Kolkata-based beauty and wellness firm WishCare recorded a whopping 21X rise in its FY23 revenue to Rs 19 crore as compared to its preceding fiscal year’s Rs 88 lakhs. The entirety of its operating revenue came in from the sale of goods the same year.
Founded by Ankit Kothari and Stuti Kothari, WishCare is a natural skincare brand which offers products made with toxin-free products.
While it did see a significant rise in its top scale, its expenses also widened massively. The firm incurred expenses worth Rs 14.7 crore in the fiscal year ending March 2023. This was a 35X spike from FY22’s Rs 42 lakhs.
A large segment of this was contributed by the cost of materials to be procured, while advertisement costs took up over 15%, and employee benefit charges cost over 5%.
The seven-year-old firm secured about Rs 20 crore in its maiden funding round led by Unilever Ventures. Post the infusion of the amount, co-founder Ankit Kothari held a majority of the shares. Unilever Ventures and Atul Kothari also were significant shareholders.
Although the company witnessed its expenses widening, it also posted an increase in profits. FY23 saw WishCare’s profits amounting to Rs 3.11 crore, a rather large 9X growth from FY22’s Rs 33 lakhs. Its current EBITDA and ROCE stand at 23.29% and 122.55% respectively.