Pune-based D2C startup Humpy Farms posted a 1.7X rise in scale to Rs 6.3 crore in the fiscal year ending March 2023. The company generated over Rs 6 crore of the overall revenue through operations the same year.
Previously, the agritech company had generated a revenue of Rs 3.7 crore with almost all of it coming in through operations in FY22.
Founded by Malvika Gaekwad and Jaywant Patil, Humpy Farms is a D2C startup that has a range of dairy and non-dairy products. The company’s flagship product is Humpy A2 Milk. Additionally, it offers products like spices, ghee, rice, dal, honey, salt, bread, and flour. The products are currently available across India and can be purchased online via the company’s app, website and select e-commerce platforms.
Established in 2016, it has raised about Rs 5.4 crore through 2 funding rounds. It last scooped up Rs 5 crore in its Seed led by Anushka Iyer and Culture Cap in May 2022. The round also saw support from the likes of Ghazal Alagh, Manoj Arora, Peyush Bansal, Shailesh Ligade, and Abhay Amrite among others. The startup is currently worth Rs 24.93 crore.
Post infusion, while founders Jaywant Patil and Malvika Gaekwad held an equal share of over 30%, investors Culture Cap LLP and Ghazal Alagh held over 3% and core than 2% respectively.
As for the fiscal’s expenses, the company witnessed a 1.7X gap as compared to FY22. Cost of materials took up the leading spot contributing over Rs 4 crore to the overall expenses incurred. Employee benefits cost close to Rs 91 lakhs and over Rs 64 lakhs was spent on legal and professional charges.
Its losses widened almost two-fold to Rs 1.5 crore in the las fiscal year as compared to FY22’s Rs 78.5 lakhs. Its EBITDA margin and ROCE currently stands at -23.38% and -60.48% respectively.
Humpy Farms is currently competing against Nourish Organics- platform offering healthy and nutritious cereals, Two Brothers Organic Farms- organic multicategory food company, and Naario- multi category organic grocery supplier.