Jimmy’s Cocktails, a D2C brand specializing in cocktail mixers, experienced a notable drop in its financial performance during the fiscal year ending March 2024 (FY24). The company’s operating revenue slipped by 30.9% to INR 23.7 Cr, down from INR 34.3 Cr in FY23. Including an additional INR 2.9 Cr from other income sources, its total income stood at INR 26.6 Cr, marking a 23.3% decline compared to the previous year’s INR 34.7 Cr.
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The brand’s losses deepened despite the revenue decline. Its net loss surged by 47.1%, reaching INR 10 Cr in FY24 compared to INR 6.8 Cr in FY23, largely attributed to increased spending. Similarly, the EBITDA loss rose 51.2% to INR 13 Cr, up from INR 8.6 Cr in the previous fiscal year. This led to a significant EBITDA margin contraction to -55%, deteriorating from -25% in FY23.
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Jimmy’s Cocktails sells its mixers across multiple channels, including its own website, offline retail stores, and popular ecommerce and quick commerce platforms.
Interestingly, the company had claimed in May last year that it had achieved profitability in FY24, projecting a revenue run rate exceeding INR 100 Cr within 18 months. However, the latest financials paint a different picture.
Founded in 2019 by Ankur Bhatia and Nitin Bhardwaj, Jimmy’s Cocktails offers low-calorie, ready-to-drink cocktail mixers. Expanding its portfolio, the brand ventured into the energy drinks market in July 2023 with its product line named ‘Hustle.’
The startup’s most recent funding came in 2023, raising $1.3 Mn (INR 11 Cr) in an extended pre-Series A round. In 2022, it secured $1.8 Mn in a round led by Roots Ventures.
