Jimmy’s Cocktails’ Revenue Dips 31% To INR 23.7 Cr In FY24

SUMMARY

Jimmy’s Cocktails saw its operating revenue decline 30.9% to INR 23.7 Cr in the financial year ended March 2024 (FY24) from INR 34.3 Cr in the previous year

Meanwhile, Jimmy’s Cocktails’ net loss widened 47.1% to INR 10 Cr in FY24 from INR 6.8 Cr in the previous year due to higher cash burn

Jimmy’s Cocktails managed to bring down its total expenditure by only 8% to INR 40.4 Cr in FY24 from INR 43.9 Cr in FY23

D2C brand Jimmy’s Cocktails saw its operating revenue decline 30.9% to INR 23.7 Cr in the financial year ended March 2024 (FY24) from INR 34.3 Cr in the previous year.

Including other income of INR 2.9 Cr, the startup’s total income fell 23.3% to INR 26.6 Cr during the year under review from INR 34.7 Cr in FY23.

Despite the decline in its top line, Jimmy’s Cocktails’ net loss widened 47.1% to INR 10 Cr in FY24 from INR 6.8 Cr in the previous year due to higher cash burn. Its EBITDA loss jumped 51.2% to INR 13 Cr from an EBITDA loss of INR 8.6 Cr in FY23. EBITDA margin worsened 30 percentage points to -55% from -25% in FY23.

It sells its products via its website, offline stores, and various ecommerce and quick commerce platforms.

It is pertinent to mention that the startup claimed in May last year that it turned profitable in FY24. At the time, it said it was aiming for a revenue run rate of over INR 100 Cr over the next 18 months.

Founded in 2019 by Ankur Bhatia and Nitin Bhardwaj, Jimmy’s Cocktails is a premium cocktail mixer brand which offers a range of low-calorie, ready-to-drink mixers. It forayed into the energy drinks segment in July 2023 under the brand name ‘Hustle’.

The startup last raised $1.3 Mn (INR 11 Cr) in its extended pre-Series A round in 2023. Before that, it raised a funding of $1.8 Mn in a round led by Roots Ventures in 2022.

Tracking Down Expenses

While the revenue dipped over 30%, Jimmy’s Cocktails managed to bring down its total expenditure by only 8% to INR 40.4 Cr in FY24 from INR 43.9 Cr in FY23.

Cost Of Materials: The startup’s spending on raw materials declined 39.6% to INR 8.1 Cr from INR 13.4 Cr in the previous year.

Employee Benefit Expenses: The spending on employees increased 2.3% to INR 8.9 Cr from INR 8.7 Cr in the previous fiscal. These expenses include salaries, gratuity, provident fund, among others.

Other Expenses: The spending under the head declined 14.2% to INR 18.2 Cr from INR 21.2 Cr in the previous year. However, the company didn’t disclose the expenses under this head.