Reshamandi revenue grows to Rs 1,248 crore during three quarters of FY 2022-23
Reshamandi, a farm-to-fashion e-commerce platform has witnessed a growth of 302 percent to Rs 1,248 crore ($153.6 million) during the first three quarters of the current financial year 2022-23.
Going forward, Reshamandi expects to close the fiscal year with 5 times revenue growth from last year which was at Rs 414 crore.
The company plans to fuel its growth by diversifying its product portfolio and entering the US and Europe markets.
Commenting on the growth, Mayank Tiwari, founder CEO of Reshamandi in a statement 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,” he added.
Reshamandi claims that it currently has a country-wide network that sources fabrics, sarees, and accessories directly from100,000 farmers, 10,000 reelers, 17,500 weavers, and 18500 retailers.
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