Foodtech platform FoodyBuddy posted an impressive 17X increase in revenue in FY23, reaching Rs 1.69 crore from Rs 9.74 lakh in FY22.
Founded in 2015, FoodyBuddy is a platform that connects home chefs with consumers nearby, allowing housewives and home cooks to find customers in their apartment complexes and neighborhoods.
The Bangalore-based platform has raised a total of Rs 20.50 crore across 5 funding rounds. Its latest funding was secured in December 2020 during a pre-Series A round led by Rebel Foods.
Competing with platforms like Innerchef and Cookr, FoodyBuddy is currently valued at Rs 31 crore. The majority of stake in the company is held by Rebel Foods and Prime Venture Partners, both owning over 20%. Co-founders Akil Sethuraman and Anup Gopinath hold more than 10% each, alongside other key shareholders.
Along with a jump in revenue, the company’s expenses also went down from over Rs 4 crore in FY22 to Rs 13 lakh in FY23. The company cut its employee benefits costs which accounted for significant contribution in FY22. In FY23, legal and professional fees contributed over 60% of total expenses, followed by advertising and promotions.
FoodyBuddy turned profitable in FY23, recording Rs 1.56 crore in profit from over Rs 4 crore loss in FY22.
With these financial improvements, the company’s current EBITDA turned positive, reaching 92.16%, while ROCE decreased to 212.05%.