Metalbook Reports 76% Revenue Growth in FY24, but Losses Widen

Metalbook, the full-stack metal supply-chain platform, has reported significant revenue growth for FY24, with gross revenue reaching Rs 796 crore, though losses more than doubled during the same period.

According to financial statements filed with the Registrar of Companies (RoC), the company's gross merchandise value (GMV) increased 76% from Rs 452 crore in FY23 to Rs 796 crore in FY24. Additional income of Rs 2.5 crore from interest on deposits and investments brought the total revenue to Rs 799 crore.

Founded in 2021, the Gurugram-based company operates as a full-stack procurement platform, providing services including inventory liquidation, logistics, and credit solutions, particularly for SMEs. The company has built a network of over 500 manufacturers, dealers, and suppliers across 16 countries, including major players like ArcelorMittal Nippon Steel, Tata Steel, and JSW.

On the expenditure front, procurement costs dominated the company's expenses, accounting for 96% of total spending and increasing by 75.34% to Rs 782 crore in FY24. Employee benefit expenses saw a sharp 90.48% rise to Rs 16 crore, while provisions for bad debts amounted to Rs 3.7 crore. Other operational costs, including legal, technology, and travel expenses, totaled Rs 14.3 crore, bringing total expenses to Rs 816 crore, a 77.78% increase year-over-year.

Despite the substantial revenue growth, Metalbook's losses widened significantly, increasing 2.8 times to Rs 17 crore in FY24 from Rs 6 crore in FY23. Key financial metrics show the company's ROCE at -9.65% and EBITDA margin at -1.27%. The company spent Rs 1.03 to generate each rupee of gross revenue in FY24. As of the end of the fiscal year, Metalbook's current assets stood at Rs 193 crore, including Rs 61 crore in cash and bank balances.

The company has raised $23 million in funding to date, according to TheKredible, with major investors including Axilor (13.55% stake), Foundamental (8.23%), and RTP Global (5.81%).