and Rs 109.5 crore, respectively, to the companyโ€™s total expenses. Information technology, travel and other miscellaneous expenses pushed overall costs up by 12% year-on-year to Rs 1,751.6 crore in FY25. In the end, the Bengaluru-based firmโ€™s losses declined by 10% to Rs 480.8 crore in FY25. Its ROCE and EBITDA margins stood at -24.02% and -15.54% respectively whereas its EBITDA (loss) stands at Rs 189 crore in the period. Cult.fit managed to improve its expense-to-earning ratio to Rs 1.44 in the previous fiscal. Its current assets stood at Rs 1,029.5 crore with a cash and bank balance of Rs 240.7 crore in FY25. According to startup data intelligence platform TheKredible, Cult.fit has raised over $675 million to date from investors including Accel, Temasek, Eternal (Zomato), Tata Digital and several others. The Tata Digital-backed company is reportedly aiming to raise Rs 2,500 crore through an initial public offering (IPO) at a valuation of around $2 billion, and has appointed Axis Capital, Jefferies, Goldman Sachs, Morgan Stanley and JM Financial as its bankers.

Spinny posts Rs 4,657 Cr revenue in FY25; cuts losses by 28%

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Spinny posts Rs 4,657 Cr revenue in FY25; cuts losses by 28%
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Spinny posts Rs 4,657 Cr revenue in FY25; cuts losses by 28% Used car retailer Spinny posted a steady performance in FY25 with notable top-line growth and narrowing losses. The Gurugram-based companyโ€™s revenue from operations jumped 25% year-on-year to Rs 4,657 crore, up from Rs 3,730 crore in FY24, according to its consolidated financial statements filed with the Registrar of Companies (RoC). Spinny primarily generates its revenue from used car sales, accounting for 97.7% of its operating income (Rs 4,553 crore) from this segment, marking a 25.7% YoY rise during FY25. The balance came from commissions, support services, and advertising. Beyond operations, the company booked Rs 89 crore in non-operating income from interest on deposits, corporate bonds, mutual fund gains, and fair value adjustments. This pushed its total income to Rs 4,746 crore in FY25 from Rs 3,822 crore in FY24. For the used car retailer, the cost of procuring cars was naturally the largest cost center, accounting for 83.3% of the overall cost. In line with a 25% revenue surge, this cost grew 23% to Rs 4,309 crore in FY25. The firm cut its employee benefits by 13.8% to Rs 338 crore in the said year. Spinnyโ€™s direct cost stood at Rs 147 crore while its advertising and promotion costs reduced by 11.3% to Rs 125 crore in FY25. Other overheads, including information technology, legal, travelling, and rent, took the total cost to Rs 5,170 crore in FY25. The decent growth in its revenue helped Spinny to cut down its losses by 28.3% to Rs 423 crore in FY25 from Rs 590 crore in FY24. The company has also improved its per unit expense to revenue ratio in FY25, which was recorded at Rs 1.11. In March this year, the company closed $170 million round this year led by Accel Leaders Fund. According to startup data intelligence platform TheKredible, Spinny has raised around $676 million to date, including investors like Tiger Global, Accel, Elevation Capital, and others. The company expanded its portfolio by acquiring Autocar India, an auto media and car content platform, and started its own NBFC subsidiary.

FirstCry-parent posts Rs 2,172 Cr revenue in Q3 FY25, cuts losses by 70%

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FirstCry-parent posts Rs 2,172 Cr revenue in Q3 FY25, cuts losses by 70%
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FirstCry-parent posts Rs 2,172 Cr revenue in Q3 FY25, cuts losses by 70% Brainbees Solutions, the parent company of kids-focused omnichannel retailer FirstCry, has released its Q3 FY25 today. The report highlights sound financial growth, with a 14.3% year-on-year growth in scale and controlled losses by 70%. FirstCry's revenue from operations grew to Rs 2,172 crore in Q3 FY25 from Rs 1,900 crore in Q3 FY24, its unaudited financial statements sourced from the National Stock Exchange (NSE) show. The sale of its products through offline stores and websites in India and the international market was the primary source of revenue, accounting for nearly 82% of total operating revenue, while its subsidiary, GlobalBees, contributed Rs 422 crore. The company also made Rs 44 crore from interest income which took its overall revenue to Rs 2,217 crore in Q3 FY25, compared to Rs 1,936 crore in Q3 FY24. For the omnichannel retailer, the cost of procurement of materials accounted for 66% of the overall expenditure which increased 17% year-on-year to Rs 1,451 crore in Q3 FY25 from Rs 1,239 crore in Q3 FY24. FirstCryโ€™s employee benefits stood at Rs 177 crore in Q3 FY25 which includes Rs 28 crore as ESOP cost. The marketing, legal, rent, and technology were other overheads that pushed the overall expenditure to Rs 2,210 crore in Q3 FY25 from Rs 1,978 crore in Q3 FY24. The decent scale and controlled expenditure helped FirstCry to reduce its losses by 70% to Rs 15 crore in the last quarter. Notably, the company reported a positive EBITDA of Rs 152 crore. As of the last trading session, FirstCryโ€™s share price stood at Rs 419 per share, with a total market capitalization of Rs 21,753.8 crore (approximately $2.5 billion).

Cashfree posts Rs 640 Cr revenue in FY25, losses rise 14%

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Cashfree posts Rs 640 Cr revenue in FY25, losses rise 14%
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Fintrackr All Stories Cashfree posts Rs 640 Cr revenue in FY25, losses rise 14% Cashfree struggled with growth in FY25, even after the Reserve Bank of India removed merchant onboarding restrictions for leading companies. State Bank of India-backed Cashfree is no exception, as the firmโ€™s operating scale remained flat in FY25. Cashfree reported an operating revenue of Rs 640 crore in FY25 against Rs 643 crore in FY24, according to the companyโ€™s consolidated financial statements filed with the Registrar of Companies (RoC). Founded in 2015 by Akash Sinha and Reeju Datta, Cashfree provides businesses with a fast and easy way to collect payments online, make payouts, improve conversions, and verify identity and detect fraud during KYC and onboarding. The company claims to enable large businesses to process 12,000 transactions per second during peak demand. The revenue breakup for FY25 shows payment gateway commissions accounted for 75% of the operating revenue at Rs 481 crore. Payout commissions added another Rs 55 crore, while commission income from other services contributed the rest Rs 103 crore. With other income of around Rs 1 crore, the Bengaluru-based company posted a total income of Rs 641 crore in the last fiscal year. On the expense side, payment gateway processing cost accounted for 53% of the total expense, decreasing by 2% to Rs 419 crore in FY25 from Rs 427 crore in FY24. The companyโ€™s other key expense items include employee benefits, marketing, and technology investments. Its marketing expenses notably surged 150% to Rs 20 crore in FY25. The firmโ€™s employee benefits costs remained flat at Rs 243 crore in FY25 compared to Rs 245 crore in FY24. Depreciation, finance cost and other overheads added another Rs 80 crore to the rising expenses. In the end, Cashfreeโ€™s total costs increased 2% to Rs 795 crore from Rs 779 crore last year. Although top-line performance remained stable, the companyโ€™s net loss widened 14% to Rs 154 crore from Rs 135 crore in the previous fiscal. Its EBITDA loss increased to Rs 132 crore, pushing the EBITDA margin down to -20.63% from -17.42% the previous year. In the coming year, Cashfree is expected to reduce its marketing expenses to lower losses and strengthen its financial position in FY26. The ban on real money gaming platforms is also expected to affect the business of payments firms including Cashfree significantly in the ongoing fiscal year. Ahead of FY26, Cashfree raised $53 million in a round led by Krafton, marking its first funding in nearly four years. Overall, the company has raised $95 million from investors including Y Combinator, Smilegate Investments, and the State Bank of India.

FreshToHome earns Rs 25 Cr net commission from India in FY23

EntrackrEntrackr ยท 1y ago
FreshToHome earns Rs 25 Cr net commission from India in FY23
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Online fresh meat and seafood ordering platform FreshToHome has been struggling to scale and this is evident from a marginal fall in its revenue during the fiscal year ending March 2023. However, the Bengaluru-based firm managed to cut losses by 22% in the same period. FreshToHomeโ€™s revenue from operations saw a mere decrease of 1.6% in FY23, its consolidated financial statements filed by the companyโ€™s ultimate holding entity in Singapore show. The sale of products (meat, seafood et al) was the primary source of FreshToHome gross merchandise value (GMV). Income from sales commission and royalties were other revenue drivers for the Singapore-incorporated company in FY23. See TheKredible for the detailed revenue breakdown. Notably, FreshtoHome worked through different business combinations in India and the UAE. The company booked only Rs 25 crore from net commission and royalty in India. According to its spokesperson, this was net income which roughly translates into Rs 800 crore of GMV in FY23. FreshToHome follows a cash-and-carry model in the UAE where it earned Rs 100 crore of gross sales during the fiscal year ended March 2023. FreshToHome spent Rs 323 crore on sales and marketing in FY23 which was 23.5% less when compared to FY22. The cost of procurement formed 17.3% of the overall cost which stood at Rs 93.5 crore in FY23. The firmโ€™s burn on employee benefits, legal-professional, delivery charges, contract labor, packaging, and other overheads catalyzed its overall expenditure to Rs 539 crore in FY23 from Rs 655.5 crore in FY22. Head to TheKredible for the detailed expense breakup. Reduction in sales and marketing costs helped FreshToHome to contract its losses by 21.7% to Rs 409.4 crore in FY23 from Rs 522.9 crore in FY22. Its ROCE and EBITDA margins stood at -82% and -314% respectively. On a unit level, it spent Rs 4.88 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -392% -314.1% Expense/โ‚น of Op Revenue โ‚น5.84 โ‚น4.88 ROCE -226% -82% FreshtoHome has raised over $290 million to date including its $104 million Series D round led by Amazon Sambhav Venture Fund in February last year. According to the startup data intelligence platform TheKredible, Iron Pillar is the largest external stakeholder followed by Raed Ventures. FreshToHome competes with Licious, Zappfresh, BBDaily, and Easymeat among a few others. During FY23, Liciousโ€™ gross income saw a modest 9.6% growth to Rs 747.7 crore from Rs 682.5 crore in FY22. The companyโ€™s losses remained flat at Rs 500 crore in FY23 against Rs 485 crore in FY22. The firm recently claimed that it has achieved an annual revenue run rate of $100 million, or around Rs 850 crore for FY24. Zappfresh ended FY23 with Rs 57 crore revenue and a nominal profit of Rs 3.5 crore. The problems being faced by FreshtoHome are not unique to it. Clearly, there are assumptions that have not held up about the Indian market, the most obvious being pricing of meat and related products. The market has simply refused to accept the kind of premium these firms demand, leading to failure to build long term relationships with customers. In the case of FreshtoHome, the โ€˜pivotโ€™ to UAE is unlikely to be done at the same scale or using the same tactics, as the firm will probably not spend as much on market penetration. Cultivating relationships as a supplier with a core group of customers, thanks to higher average meat consumption and purchasing power means they have a far better chance of making it there, even as margins are unlikely to improve further due to local competition. The continuing high losses for these firms means that survival itself could become an issue if a health scare were to turn up, always a risk with meat products. While we wonโ€™t be looking out for a turnaround in FY24, we do believe that FY25 could be make or break for quite a few firms in the segment.

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