Milk Mantra slipped into the red in FY23 after reporting a net profit of INR 13.6 Cr in FY22
The dairy tech startup’s operating revenue rose a marginal 2% year-on-year (YoY) to INR 272.9 Cr in FY23 as sales of milk dipped 4.6% YoY
Total expenditure increased 13% to INR 289.4 Cr in FY23 from INR 256.6 Cr in the previous fiscal year
Bhubaneswar-based dairy tech startup Milk Mantra slipped into the red in the financial year ended March 31, 2023 after posting profits in two consecutive years. The Eight Road Ventures-backed startup reported a net loss of INR 12.3 Cr in FY23 compared to a net profit of INR 13.6 Cr in FY22 as its operating revenue remained flat. Milk Mantra was founded in 2009 by Srikumar Misra and Rashima Misra but began operations in 2012. The startup sells products under two brands – Milky Moo and Moo Shake. It sells packaged milk, curd, paneer, lassi, mishti dahi, and flavoured milkshakes.
Its operating revenue rose a marginal 2% to INR 272.9 Cr in FY23 from INR 267.1 Cr in the previous fiscal year, indicating that the company is facing difficulties in scaling up its business. Here is how it generated revenue during the year under review: