Wastefull Insights, a Vadodara-based robotics company, reported a revenue of Rs 27.10 lakhs, a significant increase from Rs 6,529 in FY22. While over 97% of FY23’s overall revenue came in from a cluster of other revenue streams, operating revenue constituted a minimal 2%.
Founded in 2019 by Manali Agarwal and Rishabh Shah, Wastefull Insights is on a mission to transform the waste management industry touching on inefficiencies in manual labour and bringing order to a traditionally disorganized sector. The company leverages AI-based waste tracking to optimise routes, reduce costs, and enhance efficiency.
Despite the impressive revenue growth, Wastefull Insights also saw a substantial increase in expenses. FY23 expenses reached Rs 26.94 lakhs, compared to Rs 7.16 lakhs in FY22, marking a 3.8X rise. The major components of these expenses were employee benefit costs constituting about 65%, cost of materials of a little over 20%, and depreciation of close to 3%.
The five-year-old company last secured its Seed round of Rs 1.25 crore, led by 100X VC late last year. Post-funding, founder Rishabh Shah held a majority of the company’s shares, while 100X VC and co-founder Manali Agarwal also held significant stakes.
Notably, Wastefull Insights turned profitable in the financial year ending March 2023, recording a profit of Rs 15,500, a significant turnaround from the Rs 7.10 lakh loss in FY22. Its EBITDA margin for FY23 stood at 3.60%, with a ROCE of 1.36%.