Sploot reported a 2X rise in revenue in FY24, rising to Rs 1.84 crore from Rs 91.53 lakh in FY23.
Founded in 2019 by Garima Kaushal and Arnav Sahni, Sploot is an online community-driven platform that provides pet parents with access to educational content, vets, behaviorists, and boarding services via its app. It also provides services such as subscription-based dog food delivery and dog walking.
The Gurugram-based company has raised a total of Rs 13.71 crore in funding over 3 rounds, the latest funding raised from a seed round in June 2024, led by Lets Venture. The company’s current valuation stands at over Rs 45 crore.
Competing with brands like Wiggles and Heads Up For Tails, The majority of Sploot’s shares lie with founders Arnav Sahni and Garima Kaushal at an equal share of over 25%, followed by significant shareholder Info Edge. Over 10% share is allocated to ESOP.
In line with its revenue growth, the company’s expenses also rose, reaching Rs 7.27 crore in FY24 from over Rs 4 crore in FY23. The advertisement and promotional costs accounted for the majority contribution of these expenses, employee benefits accounted for 36% of total expenses. Cost of materials and legal and professional charges are other significant expenses for the company.
Despite the rise in expenses, Sploot managed to diminish its losses by 18% in FY24, dropping to Rs 3.06 crore compared to FY23.
Sploot’s EBITDA margin though still negative improved to -287.15% While ROCE worsened to -166.20%.