Plush, a prominent feminine hygiene brand, has seen significant growth, with its revenue more than doubling during the fiscal year that concluded on March 31, 2025. The company experienced a loss of Rs 7 crore in the same timeframe. According to the financial statements obtained from the Registrar of Companies (RoC), Plush’s revenue from operations surged 2.3 times to Rs 66 crore in FY25, up from Rs 29 crore in FY24. The primary source of revenue for the company derives from the sale of personal care and hygiene products. When considering an additional Rs 1 crore from other income, total earnings for Plush reached Rs 67 crore in FY25, compared to Rs 29 crore in the prior fiscal year.
Expenditure Overview
On the expenditure front, the cost of materials consumed was the largest portion of expenses, comprising 34% of the total outlay. This expense grew by 127%, amounting to Rs 25 crore in FY25, compared to Rs 11 crore in FY24. Promotional costs also saw a significant increase, rising 96% to Rs 21.5 crore in FY25. Employee benefit costs increased by 67%, totalling Rs 4 crore, while shipping and delivery expenses reached Rs 2.6 crore. Overall, Plush’s total expenses surged by 118%, standing at Rs 74 crore in FY25, compared to Rs 34 crore in FY24.
Profit and Loss Analysis
The increased scale of operations led to Plush’s loss rising by 75% to Rs 7 crore in FY25, in contrast to Rs 4 crore in FY24. The company reported a Return on Capital Employed (ROCE) of -93.75% and an EBITDA margin of -11.23%.
On a unit economics basis, Plush required Rs 1.12 to generate every rupee of operating revenue during the fiscal year, an improvement from Rs 1.17 in FY24. By March 2025, the company’s cash and bank balances amounted to Rs 3 crore, while its current assets totalled Rs 29.5 crore.
Future Aspirations
Plush is on a trajectory to achieve a revenue run rate of Rs 200 crore in the ongoing calendar year. As reported by various sources in the startup data intelligence sector, Plush has successfully raised a cumulative $8 million in funding to date. This includes a recent investment of Rs 40 crore in Series B funding, led by angel investor Rahul Garg (Managing Partner of Ignite Growth), with participation from Ajay Kumar Aggarwal, Careernet Technologies, OTP Ventures, Blume Founders Fund, and other investors.
