E- commerce firm Kneady saw an impressive growth in revenue in the fiscal year ending March 2023 to Rs 6.67 crore. Having recorded a revenue of Rs 4.3 lakhs in FY22, the company saw 100% of its revenue coming in from operations.
The Bengaluru-based company was established by Prashant Kunal and Seemanta Baruah to solve the sourcing problems faced by small and medium businesses through its unique business model by combining the benefits of technology and e-commerce to the business owners.
It connects small and medium-sized businesses with suppliers of food and beverage products. It allows users to compare prices, read reviews and place orders online. It currently operates in categories like poultry, meats, and seafood keeping groceries, consumables, and general merchandise in its future plans.
The company’s expenses increased to Rs 7.37 crore in FY23 as compared to the preceding year’s Rs 7.2 lakhs incurred. Some of the top contributors to this were cost of materials and employee benefits costing over Rs 6 crore and close to Rs 31 lakhs respectively. While cost of materials remained the top expense in FY22, the company spent close to Rs 3 lakhs on legal and professional charges.
Witnessing a massive increase in losses, the 2021 established company saw losses amounting to Rs 69.6 lakhs. While its EBITDA margins stood at negative 10.12%, the ROCE was -50.25%.
The company’s maiden and only round raised in April 2022 raked in Rs 2 crore from 1Digi Investment Management, Ramprasadh Kothandaraman, and Pravin Kumar Agarwala among others.
Post this, the founders held equal shares of over 25% while lead investors 1Digi Ventures held over 15% shares.