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Toothsi parent MakeO reports flat revenue in FY24; losses trim 32%

EntrackrEntrackr · 6m ago
Toothsi parent MakeO reports flat revenue in FY24; losses trim 32%
Medial

Toothsi parent MakeO reports flat revenue in FY24; losses trim 32% Following over twofold growth in FY23, MakeO, the parent company of Toothsi and skincare brand Skinnsi, reported stable revenue for the fiscal year ending March 2024, but succeeded in reducing its losses by 32%. MakeO’s revenue from operations saw a modest increase of 6.5% to Rs 179 crore in FY24 from Rs 168 crore in FY23, according to its consolidated financial statements filed with the Registrar of Companies. Founded in 2018 by Arpi Mehta Shah, Pravin Shetty, Manjul Jain, and Anirudh Kal, MakeO began as the aligner brand Toothsi and later consolidated its flagship brands, including Skinnsi, to offer dental, skin, and hair treatment solutions. The sale of tooth aligners accounted for 69.2% of the operating revenue, increasing by 7% to Rs 124 crore in FY24. The rest of the revenue came from Skinnsi services, including laser hair reduction, facials, anti-aging treatments, and skincare products. Employee benefits remained the largest cost center at 36% of overall expenditure, amounting to Rs 119 crore in FY24. Consultant fees and marketing costs were reduced by 57% and 24%, respectively, to Rs 26 crore and Rs 69 crore in FY24. Other expenses totaled Rs 332 crore in FY24, down from Rs 395 crore in FY23. The cutback in costs helped MakeO reduce its losses by 31.8% to Rs 150 crore in FY24 from Rs 220 crore in FY23. Its ROCE and EBITDA margin stood at -77.3% and -66.12% with an expense-to-earnings ratio of Rs 1.85. At the end of FY24, MakeO’s current assets were Rs 153 crore with cash and bank balances of Rs 93 crore. MakeO has raised over $90 million to date, including $16 million led by 360 One Asset and the investment office of Ashish Kacholia. Eight Roads Ventures is the largest external stakeholder, followed by Think Investment.

Toothsi-parent MakeO’s revenue spikes 2X in FY23, posts Rs 220 Cr loss

EntrackrEntrackr · 1y ago
Toothsi-parent MakeO’s revenue spikes 2X in FY23, posts Rs 220 Cr loss
Medial

Toothsi and skincare brand Skinnsi-parent MakeO has managed over two-fold growth in its operating scale in FY23. Significantly, the company also controlled its losses which grew around 20% in the last fiscal. Though the operating income is yet to come close to its losses. MakeO’s revenue from operations surged 2.15X to Rs 168 crore in the fiscal year ending March 2023 from Rs 78 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show. Toothsi Founded in 2018 by Arpi Mehta Shah, Pravin Shetty, Manjul Jain and Anirudh Kal, MakeO started as an aligner brand Toothsi. Later, it merged its flagship brands, including Skinnsi. Under the two brands, the firm provides dental, skin, and hair treatment solutions. The sale of tooth aligners formed 69% of the total operating revenue which spiked 75.8% to Rs 116 crore in FY23. The rest of the revenue came from the sale of Skinsi services which include facial, anti-aging, acne reduction, and other skin treatments. See TheKredible for the detailed revenue breakup. Employee benefits emerged as the largest cost center for MakeO, accounting for 32.1% of the overall expenditure. This cost grew 76.4% to Rs 127 crore in FY23. This includes Rs 21 crore as ESOP costs. MakeO’s consultant fees which include scanning and therapist charges grew 15.4% to Rs 60 crore in FY23. The firm’s procurement, payment gateway, marketing, rent, legal /professional, and other overheads took its overall expenditure up by 50.2% to Rs 395 crore in FY23. Head to TheKredible for the complete expense breakup. Expense Breakdown Total ₹ 263 Cr https://thekredible.com/company/toothsi/financials View Full Data To access complete data, visithttps://thekredible.com/company/toothsi/financials Total ₹ 395 Cr https://thekredible.com/company/toothsi/financials View Full Data To access complete data, visithttps://thekredible.com/company/toothsi/financials Cost of procurement Cost of procurement Employee benefit Employee benefit Consultant Fees Consultant Fees Rent Rent Subvention and Payment Gateway Charges Subvention and Payment Gateway Charges Marketing Marketing Legal and Professional Legal and Professional Others To check complete Expense Breakdown visit thekredible.com View full data Makeo’s two-fold surge in scale and controlled expenditure kept its losses under control which increased 19.6% to Rs 220 crore in FY23. Its ROCE and EBITDA margin stood at -135% and -115.4%, respectively. On a unit level, it spent Rs 2.35 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -218% -115.4% Expense/₹ of Op Revenue ₹3.37 ₹2.35 ROCE -276% -135% MakeO has raised over $90 million across rounds including its latest fundraising of $16 million led by 360 One Asset. According to the data intelligence platform TheKredible, Eight Road Ventures is the largest stakeholder in the company followed by Think Investments. While controlling its losses might seem like a positive here, in its business , it might also point to the high fixed costs that are truly sticky. That would imply a need for a massive improvement in topline for MakeO, something that doesn’t look easy by any stretch in a fiercely competitive market. Especially for Skinnsi. We believe this is a firm that is definitely not out of the woods yet despite improving financials.

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