B2B (business-to-business) marketplace for the unorganized retail segment, Bijnis witnessed around 2.8X growth during the last two fiscal years (FY20 to FY22). However, the firm bled profusely as its losses were more than double of its operating scale in FY22.
Bijnis’ revenue from operations surged 57.9% to Rs 25.12 crore during the fiscal year ending March 2022 as compared to Rs 15.91 crore in FY21, according to the company’s annual financial statement with the Registrar of Companies.
Bijnis is a B2B marketplace designed specifically to cater to the needs of the footwear industry. It helps enterprises in the segment to connect and communicate with each other and expand their businesses. It connects manufacturers, suppliers, traders and retailers of the footwear industry.
Commission charged by the company from suppliers accounted for 89% to its total collections while the rest came from freight income for dispatch of goods from supplier to buyer. Bijnis also earned Rs 9.18 crore worth of finance income during FY22.
On the expense front, employee benefits turned out to be the largest cost element, forming 50% of the total expenses and jumped 3.5X to Rs 44.52 crore during FY22. Expenses related to logistics inclined 86.6% to Rs 25.56 crore during the same period.
Further, Bijnis spent Rs 3.76 crore on sales promotions and Rs 2.54 crore on discounts as a result, its total expenses soared 149% to Rs 88.9 crore in FY22 from Rs 35.71 crore in FY21. Akin to the higher cashburn, losses of the company deepened by nearly 3X to Rs 54.6 crore in FY22 against Rs 18.34 crore in FY21.
On a unit level, Bijnis spent Rs 3.54 to earn a rupee of operating income during FY22.
Bijnis has raised around $43 million (~Rs 322 crore) to date from Info Edge, Matrix Partners, Sequoia, WestBridge and others. Following its Series B round of $30 million in September 2021, it was valued at around $190 million (~Rs 1,425 crore).
