Settlrs, a B2B services rental platform, reported a 3X increase in revenue for FY23, reaching Rs 9.29 crore, up from Rs 2.67 crore in FY22.
Founded in 2017, Settlrs provides rental services for furniture, home appliances, electronics, and IT infrastructure, primarily catering to B2B clients in the housing sector. Settlrs has raised a total of Rs 9.06 crore across three funding rounds, with the most recent being a pre-Series A round in January 2022, led by Canbank Ventures.
Competing with Pepperfry and Wooden Street, the company currently holds a valuation exceeding Rs 50 crore. Co-founder Gaurav Ranebennur holds the majority share in the company at over 30% followed by Co-Founder and COO Nishanth Janadri at over 20%. Blue Kakhi Investments and Canara Bank are also significant shareholders in the company.
While the Bangalore-based company’s revenue tripled, its expenses also doubled in FY23, rising to Rs 9.02 crore from over Rs 3 crore in FY22. The cost of materials is the largest contributing factor with 16% of total expenses followed by legal and professional charges and employee benefits.
Despite the rise in expenses, Settlrs turned profitable in FY23, posting a profit of Rs 35.21 lakh after recording a loss of over Rs 70 lakh in FY22.
Settlrs also saw an improvement in key financial metrics, with its current EBITDA margin and ROCE increasing to 25.87% and 3.93% respectively.