Bengaluru-based SaaS platform Dukaan.ai recorded a revenue rise of 91% to Rs 10 crore in FY23. Over 92% of the total revenue came in from operations the same year. The preceding fiscal year saw the company’s revenue at Rs 5.24 crore with operations contributing over 88% of the total revenue.
Founded by Sumit Rajendra Shah and Subhash Chandra Choudhary, Dukaan enables merchants with no programming skills to set up their e-commerce store using a smartphone letting them share inventories and offerings through WhatsApp. It accommodates business of any size, volume, and geographical locations.
The 2020 established company saw a drop in expenses to Rs 44.4 crore in FY22 from Rs 57.15 crore the preceding fiscal year. The company spent over 36% of the total expenses on employee benefit costs and over 10% as depreciation. While employee benefits remained the top expense the previous year as well, the company also spent over Rs 15 crore on advertising and promotional costs.
Along with a drop in expenses, the company also saw a drop in its losses to Rs 34.3 crore in FY23. It previously saw losses amounting to Rs 51.9 crore in FY22. The company’s EBITDA margins stood at -296.58% while the ROCE stood at -118.29%.
Dukaan.ai has raised a total of Rs 128 crore over 5 funding rounds. Its latest round, an extended pre-Series A, was raised in August 2022 from Ra Hospitality, Z Nation Lab, Ritesh Malik, Nikhit Sachdeva, and Vijay Sachdeva among others. The SaaS based platform is currently valued at Rs 540 crore.