EatClub posts Rs 315 Cr revenue and Rs 69 Cr loss in FY23


EatClub, which owns and operates several popular cloud kitchen brands such as Box8 and Mojo Pizza, has demonstrated strong recovery after the pandemic. This could be evident from a 3X surge in its operating scale during the last two fiscal years: Rs 315 crore in FY23 from Rs 107 crore in FY21. 

Year-on-year, EatClub’s revenue from operations grew 50% in FY23 as compared to Rs 210 crore in FY22, its standalone financial statements filed with the Registrar of Companies show.


Eatclub operates eight brands which include ZAZA Biryani, Globo Ice Cream, Leancrust Pizza, and NH1 Bowls. The sale of food and beverages formed 99% of the overall operating revenue which spiked 50.7% to Rs 312 crore in the fiscal year ending March 2023.

The remaining income came from membership fees received from customers for their subscription to EatClub Pro membership. Visit TheKredible for a detailed revenue breakup.

The cost of procurement for food and beverages accounted for 32% of the overall expenditure. This cost surged by 51.8% to Rs 126 crore in FY23. EatClub spent Rs 99 crore on employee benefits in FY23 which includes Rs 24 crore on ESOPs.

Its advertising and promotional expenses, commissions, rent, electricity, power, and other overheads propelled the overall expenditure by 51.74% to Rs 393 crore in FY23 from Rs 259 crore in FY22.

Expenses Breakdown

Total ₹ 259 Cr
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Total ₹ 393 Cr
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  • Cost of materials consumed
  • Employee benefits
  • Gas and diesel charges
  • Advertising promotional
  • Commission paid other selling agents
  • Rent
  • Electricity expenses
  • Others

Head to TheKredible for a detailed expense breakup.

The surge in employee benefits and procurement catalyzed its losses by 53% to Rs 69 crore in FY23 from Rs 45 crore in FY22. Its ROCE and EBITDA margin stood at -37% and -121% respectively. 


FY22 FY23
EBITDA Margin -89% -120.9%
Expense/₹ of Op Revenue ₹1.23 ₹1.25
ROCE -18% -37%

On a unit level, it spent Rs 1.25 to earn a rupee in FY23.

EatClub raised around $75 million across rounds including a $40 million round led by Tiger Global in December 2021. According to the startup data intelligence platform TheKredible, Mayfield is the largest external stakeholder with 23.3% followed by IIFL and Tiger Global. Its co-founders Amit Raj and Anshul Gupta together command a 30.6% share in the company.

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