Deepika Padukone co-owned brand 82°E recorded a surge in revenue to Rs 11.1 crore in the fiscal year ending March 2023. An approximate 94% of the total revenue generated in the fiscal came in from operations.
In its first year of revenue generation, FY22, the company registered a revenue of Rs 4.9 lakhs with the entirety of the amount coming in from operations.
82°E, founded by Deepika Prakash Padukone and Jigar K Shah, is a modern Indian self-care brand offering products with an Indian ethos. With skincare as its major offering, the company plans to expand its product line to categories that support the holistic selfcare approach.
Currently valued at Rs 93.95 crore, the two-year-old company secured over Rs 60 crore in its maiden funding round held in late 2022. The Seed round saw support from the likes of DSG Consumer Partners, IDEO, Padukone’s Family Office among others.
Post the infusion, the investment entity of Deepika Padukone- KA Enterprises became the company’s largest shareholder while Padukone Enterprises and Ranveer Singh Bhavnani held over 5% each of the company shares.
The Mumbai-based startup’s expenses rose 3.8X to Rs 33.2 crore in FY23 as compared to FY22’s Rs 8.8 crore. Taking up the top spot in expense, the company spent over Rs 16 crore on advertisements and promotional costs in the last fiscal. Employee benefits and legal and professional charges cost over Rs 5 crore and more than Rs 3 crore respectively.
The beauty and wellness company’s losses ballooned 2.5X to Rs 22.1 crore in the last fiscal year. It’s EBITDA margin improved to -197.50% and its ROCE dropped to -66.20%.
Plum, mCaffeine, Wow Skin Science and the recently listed Mamaearth are a few of 82°E’s local competitors.