Sustainability platform Cercle X doubled its revenue in FY24 to Rs 89.2 crore, up from Rs 43 crore in FY23.
Founded in 2020 by Vishnu Vardhaan and Divya Shetty, Cercle X, is a tech-enabled waste management platform that helps industries sell waste to verified recyclers and manage Extended Producer Responsibility (EPR) compliance to move toward a zero-waste-to-landfill goal.
The Coimbatore-based cleantech company has raised a total of Rs 6.77 crore across two funding rounds, with the latest being a seed round in October 2022.
The company is primarily held by its founders, with Divya Shetty and Vishnu Vardhaan each owning 37.94% of the company.
In tandem with its revenue growth, Infinite Cercle’s expenses increased to Rs 91.3 crore in FY24, up from Rs 45.1 crore in FY23. The cost of materials accounted for 96% of total expenses in FY24, followed by employee benefit costs at 2% and advertising at 0.25%. Depreciation accounted for 0.06%, while other financial heads made up the remaining share.
Despite the strong top-line growth, the company continued to post net losses, recording a net loss of Rs 2 crore in FY24, slightly lower than Rs 2.14 crore in FY23.
Infinite Cercle’s EBITDA margin improved to -2.13% in FY24 from -4.91% in FY23, indicating enhanced operational efficiency. However, ROCE dipped to -79.65% in FY24 from -50.96% in FY23.