Self-care brand 82°E reported a revenue of Rs 23.66 crore in FY24, a 2.1x increase from Rs 11.1 crore in FY23. However, the company’s net loss widened slightly to Rs 23.5 crore in FY24, compared to Rs 22 crore in FY23, as expenses grew by 41.9% to Rs 47 crore from Rs 33.2 crore in the previous fiscal year.
Founded in 2021 and headquartered in Mumbai, 82°E was co-founded by global Indian icon Deepika Padukone and Jigar Shah. The brand launched with skincare as its first category in 2022, combining extensive scientific research with an Indian ethos, and plans to expand across broader self-care categories.
Employee benefit costs accounted for 16.7% of FY24 expenses, slightly up from 15.4% in FY23. Advertisement costs, a major expenditure, declined to 41.6% of FY24 expenses from 49% in FY23, indicating a more measured marketing spend. The cost of materials rose to 11.6% in FY24 from 7.8% in FY23, reflecting higher production activity as the brand scaled operations. Depreciation remained minimal at 1% of FY24 expenses, compared to 0.5% in FY23.
82°E’s EBITDA margin improved significantly to -96.83% in FY24 from -197.5% in FY23, highlighting improving operational efficiency despite the widening net loss. However, its ROCE deteriorated sharply to -234.56% in FY24 from -66.20% in FY23, underlining the intense capital burn typical for fast-scaling D2C brands.
The company has raised a total of Rs 61.88 crore in funding over one seed round completed in December 2022. The shareholding structure includes Padukone Enterprises (5.85%), Ranveer Singh Bhavnani (5.32%), ESOP Pool (9.27%), Jigar Shah (1.59%), and Deepika Padukone (2.12%).