Feminine hygiene and personal care brand Plush continued its strong growth trajectory in the fiscal year ended March 2025, more than doubling its revenue even as higher spending led to a wider loss during the period.
Plush’s revenue from operations jumped 2.3X to Rs 66 crore in FY25 from Rs 29 crore in FY24, according to its financial statements sourced from the Registrar of Companies (RoC). Including around Rs 1 crore in other income, primarily interest, the company’s total income stood at Rs 67 crore in FY25.
The brand primarily earns its revenue from the sale of feminine hygiene and personal care products, positioning itself in a fast growing but competitive D2C wellness segment. The sharp rise in revenue reflects deeper customer penetration and increased spending on brand visibility over the past year.
On the cost side, the cost of materials consumed remained the largest expense head, accounting for nearly 34% of total expenses. This cost rose sharply by 127% to Rs 25 crore in FY25 from Rs 11 crore in FY24, in line with higher production volumes. Advertising and marketing expenses also saw a steep increase of 96% to Rs 21.5 crore as Plush doubled down on customer acquisition and brand-building initiatives.
Employee benefit expenses rose 67% to Rs 4 crore, while shipping and delivery costs stood at Rs 2.6 crore during the year. Overall, Plush’s total expenses more than doubled to Rs 74 crore in FY25 from Rs 34 crore in FY24, reflecting an aggressive growth strategy.
As a result, the company’s net loss widened by 75% to Rs 7 crore in FY25 from Rs 4 crore in FY24. Plush’s EBITDA margin stood at -11.23%, while ROCE came in at -93.75%. However, on a unit economics basis, the company showed marginal improvement, spending Rs 1.12 to earn every rupee of operating revenue, compared to Rs 1.17 in FY24.
As of March 2025, Plush reported cash and bank balances of Rs 3 crore, with current assets standing at Rs 29.5 crore. The company has indicated that it is targeting a Rs 200 crore revenue run rate in the current calendar year.
According to startup data intelligence, Plush has raised $8 million to date, including a recent Rs 40 crore Series B round led by Rahul Garg of Ignite Growth, with participation from Blume Founders Fund, OTP Ventures, Careernet Technologies and other investors.
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