Founded in 2017, Noida-based Daalchini is redefining food accessibility through its smart, IoT-powered vending machines. Acting as a physical marketplace for home chefs, cloud kitchens, and D2C brands, Daalchini offers snacks, beverages, fruits, healthy bars, and home-cooked meals via its phygital distribution network across 15 Indian cities, including Delhi-NCR, Mumbai, Pune, and Bangalore.
Daalchini’s revenue surged 67.5% in FY24 to Rs 37.7 crore, up from Rs 22.5 crore in FY23. Losses narrowed to Rs 8.6 crore in FY24, compared to Rs 13.15 crore in FY23. The company’s EBITDA margin improved to -15.77% in FY24 from -31.24% in FY23, reflecting operational efficiencies. However, ROCE declined sharply to -253.55% in FY24 from -93.74% in FY23.
Total expenses rose to Rs 45.5 crore in FY24 from Rs 30.3 crore in FY23. The cost of materials remained the largest component, accounting for 54% of FY24 expenses, marginally up from 53.5% in FY23. Employee benefit expenses moderated to 8.5% of total costs in FY24 from 13% in FY23. Advertisement and finance costs stood at 0.6% and 1.9%, respectively, while depreciation increased to 2.5% in FY24 from 1.5% in FY23.
Daalchini has raised Rs 58.43 crore across six funding rounds, with the latest convertible debt round closing in November 2024. Co-founder Prerna Kalra holds a 42.18% stake, while Vidya Bhushan owns 9.77%. The ESOP pool accounts for 6.14% of equity.
Despite ongoing losses, Daalchini’s continued growth in revenue and improved margins indicate a maturing business model as it scales its phygital infrastructure and brings tech-enabled food access closer to millions.