In 2020 when pandemic increased the importance of healthy lifestyle, health oriented F&B companies should be conventionally leveraging the situation to increase their business. Women focused F&B startup &Me, which is operated by Merhaki Foods and Nutrition Private Limited, somewhat managed to tilt the advantage of COVID-19 in its favor in FY20.
Merhaki Foods and Nutrition Private Limited filed its financial statement for FY20 with ROC in November 2020. Techpluto has accessed this regulatory filing. This is an exclusive report from Techpluto.
&Me managed to increase its revenue quite handsomely in Fy20, clocking a revenue of roughly INR 3 Cr in Fy20. This is an increase of 9X as compared to FY19, when its revenue stood at approximately 30 Lakhs.
However, handsome growth in revenue was not accompanied by significant cost-cutting. As a result, &Me’s total expenses ballooned by 5X to reach at INR 10 Cr by the end of FY20. Its expenses in FY19 stood at approximately INR 2.45 Cr.
With total expenses beating revenue by healthy margin, &Me’s consolidated loss for FY20 stood at approximately INR 7 Cr.
It must be noted that in 2019 &Me had raised $1 Mn in a seed funding round led by Matrix Partners and Sauce VC.
In November last year (2020), the company had also placed a private placement order to raise approximately 1 Cr. Matrix, Sauce, Beeline Impex and Vistra ITCL have contributed in the funding. However, this funding seems to be part of the $1Mn that the company had announced 2019.
&Me is founded by IIT and Standford graduate Ankur Goyal, who has previously worked in F&B companies like Nestle and PaperBoat.
&Me claims that it blends Ayurveda and modern science to manufacture bioactive lifestyle beverages for women.