Chennai based startup Waycool registers 40% growth in revenue
- ByTejika Bajaj | January 31, 2022
Chennai based B2B marketplace Waycool has recently filed its financial records and has seen a 40% in its revenue. However, on the contrary the startup has also seen a massive surge in its losses reaching at 52% in the fiscal.
In FY21, Waycool closed a funding round which was a mix of debt and equity at $117 million following which its valuation jumped to $460 million. In the same fiscal year, it observed a 40% increase in its revenue from INR 273 crore in FY20 to INR 382.33 crore in FY21.
Almost 98% of Waycool’s income came through sales of traded goods which stood at Rs 380.12 crore. Keeping in line with its income, the total expenses of the Lightrock-backed company also increased 42.5% to Rs 534.5 crore in FY21 from Rs 375.1 crore in the previous fiscal.
A major constituent of the total cost was the cost of procurement of traded goods which amounted to 69% of the total expenses. The procurement cost shot up from INR 272.9 crore in FY20 to INR 369.27 in FY21 thus showing a 35.3% increase. The higher cost of procurement highlights the large inventory-led model that Waycool works upon.
Due to a surge in losses, Waycool’s cash outflow saw an increase of 18.7% to Rs 122.91 crore in the last fiscal year from Rs 103.58 crore in FY20. On a unit level, the company has spent Rs 1.40 to earn a single rupee of operating revenue. Waycool’s financial performance in FY21 hasn’t been impressive as the company’s scale didn’t grow at a fast pace. Meanwhile, its peer Udaan’s growth surged 6X as demand for online food and FMCG procurements grew multi-fold in FY21.
Follow Startup Story
Related Posts
