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B2B firm Yojak’s revenue shrinks 66% in FY23, expenses follow

  • May 9, 2024
  • By Team TheKredible
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Gurugram headquartered B2B online marketplace Yojak witnessed its revenue dwindling 66% to Rs 35.5 crore in FY23 from Rs 98 crore the preceding fiscal year.

Along with the massive drop in the overall revenue, its revenue from operations shrunk over 64% from FY22’s Rs 97 crore to FY23’s Rs 34 crore.

The e-commerce firm focuses on building materials and serves as an online marketplace for retailers and wholesalers to buy and sell building materials directly from manufacturers.

It offers a variety of building materials, including quartz, natural stone, and tiles. It aims to empower retailers and wholesalers in the industry, helping them purchase through a transparent online channel in a convenient and hassle-free manner directly from manufacturers.

The Anuj Jain and Rachit Garg founded company’s expenses slowed to Rs 45.26 crore in the fiscal year ending March 2023. This was a 61% cut from FY22’s Rs 118 crore.

While the cost of materials contributed over Rs 28 crore, employee benefits and travelling costs took up more than Rs 6 crore and a little over Rs 1 crore respectively.

The five year old firm last raked in Rs 15.8 crore in an extended pre-Series A round led by Info Edge and Kae Capital. Post the infusion of the round, while founders Rachit Garg and Anuj Jain held equal shares of close to 25%, Kae Capital held over 20% of the company’s shares.

The firm’s current valuation is Rs 127 crore.

It’s losses for the fiscal dropped 51% to touch Rs 9.7 crore. Its EBITDA dropped to -25.90% while the ROCE improved to -65.45%. Previously in FY22, its losses stood at Rs 19 crore.