Epigamia, a direct-to-consumer (D2C) food and beverage startup, saw its sales cross the INR 150 Crore mark in the financial year ended March 31, 2023. The Mumbai-based startup’s sales stood at INR 168 Crore in the financial year 2022-23 (FY23), reflecting a 24% increase from INR 135.7 Crore in the previous fiscal year.
Established in 2015 by Rohan Mirchandani, Uday Thakker, Ganesh Krishnamoorthy, and Rahul Jain, Epigamia initially began as a Greek yogurt brand. Since its inception, the startup has diversified its product range and now offers a variety of items including smoothies, protein drinks, and desserts.
It markets its products through its website, various e-commerce platforms, and retail stores.
Continue Exploring: Epigamia launches India’s first 25g protein milkshakes with zero sugar
Taking into account additional income, its overall revenue surged by 23%, reaching INR 172 Cr compared to INR 140.4 Cr in FY22.
Nevertheless, the startup experienced a 13% rise in net loss, reaching INR 67 Cr in FY23, up from INR 59.5 Cr in the preceding year.
In FY22, total expenditure surged by 20% to INR 239 Cr from INR 200 Cr.
The startup allocated INR 110 Cr for the acquisition of raw materials, marking a 27% increase from INR 86.8 Cr in the previous year.
During the year under review, Epigamia saw a 22% rise in marketing and advertising expenses, reaching INR 44.2 Cr compared to INR 36.2 Cr in FY22.
Although its sales increased, Epigamia was able to decrease its employee costs by 7% to INR 30 Cr in FY23, down from INR 32.5 Cr in the preceding year.
Continue Exploring: Dairy brand Epigamia focuses on profitability, targets 25% year-on-year growth in FY24
The startup’s most recent funding round took place in 2019, raising $26 Mn during its Series C funding. In total, it has accumulated approximately $60 Mn in funding to date, with support from investors including Verlinvest, Danone Manifesto Ventures, DSG Consumer, Deepika Padukone, and Innoven Capital.
According to a recent report from Moneycontrol, Verlinvest, holding approximately 30% ownership in Epigamia, is considering selling a portion of its stake in the direct-to-consumer (D2C) startup. This exit is expected to coincide with Epigamia’s plans to raise a primary round of funding aimed at expanding its product range into new categories like milkshakes and desserts.
Epigamia competes with Milky Mist, Amul, Mother Dairy, and iD Fresh.
