Bengaluru-based SuperK, a tech-enabled grocery retail chain, saw its revenue grow 41% in FY24, reaching Rs 84.55 crore, up from Rs 59.96 crore in FY23. The company transforms small-format retail stores into branded mini supermarkets, equipping entrepreneurs in Tier II and Tier III towns with procurement benefits, tech systems, and marketing support.
Founded in 2019 by Neeraj Mehta and Anil Thontepu, SuperK has raised Rs 98.02 crore across three funding rounds, with the latest Series A round completed in March 2024. Neeraj Mehta and Anil Naga each hold 17.63% of the company, while SiriusOne Capital owns 3.02%, and the ESOP pool accounts for 8.53%.
SuperK’s expenses increased to Rs 115.20 crore in FY24, up from Rs 83.48 crore in FY23. Key expense categories and trends include:
- Cost of Materials: Reduced to 61.93% of total expenses in FY24, down from 67.32% in FY23.
- Employee Benefit Costs: Declined to 16.70% of total expenses in FY24, compared to 17.61% in FY23.
- Advertisement Costs: Increased slightly to 3.77% of total expenses in FY24, up from 3.64% in FY23.
- Depreciation: Remained steady at around 0.54%-0.55% of total expenses over both years.
- Finance Costs: Marginal, declining to 0.05% in FY24 from 0.08% in FY23.
Despite revenue growth, SuperK’s losses widened to Rs 30.67 crore in FY24, from Rs 23.55 crore in FY23. Key financial metrics include:
- EBITDA Margin: Improved slightly to -35.42% in FY24 from -38.34% in FY23.
- ROCE: Improved to -88.97% in FY24, from -174.68% in FY23, although it remains significantly negative due to high losses.