Natural fibre supply chain startup ReshaMandi records Rs 1,248 crore revenue so far this fiscal
Natural fibre supply chain startup ReshaMandi claims to have posted an operational profit in the December 2022 quarter and plans to become net profit positive in the next two quarters.
Natural fibre supply chain startup ReshaMandi has claimed to have recorded a three-fold increase in revenue at Rs 1,248.3 crore for the first nine-month of this fiscal against its full-year income in 2021-22. The company expects to grow five times in revenue in the current fiscal compared to FY2022.
"The Company's revenue increased by 1,909 per cent between FY2021 and FY2022 to Rs 413.8 crore, and by 302 per cent so far in the three quarters of FY 2022-23 to Rs 1,248.3 crore," Reshamandi said in a statement.
The startup claims to have posted an operational profit in the December 2022 quarter and plans to become net profit positive in the next two quarters.
"From farmers, reelers and weavers to retailers, mills, manufacturers, exporters, corporates, designers and end users, we have been able to serve a broad range of stakeholders, resulting in the creation of a cohesive ecosystem for the entire textile supply chain. The Company has reached EBITDA profitability since the previous quarter and we expect to become net profit positive within the next six months," ReshaMandi, founder and CEO Mayank Tiwari said.
Moving forward, it intends to grow internationally by entering the US and Europe.
Besides its present offerings in silk, cotton, viscose and linen (both national and international), ReshaMandi aims at broadening its focus in natural fabrics to include materials such as wool, jute and blends while experimenting with categories, such as sisal and banana.
"ReshaMandi anticipates that 55 per cent of future revenues (based on the revenue projections for the next 5 years) will come from weaves, while 25 per cent will be from farms, and 20 per cent from yarns," the statement said.
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