Bijnis records 100% growth in FY23; losses touch Rs 100 Cr


Bijnis, a B2B (business-to-business) marketplace for the unorganized retail segment has registered 100% year-on-year growth during the fiscal year ending March 2023. However, the losses for the Delhi-based company also rose almost 75% touching Rs 100 crore mark during the same period.

The revenue from operations for Bijnis surged to Rs 52 crore in FY23 from Rs 26 crore in FY22, its annual financial statements filed with the Registrar of Companies show.

Bijnis is a B2B marketplace which connects manufacturers, suppliers, traders, and retailers, enabling them to expand their businesses effectively.

Commission charged from the sale of supplies on its platform formed 90% of the total operating revenue which increased 2.1X to Rs 47 crore in FY23. Collection from freight and sale of goods are other revenue drivers for Bijnis.

The Peak XV-backed firm also added Rs 13 crore from interest and gain of investment bringing its total income to Rs 65 crore during FY23.

View TheKredible for a detailed revenue breakup.

Similar to other technology startups, its employee benefits accounted for 50% of the overall expenditure. This cost grew by 82.2% to Rs 82 crore in FY23 from Rs 45 crore in FY23. In tune with scale, its freight cost increased 60% in FY23.

The company’s cost of procurement, advertising, traveling, information technology, legal and other overheads catalyzed the overall expenditure up by 84.3% to Rs 164 crore in FY23 from Rs 89 crore in FY22.

Expenses Breakdown

Total ₹ 89 Cr
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Total ₹ 164 Cr
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  • Employee benefit
  • Freight
  • Advertising promotional
  • Travelling conveyance
  • Information technology
  • Cost of material consumed
  • Others

Head to TheKredible for a detailed expense breakdown.

The surge in employee benefits, freight, and advertising outpaced the revenue growth, leading to a 74.6% increase in losses, which amounted to Rs 100 crore in FY23 compared to Rs 57 crore in FY22. Its ROCE and EBITDA margin stood at -70% and -150% respectively. On a unit level, it spent Rs 3.15 to earn a rupee in FY23.


FY22 FY23
EBITDA Margin -170% -150%
Expense/₹ of Op Revenue ₹3.42 ₹3.15
ROCE -26% -70%

Bijnis has raised around $42 million across rounds including its $30 million round led by Westbridge Capital in September 2021. According to the startup data intelligence platform, TheKredible Info Edge is the largest external stakeholder with 26.3% followed by Matrix Partners and Peak XV Partners with 14.21% each.

A B2B firm dominating in only one segment is relatively rare, and Bijnis just has seen a particularly accessible opportunity in footwear to do so. Or perhaps used the exposure here to build further. With a firm like Zetwerk on a similar track to look up to, the firm seems to be seeking the wider, but tougher opportunity in smaller firms with factories. It will need a longer runway to get traction here, and that will make support from existing investors well worth tracking in the coming quarters. 

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