Bengaluru-based BlissClub raked in a revenue of Rs 72 crore in FY23, a 4.9X growth compared to its previous year. Over 90% of the total revenue came in from operations while a little over 5% came in from other revenue sources of the company.
Founded by Minu Margeret in 2020, BlissClub is a homegrown women’s activewear brand. It offers women focused active lifestyle apparel, accessories, and related products on its website as well as e-commerce platforms like Myntra, Amazon and AJIO.
As for the expenses, the company saw a 4.5X rise to Rs 107.84 crore in FY23 in the fiscal year ending March. A major portion of this was contributed by the cost of materials taking up over Rs 30 crore. It spent close to Rs 30 crore and over Rs 20 crore in advertisement and promotional costs and employee benefit costs. FY22 saw a similar breakdown with close to Rs 8 crore spent on materials and ads and promotions and over Rs 4 crore spent on employee benefits.
BlissClub saw a 4X loss of Rs 35.71 crore as compared to its previous fiscal year’s Rs 8.89 crore. While its EBITDA margin stood at – 46.13%, the company’s ROCE was -36.29%.
The company has raised a total of Rs 156.8 crore over 3 funding rounds. Its latest round was held on May 2022 and raised Rs 23.35 crore in a debt financing round. the round was led by Stride Ventures. It previously raised Rs 116.10 crore in its Series A round led by Eight Roads Ventures and Elevation Capital.
While founder Minu Margeret holds a little more than half of the company’s shares, Elevation Capital and Eight Road Ventures hold over 20% and close to 15% of the company’s shares.
The company currently has a valuation of Rs 533 crore and competes against the likes of Bummer, Freecultr, and Almo.