mCaffeine eyes Rs 700Cr revenue by FY24, to ramp up hiring
- ByAyushi Ray | September 20, 2021
mCaffeine eyes Rs 700Cr revenue by FY24, to ramp up hiring by taking it’s employee strength to 200. It also aims to expand it’s presence both across online and offline platform. “In October 2016, we launched mCaffeine and have served close to 2.5 million customers till date. This year (FY22), we will do Rs 300 crore in terms of GMV and by FY24, we will touch Rs 1,000 crore in GMV. Revenue would be at Rs 700 crore by FY24,” mCaffeine Co-founder and CEO Tarun Sharma says. He added that 70 percent of mCaffeine’s business in FY24 is expected to come from online channels, while 30 percent would be via offline channels as the company is expanding its presence across brick and mortar stores as well.
“By FY24, we expect to be present in 8,000-10,000 offline retail points across the country. Online will always be the first focus for us because that is how the brand has been formed. But our customers are omnichannel and that is why we also want to go to the shelf near them,” Sharma said. He added that the company has about 60 employees and as it expands its operations, this will touch 200 in the next 18 months as mCaffeine hires for strategy roles, offline retail, marketing, and supply chain. On offline expansion, Sharma said some of the areas where the company is looking at include Maharashtra, Bengaluru, Punjab, Gujarat, Bengal, parts of Chattisgarh, TTM (Telugu, Tamil and Malayalam speaking markets) — which are also strong markets for the brand in terms of online sales.
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