D2C firm uppercase recorded a whopping rise in its scale to reach a revenue of Rs 11.1 crore in FY23. Operations contributed over Rs 10 crore to the total revenue the same year.
Previously, in FY22, the company has generated a revenue of over Rs 2 lakhs; the entirety of the sum came in from operations.
The two-year-old company builds sustainable travel accessories for active new age customers.
Founded by Shivaprasad Eregowda, Dheeraj Goyal, and Arnob Mondal, the startup has scooped up a total funding of over Rs 66 crore.
It held in pre-Series A round in 2022 and secured around Rs 55 crore from the likes of Sixth Sense Ventures, ENAM Holdings, Arnab Basu among others.
Its Seed round was held a year prior and saw support from the likes of ENAM Holdings, Netesoft India, and Subrata Dutta.
Its largest shareholder is Sudip Ghose with over 40% shares in the company. Investors Sixth Sense Ventures and Volrado Venture Partners also hold significant shares.
The Mumbai-based company’s major expense for the fiscal was employee benefit costs taking up over 31% of the total expenses. While advertisement costs took up close to 30%, cost of materials contributed over 17%.
Its total expense for FY23 surged 7.6X to Rs 32.8 crore as compared to the preceding fiscal’s Rs 4.3 crore.
As for losses, the company witnessed a 5X gap to Rs 21.7 crore. Its current EBITDA and ROCE stand at -194.91% and -79.92% respectively.
It had previous incurred losses amounting to Rs 4.3 crore in FY22.