Fabric and textile retailer Fabcurate aims to end FY23 on the back of net revenue of Rs 17 crore, Satish Panchani, director, Fabcurate Private Limited, told Brandwagon online, he however declined to comment on the net loss. “Around 20% of our total revenue comes from international orders, mostly from Saudi and UAE, where fashion designers and boutiques are our main clients,” he added.
The company’s revenue from sales and exports of goods rose 143.84% to Rs 13.36 crore in FY22 from Rs 5.48 crore in FY21, as per regulatory filings accessed by the business intelligence platform Tofler. Meanwhile, the company’s net loss widened 5368.73% to Rs 34.75 lakh in FY22 from Rs 63 thousand during the same period in the corresponding year. “We are hoping for a 20-25% increase in gross growth by next year. The net revenue target for FY24 is between Rs 20.5-21 crore,” he added. However, he declined to comment on the net loss.
The company claims to target individuals such as small fashion designers, boutique owners, or homemakers between the age group of 35 and 65 years for its products. “Around 50% of our audience comes from tier-1 cities whereas the other 50% comes from tier-2 cities, tier-3 cities, and even from villages,” Panchani elaborated. As per the platform, it has one lakh unique registered customers, where 35% of them are repeat users. Panchani considers the platform’s most popular categories to include Handblock printed fabric from Jaipur, Banarasi fabric, Ikat from the South, among others.
The company currently claims to focus on customer acquisition over customer retention, Panchani explained. Nearly 90% of its marketing stints fall under the digital marketing category. “The remaining 10% of our marketing occurs through influencer marketing and brand awareness campaigns,” he observed. For its digital marketing, Panchani stated that the company utilises Meta platforms such as Facebook and Instagram ads, besides google keywords, and search engine optimisation (SEO), to target consumers in India.