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Key Takeaways
FreshToHome’s latest financials for FY23 don’t paint a pretty picture of the business
Its revenue is minuscule compared to that of its rival Licious, even as it recorded similar losses
FreshToHome CEO Shan Kadavil is adamant that the business is sound even as industry executives say otherwise
Kadavil said that the company could even look to move away from the marketplace model, which masks the true size of the business
Earlier this month, meat and seafood platform FreshToHome filed its latest financials with Singaporean regulators, where the company is headquartered. Its results were underwhelming, to say the least. For the year ended March 2023 (FY23), FreshToHome recorded a revenue of just Rs 110.3 crore, resulting in a loss of Rs 409.5 crore.
Not only is this a far cry from FreshToHome CEO Shan Kadavil’s claims in June 2022 that the company was looking to end the period with revenues of Rs 1,500-2,000 crore, it marks a drop in revenue from the previous fiscal. In FY22, the company clocked revenues of Rs 112.3 crore, albeit with higher losses—Rs 523 crore.
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