New-age feminine care brand Plush has notched up nearly threefold growth in the last fiscal year while simultaneously maintaining control over expenses. Additionally, the Chennai-based startup, having garnered $2.3 million in funds to date, has successfully enhanced its bottom line.
According to its annual financial statement obtained from the Registrar of Companies (RoC), Plush achieved a remarkable 2.8X growth in revenue from operations, reaching INR 15.72 crore for the fiscal year ending March 2023. This represents a substantial increase compared to the INR 5.51 crore recorded in FY22.
Prince Kapoor and Ketan Munoth lead Plush, a company engaged in the sourcing, marketing, and distribution of feminine, baby, adult, and hygiene products. The company’s emphasis lies in offering everyday essentials at premium price points within the mass market segment.
Coming to its bottom line, Plush managed to curtail losses by 57.9%, reducing them from INR 3.11 crore in FY22 to INR 1.31 crore during FY23, alongside an expanding scale.
Like many other direct-to-consumer (D2C) brands, the company’s expansion was propelled by robust promotions and a favorable cost of materials. Together, these two expenses accounted for more than 65% of the total expenditure for the year.
Advertising and promotional expenses saw a substantial 92% increase, reaching INR 5.66 crore in FY23, while the cost of materials consumed surged 2.3 times to INR 5.63 crore. Simultaneously, employee benefit costs spiked by 2.4 times, totaling Rs 1.46 crore.
During the last fiscal year, the company allocated INR 1.37 crore for commission and discounts, and INR 92 lakh for shipping and delivery. Consequently, the total expenses of the Chennai-based company surged by 99.8% to INR 17.34 crore in FY23, compared to INR 8.68 crore in FY22. On a unit level, Plush expended INR 1.1 to earn a rupee during the last fiscal year.
Plush has secured approximately $2.3 million in funding so far, with contributions from investors such as Ashish Dhawan, Patni Family Office, Goldwinner Family Office, Ashneer Grover, Sujeet Kumar, Gaurav Munjal, and others. In addition to competing with well-established large brands, Plush also contends with competitors like Azah, Awni, SanFe, Heyday, and others in the market.
