Chennai- based confectionary brand Kandee Factory witnessed an over 32% spike in its revenue in FY23 with operations contributing over Rs 2.7 crore of the total revenue.
In FY22 the company’s overall revenue stood at around Rs 2.2 crore with the entirety of the amount coming in from operations.
Established in 2013, Kandee Factory is a candy manufacturer that produces confections using plant-based ingredients, without the use of gelatin and milk.
The Mahesh Dharam and Anusha Mahesh Dharam led company has accumulated a total of over Rs 3.7 crore through 3 different fundraises. In its latest round, an extended Seed round, it secured Rs 1.5 crore led by Ah! Ventures in mid-2022. Previously it had raised over Rs 60 lakhs led by Polaris Banyan Holding.
Through the two rounds, the company has seen support from the likes of Keiretsu, Gopal Srinivasan, and E Nandhakumar among others.
Kandee Factory is currently valued at over Rs 33 crore.
Post the infusion of the rounds, founder Dharam Jayakaran Mahesh is Kandee Factory’s largest shareholder. Other significant shareholders of the company are Anusha Mahesh Dharam and Polaris Banyan Holdings.
The foodtech firm’s expenses ballooned 1.7X to Rs 3.8 crore in FY23 as compared to Rs 2 crore it incurred as expenses it’s preceding fiscal year.
While employee benefits took up over 24% of the company’s expenses for the fiscal, cost of materials and advertisement and promotional costs took up over 18% and more than 7% each, respectively.
The decade old company’s losses shot up 18X to Rs 98 lakhs in the fiscal year ending March 2023. It previous incurred losses amounting to Rs 5 lakhs. Its current EBITDA margin and ROCE stand at -23.60% and -32.18% respectively.