Noida-based healthy snacking brand Farmley posted a 16% revenue drop to Rs 170.56 crore in the fiscal year ending March 2023 as compared to the preceding year’s Rs 204.24 crore.
Its revenue from operations, similarly, dwindled 16.7% to Rs 169.8 crore in FY23 from Fy22’s Rs 203.8 crore.
The food brand was established by Akash Sharma and Abhishek Agarwal in 2017. It offers over 100 products including almonds, cashews, raisins, date among others. It has backend linkages with domestic as well as international farming communities to source nuts and dry fruits. Its products are sold on e-commerce and quick commerce platforms like Amazon, Flipkart, Blinkit, Zepto, Swiggy‘s Instamart and BigBasket.
Along with its expenses falling 7% to Rs 203.66 crore the last fiscal, it saw an over 3% decrease in cost of materials- the company’s biggest expense.
Cost of material was Farmley’s biggest expenses of the year taking up almost 90% of the overall expenses incurred. Contrary to the overall drop in expenses, its employee benefit costs spiked 1.5X to over Rs 11 crore from previous year’s approximate of Rs 7 crore.
On a unit level, the company spent close to Rs 1.2 to earn a rupee in FY23.
Last December, the seven-year-old company raised Rs 56 crore in its pre-series B round led by BC Jindal. The likes of DSG Consumer Partners, Omnivore and Alkemi Partners also participated in the round. This pushed its overall funding to over Rs 117 crore. Previously in August 2022, Farmley scooped up over Rs 47 crore in its Series A round led by DSG Consumer Partners and Alkemi Growth Capital.
In FY23, its losses drastically dropped close to 85% to Rs 33.1 crore as compared to the previous Rs 219.27 crore. While its EBITDA dropped to -16.90% during the fiscal, the company’s ROCE improved to 53.77%.