Founded in 2017, Kanpur-based Phool is transforming floral waste management with its innovative and eco-friendly solutions. The company’s flagship concept, flowercycling, upcycles discarded temple and mosque flowers into sustainable products such as organic vermicompost, incense sticks, soaps, vegan leather goods, and biodegradable packaging materials. Through its unique model, Phool not only protects the Ganges from pollution but also empowers rural women through self-help groups.
Phool experienced strong revenue growth in FY24, with revenue surging to Rs 50 crore, a substantial increase from Rs 28.6 crore in FY23. However, the company reported a net loss of Rs 5.23 crore in FY24, compared to a loss of Rs 3.55 crore in FY23, as expansion efforts drove up costs. The EBITDA margin improved slightly to -7.37% in FY24, compared to -9.42% in FY23, indicating early signs of better cost efficiency. ROCE, however, declined to -9.76% in FY24 from -6.11% in the previous fiscal year.
Expenses rose by 71.8%, reaching Rs 55.2 crore in FY24 from Rs 32.14 crore in FY23. Cost of materials accounted for 37.6% of total expenses in FY24, up from 34.2% in FY23, reflecting increased production activities. Advertisement costs declined slightly to 19% of total expenses in FY24 from 21.8% in FY23, while employee benefit costs reduced to 16.3% from 17.7%. Depreciation remained stable at around 2.8% of total expenses in FY24.
Phool has raised a total of Rs 106.31 crore in funding across eight rounds, with the latest being a Debt Financing round in July 2024. The company is led by co-founder Ankit Agarwal, who holds 28.36% equity. Other key shareholders include the ESOP pool (3.50%), actress Alia Bhatt (2.24%), and the Foundation for Innovation & Social Entrepreneurship (3.18%).