Animall revenue jumps 4X from cattle trade, marginal increase in net loss
Nexus and Peak XV-backed online platform for buying and selling cattle, Animall, reported a loss of Rs 44.72 crore for FY23 even as revenue from operations grew four-fold.
Bengaluru-based online platform for cattle trading, Technologies, saw its revenue from operations increase by nearly 4.2X to Rs 30.45 crore for FY23 over FY22, largely due to the sale of cattle, which recorded a jump of nearly 4.5X for FY23 at Rs 30.4 crore from Rs 6.7 crore in FY22.
While the company’s revenues from the sale of services fell significantly, direct income from the sale of milk rose nearly 48X to Rs 1.1 crore for FY23 over the previous fiscal.
It also reported a net loss of Rs 44.72 crore, a marginal increase from Rs 44.19 crore in the previous fiscal, according to documents filed with the Registrar of Companies.
Animall's total expenses grew by 1.4X in FY23 to Rs 80.1 crore, while its direct expenses grew by 3.1X due to an increase in farm-based expenses. Employee expenses at the company grew marginally to Rs 19.2 crore for FY23 from Rs 11.2 crore in FY22.
While the company managed to bring down advertising and marketing costs significantly in FY23 to Rs 3.7 crore from Rs 18 crore in the previous year, bad debts on its books ballooned by 38X to Rs 1.5 crore. The company also recorded cash theft for the financial year of 2023.
Founded in 2019 by Neetu Yadav and Kirti Jangra along with Anurag Bisoyi and Libin Babu, Animall has so far raised $24.7 million across multiple rounds according to market research and data platform Tracxn. It last raised $13.8 million in June 2021 in an equity round of funding from Nexus Venture Partners and SIG Venture Capital, and returning investors WEH Ventures, Omnivore, Peak XV and others.
The filings show that the company also raised Rs 1 crore in convertible notes from QED Innovation Labs during FY22. The platform competes with the likes of Dehradun-based Pashulok.
Edited by Affirunisa Kankudti
