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DMoksha posts 74% rise in scale in FY23, profits drop

  • March 18, 2024
  • By Team TheKredible
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D’Moksha, a Mumbai headquartered décor brand, saw a steady rise in its profits for the past two fiscals. FY23 through seemed to have broken the company’s growth streak in terms of profits registered.

The Manav Dhanda and Nimisha Dhanda led company witnessed almost 74% spike in its scale generating an overall revenue of Rs 16.18 crore in FY23. The revenue generated from operations saw a 1.8X rise to more than Rs 15 crore as compared to the previous fiscal.

D’Moksha is a startup that operates as a seller of handcrafted and eco-friendly products, catering to customers in the US, Canada, and Mexico through the Amazon global selling program. Its expertise lies in artisans handcraft exquisite and environment-friendly home linens using sustainable fabrics like linen, hemp, and lyocell.

The four-year-old company has raised Rs 8.5 crore through 2 funding rounds. While the first- a Seed round- was raised a year after its inception, the second- an extended Seed round- was secured merely a month later.

Its Seed round scoped up over Rs 4 crore with the support of AngelList, Monk Capital, Cavinkare, Acsys Investments, Brainshare Capital among others.

The remaining amount was raised in the extended Seed round from the likes of Venture Catalysts, The Chennai Angels, Apoorva Sharma, Karthik Bhat, Aman Gupta, and others.

Post the last round, founders Nimisha Dhanda and Manav Ravindranath Dhanda each hold over 37% and 39% of the company shares respectively.

The company is currently valued at Rs 18.63 crore.

D’Moksha spent over Rs 6 crore on advertisements and material cost over Rs 2 crore, pushing the company’s overall expenses to almost two-fold in comparison to FY22’s Rs 8.7 crore incurred in expenses.

Although it saw a steady rise in its profits since FY21, the last fiscal year saw its profits dropping to Rs 31,000. One could corelate this drastic drop with the extensive spending in the advertising segment. Similarly, its EBITDA margin and ROCE dwindled to 1.54% and 3.65% respectively, all while remaining in the positives.