Just Dogs nears Rs 100 Cr revenue in FY24, losses balloon

Just Dogs, a retail and services brand specializing in pet care, reported a 30% year-on-year increase in revenue for the fiscal year ending March 2024. However, the Ahmedabad-based company also saw a significant rise in losses during the same period as it pushed for growth.

Just Dogs’ revenue from operations increased by 32% to Rs 94 crore in FY24 from Rs 71 crore in FY23, according to its financial statement sourced from the Registrar of Companies (RoC).

Founded in 2011, Just Dogs offers dog food, supplements, accessories, and other pet products through its platform. The startup is developing a full-stack online experience for pet parents, along with expanding its network of offline stores.

Just Dogs generates its revenue from a mix of product and service categories. Revenue from pet food remained its dominant stream, accounting for over 70% of the topline and rising 47% to Rs 66 crore in FY24. Income from pet treats and grooming products grew to Rs 10 crore and Rs 2 crore, respectively. However, revenue from services declined to Rs 16 crore from Rs 17.5 crore in FY23.

On the cost front, the company’s largest expense — material costs — rose 37% to Rs 67 crore, making up nearly two-thirds of the total expenses. Employee benefit expenses surged by 62.5% to Rs 13 crore, while marketing and rent each doubled to Rs 6 crore and Rs 10 crore, respectively. Other operational overheads amounted to Rs 10 crore in FY24.

Overall, the company’s expenses outpaced its revenue growth, rising 47% to Rs 106 crore in FY24 from Rs 72 crore in FY23. For a more detailed expense breakdown, please refer to TheKredible.

Despite the topline growth, the company slipped deeper into the red with losses ballooning to Rs 11 crore in FY24 — a sharp surge from a marginal loss of Rs 6 lakh in FY23. Its ROCE and EBITDA margin stood at -25.12% and -10.21% respectively. At the unit level, Just Dogs spent Rs 1.13 to earn a rupee of operating revenue in FY24, compared to Rs 1.01 in FY23.

The Ahmedabad-based startup recorded current assets worth Rs 43 crore in FY24, which includes Rs 8 crore in cash and bank balances.

According to TheKredible, Just Dogs has raised a total of $7 million in funding to date, having Sixth Sense Ventures as its lead investor, which holds a  23% stake in the company. Meanwhile, Co-founders Ashish Anthony and Poorvi Anthony jointly hold a 77% stake in the company, leaving ample room for future fundraising opportunities.

It competes with Peak XV-backed Heads Up for Tails, Supertails, which raised $15 million in a round led by RPSG Capital — Wiggles, and several other players in the pet care space.