E-commerce firm Satvacart recorded an immense drop in revenue to Rs 11,600 in the financial year ending March 2023 with the entirety of the amount coming in from operations. Previously in FY22, it has generated Rs 98.5 lakhs from revenue from operations.
Founded by Rahul H. Saxena and Deepika Saxena, Satvacart is an online quick commerce grocery startup that delivers groceries within 30 minutes and has a no minimum order value. It also offers a saved cart feature and a subscription program.
The decade old company has raised a total of over Rs 15 crore since inception from the likes of Nimit Panigrahi and Mohit Gupta.
Its expenditure for the fiscal year dwindled 92% to Rs 8.8 lakhs as compared to the preceding year’s Rs 1.07 crore. While it spent close to Rs 6 crore on employee benefits, over Rs 2 lakhs and more than Rs 25,000 was spent on legal and professional charges and depreciation respectively.
The Gurugram-based company’s losses amounted to Rs 8.67 lakhs, a 1.9% drop as compared to the previous fiscal’s Rs 8.84 lakhs. Its current EBITDA margin and ROCE stand at -7,243.97% and -9.42% respectively.