Delhi headquartered B2B firm Locofast witnessed its revenue touching Rs 79.8 crore in FY23, an 89% hike as compared to FY22’s Rs 42 crore.
The same year saw its revenue from operations growing almost two fold to Rs 77.6 crore. Previously in FY22, the company’s revenue from operations amounted to Rs 40.9 crore.
The five year old company is a textile marketplace that connects manufacturers and suppliers to brands, export, and buying houses. It aggregates high-quality mills on its platform and does quality checks before dispatching orders.
The company leverages technology to enable smart, efficient, and sustainable fabric sourcing solutions to businesses around the world.
The fashion supply chain platform has secured over Rs 125 crore in 3 funding rounds. It raised a debt round in early 2022.
A year prior, the platform raked in over Rs 112 crore in its Series A round led by Stellaris Venture Partners and Chiratae Ventures.
Post the round, while co-founder Deepak Wadhwa became the largest shareholder of the firm, lead investors Chiratae Ventures and Stellaris Venture Partners also held significant stakes.
The Deepak Wadhwa and Mohit Piplani led company’s expenses widened 84% to Rs 89.2 crore in the fiscal year ending March 2023. Employee benefits costs led this expense growth, taking up over 9%. While transportation costs were close to 3%, finance costs were over 1% of the total expenses.
The e-commerce firm’s expenses spiked 47% to touch Rs 9,4 crore in FY23. Its current EBITDA is at -9.68% and ROCE stands at -17.66%.