Bakingo, an online cake delivery platform, witnessed its revenue drop by 13% in FY23, falling from Rs 84.41 crore in FY22 to Rs 72.73 crore in FY23.
Founded in 2016 by Himanshu Chawla, Shrey Sehgal, and Suman Patra, Bakingo offers a wide range of cakes and desserts, including cheesecake, gourmet cakes, and jar cakes. The platform also provides customization options for over 200 cake designs, allowing customers to personalize their orders for special occasions.
The Gurugram-based bakery platform has raised a total of Rs 133.18 crore in funding over 1 round, raised in Nov 2023 from a private equity round led by Faering Capital. The company’s current valuation stands at over Rs 500 crore.
Competing with platforms like FNP and CakeZone, Bakingo’s majority shares are held by co-founders Shreya Sehgal and Himanshu Chawla, each having an equal stake in the company. While Faering Capital and Suman Patra also hold significant stakes.
In line with the revenue decline, Bakingo’s expenses also dropped from over Rs 80 crore in FY22 to Rs 71.85 crore in FY23. The cost of materials accounted for the largest portion of these expenses at over 50%, followed by advertising, promotions, and employee benefits.
Along with revenue and expenses, Bakingo’s profit also took a hit in FY23, decreasing from over Rs 1 crore in FY22 to Rs 65.45 lakh.
The company’s current EBITDA margin and ROCE declined to 1.64% and 16.28% respectively.