SUMMARY
Epigamia’s sales stood at INR 168 Cr in FY23, an increase of 24% from INR 135.7 Cr in the previous year
The D2C food and beverage startup’s net loss increased 13% to INR 67 Cr from INR 59.5 Cr in FY22
Verlinvest, which owns 30% stake in Epigamia, is reportedly looking to partially exit the Deepika Padukone-backed startup
D2C food and beverage startup Epigamia’s sales crossed the INR 150 Cr mark in the financial year ended March 31, 2023. The Mumbai-based startup’s sales stood at INR 168 Cr in the financial year 2022-23 (FY23), an increase of 24% from INR 135.7 Cr in the previous fiscal year.
Epigamia was founded in 2015 by Rohan Mirchandani, Uday Thakker, Ganesh Krishnamoorthy, and Rahul Jain as a Greek yogurt brand. Over the years, the startup has expanded its product portfolio and now also sells products like smoothies, protein drinks, and desserts.
It sells its products via its website, various ecommerce marketplaces, and retail stores.
Including other income, its total revenue grew 23% to INR 172 Cr from INR 140.4 Cr in FY22.
However, the startup’s net loss increased 13% to INR 67 Cr in FY23 from INR 59.5 Cr in the previous year.
Where Did Epigamia Spend?
Total expenditure zoomed 20% to INR 239 Cr from INR 200 Cr in FY22.
Procurement Cost: The startup spent INR 110 Cr to procure raw materials, an increase of 27% from INR 86.8 Cr in the last year.
Advertising Expenses: Epigamia’s marketing and advertising expenses increased 22% to INR 44.2 Cr during the year under review from INR 36.2 Cr in FY22.
Employee Expenses: Despite the rise in its sales, Epigamia managed to reduce its employee costs by 7% to INR 30 Cr in FY23 from INR 32.5 Cr in the previous year.
The startup last raised a major funding round in 2019, when it bagged $26 Mn in Series C round. Overall, it has raised a total funding of around $60 Mn till date. It counts the likes of Verlinvest, Danone Manifesto Ventures, DSG Consumer, Deepika Padukone, and Innoven Capital among its backers.
As per a recent report by Moneycontrol, Verlinvest, which owns around 30% stake in Epigamia, is looking to sell a part of its stake in the D2C startup. The exit is likely to take place in parallel with Epigamia raising a primary round to further expand the number of products in new categories, such as milkshakes and desserts.
Epigamia competes against the likes of Milky Mist, Amul, Mother Dairy, and iD Fresh.
