Bakingo’s FY24 Net Loss Jumps Over 4X To INR 3.7 Cr

SUMMARY

Bakingo’s total expenditure for the year under consideration climbed 70% to 162.7 Cr in FY24 from INR 95.7 Cr in FY23

However, its operating revenue increased 69% to INR 159 Cr in FY24 from INR 94.6 Cr in the previous fiscal year

The startup remained bootstrapped till November 2023 when it raised its first-ever funding round worth $16 Mn from private equity (PE) firm Faering Capital

Baked goods startup Bakingo’s standalone net loss surged 4.6X to INR 3.7 Cr in the financial year ended March 31, 2024 (FY24) from INR 80 Lakh in the previous fiscal year driven by an increase in the overall expenditure.

However, its operating revenue increased 69% to INR 159 Cr in FY24 from INR 94.6 Cr in the previous fiscal year.

Founded in 2016 by Himanshu Chawla, Shrey Sehgal and Suman Patra, Bakingo is an online bakery offering a range of cakes and pastries. The company claims to have 75 kitchens across more than 15 cities. It sells its products on its website as well as on ecommerce platform FlowerAura, set up by the founding team.

Bakingo competes against the likes of Nowhere Bakery, The Bread Company, Le15, Paris Bakery, and WarmOven in the online bakery offering segment.

The startup remained bootstrapped till November 2023 when it raised its first-ever funding round worth $16 Mn from private equity (PE) firm Faering Capital.

According to a report, the online bakery market size was at $11.07 Bn in 2024. Growing at a CAGR of 9.50% it is projected to reach $27.43 Bn by 2034.

Bakingo’s Expenditure Trajectory

Bakingo’s total expenditure for the year under consideration climbed 70% to 162.7 Cr in FY24 from INR 95.7 Cr in FY23.

Employee Benefit Expense: Employee benefit cost also rose 56% to INR 21.1 from INR 13.5 reported last year.

Salaries and wages: The cost incurred as a part of salaries and wages also increased to INR 19.4 Cr, up 60% from the previous year’s cost of INR 12.1 Cr.

Miscellaneous Expenses: Miscellaneous costs accounted for the largest chunk of the total expense at INR 55.7 in FY24. This is a 72% increment from the 32.3 Cr reported in FY24. However, the company in their document did not disclose what all constituted this miscellaneous expense.