Organic D2C agritech startup Humpy Farms reported a remarkable revenue growth of 2.3X in FY24, reaching Rs 15 crore, up from Rs 6.3 crore in FY23.
Founded in 2016 and headquartered in Pune, Humpy Farms is redefining organic grocery retail in India with a direct-to-consumer, internet-first model. Its diverse product portfolio includes A2 milk, ghee, cold-pressed oils, honey, flours, dals, millets, spices, and more available nationwide via its mobile app, website, and select e-commerce platforms.
The company is led by co-founders Jaywant Patil and Malvika Gaekwad, who each hold 34.07% of the company’s shares. Notable investor Ghazal Alagh holds a 2.50% stake. Humpy Farms has raised a total of Rs 5.4 crore over two funding rounds, with the latest round in May 2022.
Expenses rose by 2X to Rs 15.7 crore in FY24, up from Rs 7.8 crore in FY23, reflecting increased investments in operations and marketing to support national expansion. In FY24, material costs accounted for 65.5% of total expenses, followed by advertisement expenses (9.3%) and employee benefits (8.3%). In comparison, material costs were 58% of total expenses in FY23, while employee and ad costs stood at 11.5% and 7.7%, respectively.
Losses narrowed to Rs 85 lakh in FY24 from Rs 1.5 crore in FY23, indicating a path toward improved unit economics. The EBITDA margin improved to -4.88% in FY24 from -23.38% in FY23, while ROCE improved to -51.58%, up from -60.48% the previous year demonstrating a better grip on cost control and resource utilization.