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ReshaMandi expects over 5-fold growth in revenue to Rs 2,000 cr this fiscal

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NEW DELHI: Natural fibres supply chain startup ReshaMandi expects over five-fold jump in revenue to Rs 2,000 crore this fiscal year, driven by diversification of portfolio and overseas expansion, a top company official said. ReshaMandi founder and Chief Executive Officer, Mayank Tiwari told PTI that the company is building a farm-to-retail digital ecosystem for the natural fibre supply chain and now looking to replicate its India business model in markets abroad.
He said that within a short span of two years, the revenue of ReshaMandi has increased from Rs 20 crore in financial year (FY) 2021 to Rs 450 crore in FY’22.

“While we started with our focus on silk, we diversified to other natural fibres like cotton, jute, viscose and bamboo to our portfolio.

“Today we cater to the entire natural fibre ecosystem of farmers, reelers, weavers, retailers, mills, manufacturers, brands, exporters, designers and are confident of achieving a revenue of Rs 2,000 crore in FY’23,” Tiwari said.
In India, the company claims to have onboarded over 41,000 farmers, 5,500 reelers, over 7,000 weavers and 3,300 retailers and mutually connects them for business through its app.

The company expects to boost its business from expansion of business in the Middle East, Europe, North and South America and South East Asia.

Tiwari said that there is a larger propensity among people to spend money on fashion primarily because for the last two years, everybody has been sitting at home.

“You will celebrate Diwali with your relatives, you will go out, you will venture out. That’s going to see a lot of movement,” Tiwari said.

He said that there are talks about global slowdown but ReshaMandi has not seen any impact of the same in the textile segment.

The company had raised $30 million in October from a group of investors and is looking to raise additional funds to facilitate a larger credit cycle for its business partners.

Tiwari said that the company has been cash flow positive since the last two years and utilising it to grow revenue lines. He said that the company expects to turn profitable in the next financial year.

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