Bijnis, a B2B manufacturing tech startup, reported a 36% increase in revenue in FY24, rising to Rs 88 crore from Rs 64.5 crore in FY23.
Nearly 90% of its revenue was derived from its operations in FY24, which increased from nearly 80% in FY23. Its operating revenue streams include, commission income contributing 62% of the operating revenue, sales making over 36% to operating revenue. While other operating revenue streams include freight charge and other chargers making the rest of the operating revenue.
Founded in 2015 by Siddharth Rastogi, Siddharth Vij, and Chaitanya Rathi, Bijnis is revolutionising unorganised manufacturing by digitising factories. It enables retailers to directly procure from factories in the shoe and apparel sectors, eliminating inefficiencies like price negotiations, quality assurance, and payment risks.
The Delhi-based company has raised a total of Rs 321.65 crore across 8 funding rounds, with the latest being a Series B round in September 2021. Info Edge holds the largest stake at 27.58%, followed by co-founders Siddharth Vij (6.85%), Chaitanya Rathi (6.64%), and Siddharth Rastogi (6.64%).
In tandem with revenue growth, Bijnis also reduced its total expenses to Rs 136 crore in FY24 from Rs 164 crore in FY23. Employee benefit costs formed the largest expense head at 44.7%, followed by cost of materials (17.5%), advertising (5.4%), depreciation (2.3%), and finance costs (1.1%).
The company’s losses narrowed significantly, reducing by over 50% from Rs 99.5 crore in FY23 to Rs 47.8 crore in FY24.
Bijnis also reported improved financial metrics with EBITDA margin rising from -149.07% in FY23 to -49.65% in FY24, and ROCE improving from -70.45% to -48.78%, reflecting increased operational efficiency and cost control.