Gurugram based renewable energy startup Hygenco recorded a revenue of Rs 14.9 lakhs in FY23 with the entirety of it coming in from operations.
Set up by Amit Bansal, Anshul Gupta, and Aashish Gupta, Hygenco develops and deploy scaled-up commercially attractive Green Hydrogen and Green Ammonia production assets. One of its first products were a hydrogen fuel cell that is used to power vehicles, generators, and other equipment.
The firm is currently in its process of developing additional hydrogen products, such as hydrogen storage tanks and hydrogen refueling stations.
As for the company’s expenses, employee benefits look up over 78% of the overall expenditure for the fiscal year ending March 2023. With legal charges and travelling costs taking over 8% and 6%, the total expenses was pushed to Rs 6.46 crore.
The four year old company has secured a total of over Rs 200 crore through its maiden private equity round led by SBICAP Ventures (Neev Fund) in late 2022.
Post the infusion of the round, SBI became the company’s largest shareholder while founders Amit Bansal and Anshul Gupta held an equal share of over 18% each.
The startup’s losses amounted to Rs 6.3 crore as of FY23. Its current EBITDA and ROCE stand at -4,218.64% and -30.53% respectively.