News Update

About INR 6.9 Cr spent by shyft to earn INR 71 Lakh In FY21

• ByStartupStory     |    March 5, 2022

In the financial year ending on March 31, 2021,  Pankaj Chaddah, the Former co-founder of Zomato, had a new venture Shyft (earlier known as Mindhouse) saw an increase by 5X in its sales. 

In 2019, the startup saw an incorporation in its revenue from operations soar from INR 13 Lakh in FY20 to 432.6% to INR 71 Lakh in FY21. From more than the revenue it generated from sales in FY20, a stupendous rise from INR 770 in FY20 to INR 14.2 Lakh was also seen in its other income.

Its total revenue increase was also seen in the curative wellness platform by around 6.4X to INR 85.3 Lakh in FY21, from INR 13.3 Lakh in FY20. A rise of INR 6.9 Cr,an 82.4% increase from FY20 has also been noticed in the Startup’s expenses. The startup had a burnt cash worth INR 3.78 Cr, between April 1, 2019 to March 31, 2020. 

The employees salaries, gratuity, PF contributions and other employee benefits welfare are included under the expenses of the Startup’s employee benefits that stands at INR 2.9 Cr. It is  an increase by 54.5% from INR 1.9 Cr as spent in FY20 for the same. In the previous financial year, as the operations strengthened, it signified that the startup hired rapidly. 

From INR 1.7 Cr in FY20, a rise by INR 3.4 Cr in FY21 was seen in the other expenses of the Startup which comprises business promotion expense (advertising), professional charges, instructor fees expenses. Business promotion expense was the highest at INR 1.6 Cr 

Of the other expenses, business promotion expense was the highest from INR 39.7 Lakh

to INR 1.6 Cr.

From INR 3.6 Cr in FY20, the startup’s losses pegged to INR 4.6 Cr in FY21.

Mindhouse was founded by Pooja Khanna and Pankaj Chaddah, in the year 2019. it catered to mental wellness during the initial stage. 

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