Chennai-based logistics and supply chain innovator Tan90 reported a 54.5% growth in revenue to Rs 12.82 crore in FY24, compared to Rs 8.3 crore in FY23. Over 96% of its revenue was derived from its operation in FY24, up from over 94% in FY23.
Its operating revenue streams include, revenue from sale of finished goods: over 50% of the operating revenue, revenue from sale of products: over 28% of the operating revenue, and revenue from sale of traded goods: over 21% of its operating revenue.
Founded in 2019, Tan90 offers portable cold storage containers that ensure cost-effective, safe, and eco-friendly transportation of perishable goods such as vegetables, fruits, dairy products, meat, and fish. The company also provides rugged micro cold storage boxes designed to protect products from cold shocks and thawing risks.
The company’s expenses surged by 2.1x to Rs 19.39 crore in FY24, up from Rs 9.22 crore in FY23. Cost of materials continued to dominate the expense structure, contributing 43.21% of the total expenses in FY24, compared to 62.68% in FY23. Employee benefit costs rose significantly, accounting for 13.51% of FY24 expenses, up from 10.52% in FY23, reflecting investments in team expansion. Advertisement costs also increased to 0.35% in FY24 from 0.16% in FY23, indicating a stronger push for market penetration.
Tan90’s losses widened to Rs 6.68 crore in FY24, compared to Rs 92.88 lakh in FY23. The company reported a sharp decline in its EBITDA margin to -48.92% in FY24, from -10.81% in FY23, while its ROCE fell to -70.70% in FY24 from -20.04% in FY23, reflecting the impact of scaling operations and investments in R&D and market expansion.
Tan90 has raised a total of Rs 17.22 crore in funding across three rounds, with the latest pre-Series A round closed on May 31, 2023. The company’s co-founders Soumalya Mukherjee, Shiv Sharma, and Rajnikant Rai each hold 15.09% equity, while 8.83% of the shares are allocated to the ESOP pool.