Online marketplace Lal10 recorded a revenue of Rs 26.69 crore in FY23, a 4.4X rise as compared to the previous fiscal year. It saw over Rs 20 crore coming in from revenue from operations, a steep rise from the previous Rs 6 crore the company witnessed in FY22.
Founded in 2015 by Maneet Gohil, Sanchit Govil, and Albin Jose, Lal10 is an online wholesale marketplace for rural SMEs dealing with apparels, home furnishings, and fabrics in India. It exports globally to countries like America, Europe, Asia, and UAE.
The Noida-based company’s expenses rose to Rs 38.5 crore from the previous year’s Rs 8 crore. In FY23, over Rs 20 crore was spent on cost of materials while over Rs 7 crore was spent on employee benefits and close to Rs 2 crore was finance cost. The e-commerce company spent close to Rs 2 crore on employee benefits in FY22, and over Rs 22 lakhs in advertisement and promotional costs.
Its losses subsequently ballooned 6.3X to Rs 11.8 crore. Previously, the company saw losses closing in at Rs 2 crore in FY22. Lal10’s EBITDA margin stood at -36.63% while its ROCE stood at -61.67%.
Lal10 has raised a total of Rs 52.66 crore in funding over 4 rounds. Its latest round was held May 2022. The Seed round raised Rs 42.6 crore from Yuj Ventures, Beyond Capital Ventures, Spiral Ventures, and Singularity Ventures among others. It previously raised a round in 2019 from Sorenson Impact, Amit Ranjan, Beyond Capital and others.
Post its seed round, founders Maneet Gohil, Sanchit Govil, and Albin Jose held over 28%, close to 19%, and a little over 2% of the company shares respectively. While investor Yuj Ventures holds over 5%, Sorenson Impact Foundation holds an approximate 4% of the company’s shares.
Lal10 currently competes against the likes of Power2sme, Udaan, Indiamart, and Solv.