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Foxy (EkAnek) registered 3.6X spike in scale in FY23, expenses touch Rs 66 Cr

  • March 20, 2024
  • By Team TheKredible
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EkAnek’s brand Foxy recorded a sharp 3.6X spike in its topline to Rs 38.74 crore in the financial year ending March 2023. Previously, the company had recorded a revenue of about Rs 10.7 crore in FY22.

The same fiscal saw an almost four-fold rise in operations to Rs 36.1 crore, contributing over 93% to the overall revenue. Comparatively, its preceding fiscal year generated a little over Rs 9 crore from operations.

Delhi headquarter e-commerce firm EkAnek focuses on building the ecosystem for new age brands in lifestyle categories through creating influencer networks, commerce platforms, and other support infrastructure. It is beauty social commerce app for both men and women.

The Sachin Singhal and Chandranshu led company has secured close to Rs 100 crore over 2 funding rounds. It last raised Rs 40 crore in its Series A funding round held in 2020 led by Matrix Partners India and Lightspeed Venture Partners. The company saw Sequoia Capital and Bhavin Kothari also participating in the fundraise.

Post the infusion, while Kartik Sheth became the largest shareholder with over 35% of company shares, Simran Khara and Lightspeed India Partners II, LLC owns over 13% each.

Prior to this, it raised about Rs 70 crore in its Seed round with Lightspeed Venture Partners leading the round in early 2019. The company’s currently valuation stands at Rs 305 crore.

The six-year-old company’s expenses widened to Rs 66.77 crore in FY23. Advertisement and promotional costs took up over 41% of this costing more than Rs 27 crore.

The company incurred an expense of over Rs 24 crore on cost of materials and about Rs 8 crore on employee benefit costs the same fiscal.

Overall, it witnessed more than 82% gap in its overall expenses of last financial year as compared to the previous one.

In terms of losses, the company recorded an 8% rise to Rs 28.03 crore. It had previously seen losses amounting to over Rs 25 crore in FY22. While the company’s EBITDA margin improved to -66.40%, its ROCE dropped to -116.70%.