WickedGud, a Mumbai-based foodtech brand, recorded a 2.3x surge in revenue in FY24, reaching Rs 7.93 crore compared to Rs 3.5 crore in FY23. However, losses widened, with net loss increasing to Rs 6.04 crore in FY24 from Rs 3.92 crore in FY23, reflecting a 54.08% rise.
Founded in 2021, WickedGud is on a mission to make everyday eating guilt-free by offering non-maida, healthy pasta and noodles made from grains and pulses like chickpeas, lentils, and rice. The brand follows the philosophy of Indulge. Transform. Nourish., redefining comfort food for health-conscious consumers.
Expenses grew 78.38% in FY24, rising to Rs 15.91 crore from Rs 8.92 crore in FY23, driven by expansion efforts. Employee benefit costs increased to 19.17% of total expenses in FY24 from 15.35% in FY23, indicating higher workforce investments. Advertisement costs saw a decline, dropping to 23.44% in FY24 from 34.08% in FY23, suggesting a strategic shift in marketing spend. The cost of materials rose to 20.49% in FY24 from 16.70% in FY23.
Depreciation expenses remained minimal at 0.48% of total expenses in FY24 compared to 0.11% in FY23. Other expenses surged to 33.31% in FY24 from 26.56% in FY23, signifying broader operational spending.
EBITDA margin improved from -154.96% in FY23 to -99.65% in FY24, showing better cost efficiency. However, Return on Capital Employed (ROCE) declined further to -92.19% in FY24 from -68.04% in FY23.
WickedGud is founded by Bhuman Dani, who holds a 30.80% stake in the company. The ESOP pool accounts for 7.88%, while Kunal Bahl and Dani Ventures hold 1.18% and 2.46%, respectively.
The company has raised a total of Rs 37.45 crore across six funding rounds, with its latest Series A round completed in December 2024.