Bengaluru-based Transteel incurred a 2.1X spike in its FY23 revenue as compared to the previous year’s Rs 28 crore. Its revenue from operations increased to an approximate Rs 59.5 crore in FY23. Along with the rise in revenue, the company also witnessed an upsurge in losses.
Transteel is a 1995 established office furniture brand which is focused on providing furniture solutions for businesses, particularly targeting SMEs and middle-market companies. Its diverse product range encompasses office chairs, desks, tables, storage units, and meeting tables. Transteel also extends its offerings to homes. It additionally offers warranty on all its products.
As for the expenses, the Shiraz I. and Nasreen Shiraz founded company saw 1.8X rise to Rs 46.76 crore in FY23. The same year saw a 2.2X rise to Rs 25.3 crore on the amount spent on cost of materials and an 81% rise to Rs 10.6 crore in the employee benefit costs as compared to FY22.
The décor firm raised Rs 4 crore in its maiden round in its seed round from Klub in October 2021. Post the investment, founder Nasreen Sahiraz became the company’s largest shareholder with over 99% shares while Shiraz Ibrahim held the remaining shares.
Its losses spiked 5.8% to Rs 9 crore in the fiscal year ending March 2023. In comparison, the company incurred losses of Rs 1.5 crore the previous fiscal year. With a valuation of Rs 17.34 crore, its EBITDA margin and ROCE stood at a positive 26.64% and 37.18% respectively.
Despite being in the segment for about three decades, Transteel is yet to make any investments and acquisitions.