D2C Feminine hygiene startup Sirona’s FY23 annual report indicates that the Good Glamm Group-owned startup’s net losses have widened by 97% to Rs 33.10 crore from Rs 16.83 crore in FY22 due to higher cash burn.
The startup’s revenue from operations surged 81% to Rs 75.28 crore in FY23 from Rs 41.51 crore in the previous fiscal year. Major contributions came from sales revenue while around Rs 10.77 crore were sourced from international trade which almost doubled from Rs 5.57 crore in the last fiscal year. Total revenue jumped 80% to Rs 75.75 crore from Rs 42.20 crore in the same period.
Total expenses also surged 86% to Rs 108.85 crore during the year under review from Rs 58.50 crore in FY22. The primary contributing factor was the advertising and promotion costs that went up by 83% to Rs 30.90 crore in FY23 from Rs 16.85 crore in FY22. The cost of employee benefits showed a 13% decline to Rs 9.82 crore from Rs 11.29 crore in the same period.
Sirona spent Rs 32.89 crore on purchasing finished goods in FY23, 73% higher than Rs 18.92 crore in FY22. Other overheads such as contractual staff costs, written-off bad debts, and assets grew to Rs 13.98 crore in FY23 from Rs 2.99 crore in FY22. Meanwhile, the startup’s provisions for doubtful debts grew to Rs 37.63 lakh from Rs 4.03 lakh in the same period.
Deep Bajaj and Mohit Bajaj founded the D2C startup in 2015. Herbal pain relief patches, oxo-biodegradable sanitary napkins, menstrual cups, and period stain remover are some of its prominent female hygiene products. Content-to-commerce company The Good Glamm Group initially invested Rs 100 crore and acquired a 41.15% stake in December 2021 and then later increased it to 50.58% by FY23 end.
Sirona founders along with the founders of other The Good Glamm Group-acquired startups, The Moms Co and the Indian Angel Network (IAN), filed default notices against the company on the grounds of non-payment of dues.
The content-to-commerce platform’s loss jumped 153% to Rs 917 crore in FY23 from Rs 362.5 crore in FY22 while its revenue from operations also went up by 185% to Rs 603 crore from 211.4 crore in the same period.
It is pertinent to note that Sirona entered the sexual wellness space as well with the acquisition of vegan condom brand Bleü in May 2023.
Soothe, Sofy, Paree, and Evereve are the D2C startup’s major contenders in the female hygiene market which is anticipated to grow at a CAGR of 14.85% this year onwards and reach $1.79 billion in size by 2029.
