Direct-to-consumer (D2C) innerwear brand Bummer posted a revenue of Rs 9.29 crore in FY24, reflecting an 18.6% increase from Rs 7.83 crore in FY23. The company also managed to reduce its net loss to Rs 2.43 crore in FY24 from Rs 2.95 crore in the previous fiscal year, as expenses rose by 8.9% to Rs 11.74 crore from Rs 10.78 crore.
Bummer’s EBITDA margin improved to -23.17% in FY24 from -36.02% in FY23, indicating a step toward operational efficiency. Additionally, its Return on Capital Employed (ROCE) saw an improvement, rising to -50.35% in FY24 from -122.38% in FY23, reflecting a better allocation of capital despite ongoing losses.
Founded in 2020 and headquartered in Ahmedabad, Bummer specializes in sustainable, ultra-soft innerwear made from MicroModal fabric. The brand caters to India’s 200M+ digital millennials with a fun and comfortable product range, including underwear, t-shirts, bralettes, and loungewear.
Employee benefit costs accounted for 13.02% of total expenses in FY24, up from 11.31% in FY23. Advertisement spending saw a decline, making up 34.58% of expenses in FY24 compared to 47.12% in FY23, signaling a shift in marketing strategy. The cost of materials significantly increased to 29.72% of total expenses in FY24 from just 7.14% in the previous year. Meanwhile, depreciation and finance costs remained minimal at 0.79% and 1.7% of FY24 expenses, respectively.
Bummer has raised a total of Rs 16.02 crore in funding over five rounds, with the latest pre-Series A round closed in March 2024. Founder Sulay Lavsi holds the largest share in the company at 35.88%, while the ESOP pool accounts for 5.25%. Investors include Aman Gupta (1.41%) and Thapar Vision (2.64%).