Bengaluru-based, farm-to-fashion digital ecosystem for natural fibres, ReshaMandi, recorded a 3x increase in revenue 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, the company said today.
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.
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The company’s revenue increased by 1,909 per cent between FY2021 and FY2022 to ₹413.8 crores, and by 302 per cent so far in the three quarters of FY 2022-23 to ₹1248.3 crores. Going forward, ReshaMandi anticipates that 55 per cent of future revenues (based on the revenue projections for the next 5 years) will come from weaves, while 25 per cent will be from farms, and 20 per cent from yarns. ReshaMandi works with over 100,000 farmers, 10,000 reelers, 17,500 weavers and 18,500 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.
Highlighting the performance, Mayank Tiwari, Founder and CEO, ReshaMandi 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. ”
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Recently, ReshaMandi announced its entry into the Southeast Asian and MENA regions 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, and 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.
In picture: Left to right, founders of ReshaMandi; Saurabh Agarwal and Mayank Tiwari