ReshaMandi records ~3x revenue growth from FY22 to 9 Months in FY 23
Bengaluru, January 27th , 2023: ReshaMandi – the largest farm-to-fashion digital ecosystem for natural fibres in India – recorded a 3x increase in revenues so far in FY 2022-23 at ₹1248.3 crores. While they aim to close FY23 at 5x revenue growth from last year, the Company reached EBITDA profitability in Q3 of FY 2022-23 and plans to become net profit positive in the next two quarters.
Moving forward, it intends to grow internationally by entering the US and Europe. Besides its present offerings in silk, cotton, viscose and linen (both national and international), ReshaMandi aims at broadening its focus in natural fabrics to include materials such as wool, jute and blends while experimenting with categories such as sisal and banana.
The Company’s revenue increased by 1,909% between FY2021 and FY2022 to ₹413.8 crores, and by 302% so far in the three quarters of FY 2022-23 to ₹1248.3 crores. Going forward, ReshaMandi anticipates that 55% of future revenues (based on the revenue projections for the next 5 years) will come from weaves, while 25% will be from farms, and 20% from yarns. ReshaMandi works with 100,000+ farmers, 10,000+ reelers, 17,500+ weavers, and 18500+ retailers in the entire natural fibre supply chain to improve productivity, boost their bottom line and eventually be instrumental in transforming the quality of their lives.
ReshaMandi’s Founder and CEO, Mayank Tiwari said, “ReshaMandi has had an extremely interesting journey since its inception in 2020. From farmers, reelers and weavers to retailers, mills, manufacturers, exporters, corporates, designers and end users, we have been able to serve a broad range of stakeholders, resulting in the creation of a cohesive ecosystem for the entire textile supply chain. The Company has reached EBITDA profitability since the previous quarter and we expect to become net profit positive within the next six months. ”
Recently, ReshaMandi announced its entry in the Southeast Asian and MENA region with the goal of being a one-stop shop for all natural and recycled fabrics. It has supplied more than 15 million metres of natural fabric to more than 500 different entities including exporters, manufacturers of traditional Indian fabrics, apparel, and home furnishings. Out of these 500, more than 200 are exporters who sell goods to globally recognised brands.