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The Ayurveda Co posts Rs 60 Cr revenue in FY24, loss soars 3X

EntrackrEntrackr · 5m ago
The Ayurveda Co posts Rs 60 Cr revenue in FY24, loss soars 3X
Medial

The Ayurveda Co, a D2C consumer brand, recorded a 66% year-on-year growth in its scale during the last fiscal year ended in March 2024. However, the losses for the Sixth Sense Venture-backed firm surged over three-fold in the same period. The Ayurveda Co’s revenue from operations increased by 66% to Rs 59.6 crore in FY24 from Rs 36 crore in FY23, shows its financial statement sourced from the Registrar of Companies (RoC). The Ayurveda Co offers ayurvedic beauty and personal care products, including hair care, skincare, makeup, and wellness items. The firm's revenue is generated exclusively from the sale of these products. The Ayurveda Co earned an additional Rs 2.4 crore from interest income, which increased its total revenue to Rs 62 crore in FY24. On the expense side, the cost of materials was its largest cost center which jumped 2.4X to Rs 28.6 crore from Rs 12 crore in FY23. Its advertising and employee benefits grew by 73.3% and 80.2% to Rs 26 crore and Rs 15.5 crore, respectively, in the last fiscal year. Manpower and recruitment expenses surged to Rs 11.3 crore. In the end, the company’s total expenses increased 97% to Rs 109.5 crore in FY24 from Rs 55.6 crore in FY23. The sharp increase in expenditures resulted in a 3.2X spike in losses to Rs 68 crore in FY24, compared to a Rs 21 crore loss in FY23. Its ROCE and EBITDA margin stood at -700% and -100.65%, respectively. On a unit level, the company spent Rs 1.84 to earn a single rupee. At the end of FY24, the Gurugram-based company reported current assets worth Rs 45 crore, including cash and bank balances worth an alarming Rs 52 lakh. The Ayurveda Co has secured approximately $16 million in funding to date, including its Rs 100 crore Series A round led by Sixth Sense Ventures in 2023. The company competes with brands like Ayurveda Experience, which reported Rs 250 crore in revenue for FY23, along with Wow Skin, Sugar, and others. The sharp rise in costs is a little surprising, even in a year just after the firm raised significant funding, as we have seen earlier. One hopes FY25 will bring not just a moderation in costs but also a disproportionate rise in topline, considering the significant funding it seems to have raised. In a fiercely competitive market with valuations sagging for all but the most profitable firms, The Ayurveda Co’s numbers are more than a little underwhelming to be honest. The firm’s only argument from here on will have to be a strong performance in FY25.

ProcMart raises Rs 25 Cr in pre-Series B round

EntrackrEntrackr · 1y ago
ProcMart raises Rs 25 Cr in pre-Series B round
Medial

Business-to-business procurement marketplace ProcMart has raised Rs 25 crore ($3 million) in its pre-Series B round from Sixth Sense Ventures India. The board at ProcMart has issued 5,933 pre-series B CCPS at an issue price of Rs 42,127 each to raise Rs 25 crore, its regulatory filing soured from the RoC shows. Previously, the startup had raised $10 million in its Series A round led by Sixth Sense Ventures in November 2022. Following the fresh proceeds, Sixth Sense became the largest external stakeholder with 30% stake in ProcMart while its founder and chief executive officer Anish Popli will command 41.76% of the company. As per the startup data intelligence platform TheKredible, the latest capital injection has been done at a valuation, which is Rs 275 crore. Founded in 2015 by Anish Popli, the IndiaMART-backed startup provides supply chain solutions and infrastructure to businesses including services such as purchase order management, contract administration, master data management, e-catalogue management and market intelligence. ProcMart’s clients include Colgate, Mondelez, Harman, and Vedanta. It has 13 offices in India and one in Malaysia. The company also launched white-label in 2022 to provide construction equipment. The Noida-based company recently announced a strategic collaboration with local vendors in the biomass briquettes and pellets manufacturing sector. It competes with Lightspeed Ventures-backed Udaan in the B2B supply chain space.

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