D2C startup Flatheads recorded a revenue of Rs 1.56 crore in FY23. The same year it incurred an expense of Rs 4.68 crore with losses amounting to Rs 3.11 crore. While close to 99% of the company’s revenue came in from operations, over Rs 3 crores was spent on cost of materials. It has a current valuation of Rs 27.33 crores.
The Bengaluru-based company witnessed a revenue close to Rs 2 crores in FY22 with expenses amounting to Rs 7.2 crores and a loss of about Rs 5 crores. The same fiscal year, Flatheads spent ove Rs 2,5 crores in cost of materials.
Flatheads was founded in 2018 by Ganesh Balakrishnan. The D2C brand specializes in designing all-day wear casual sneakers for the urban audience. Its shoes are made with natural materials like bamboo and banana fiber to make lightweight and breathable shoes.
It has so far raised a total of Rs 17.59 crores over 6 funding rounds. Its latest funding round was raised in April 2022, and saw Gaurav Kapur as the lead investor. It previously raised over Rs 7 crore in its pre-Series A round which saw participation from the likes of Dexter Angels, We Founder Circle, and LetsVenture.
Post the Angel round, co-founder Ganesh Balakrishnan and director of the company Utkarsh Sidramappa Biradar hold equal shares in Flatheads. LetsVenture holds close to 2% of the company.
It is currently up against companies like Mumbai-based Chupps, Delhi-based Yoho and Sole Threads, Bengaluru-based Plaeto, and Hyderabad-based Neeman’s.