New-age feminine care brand Plush has registered nearly threefold growth during the last fiscal year while keeping tap over expenses. With this, the Chennai-based startup, which has raised $2.3 million funds to date, also managed to improve its bottomline significantly.
Plush recorded a 2.8X growth in revenue from operations to Rs 15.72 crore during the fiscal year ending March 2023 in comparison to Rs 5.51 crore in FY22, according to its annual financial statement sourced from the Registrar of Companies (Roc).
Led by Prince Kapoor and Ketan Munoth, Plush is in the business of sourcing, marketing and distribution of feminine, baby, adult and hygiene products. The company focuses on selling everyday essentials at mass premium price points.
Coming to its bottomline, along with rising scale, Plush also reduced losses by 57.9% to Rs 1.31 crore during FY23 from Rs 3.11 crore in FY22.
Similar to other D2C brands, the company’s growth was also fueled by aggressive promotions and healthy cost of materials, these two costs collectively formed over 65% of the total expenditure during the year.
Advertising & promotional expenses went up 92% to Rs 5.66 crore in FY23 while cost of materials consumed surged 2.3X to Rs 5.63 crore. Employee benefit cost subsequently spiked 2.4X to Rs 1.46 crore.
The firm also spent Rs 1.37 crore on commission and discounts and Rs 92 lakh on shipping and delivery during the last fiscal year. In total, the Chennai-based company’s expenses spiked 99.8% to Rs 17.34 crore during FY23 in comparison to Rs 8.68 crore in FY22. On a unit level, Plush spent Rs 1.1 to earn a rupee during the last fiscal year.
Plush has cornered around $2.3 million to date from investors including Ashish Dhawan, Patni Family Office, Goldwinner Family Office, Ashneer Grover, Sujeet Kumar, Gaurav Munjal and others. Apart from established large brands, it competes with the likes of Azah, Awni, SanFe, Heyday et al.