Plush scales 2.3X to Rs 66 Cr revenue in FY25
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Feminine Hygiene Brand Plush Reports Strong Revenue Growth Amid Widening Losses
February 1, 2026
Plush, a feminine hygiene brand, has achieved significant revenue growth despite escalating losses in the fiscal year ending March 31, 2025. The company’s revenue more than doubled during this period, though it reported a loss of ₹7 crore.
Revenue from operations surged 2.3X to ₹66 crore in FY25, up from ₹29 crore in FY24, as per financial records accessed from the Registrar of Companies (RoC). Sales of personal care and hygiene products drove this growth. Including ₹1 crore in interest income, Plush’s total income reached ₹67 crore in FY25, compared to ₹29 crore the prior year.
Expenses, however, outpaced revenue growth. Material costs—the largest expenditure—rose 127% to ₹25 crore, constituting 34% of total expenses. Marketing spend increased by 96% to ₹21.5 crore, while employee benefits grew 67% to ₹4 crore. Logistics costs totaled ₹2.6 crore. Overall expenses climbed 118% to ₹74 crore, up from ₹34 crore in FY24.
As a result, losses expanded by 75% to ₹7 crore. Key financial metrics, including return on capital employed (ROCE) and EBITDA margin, stood at -93.75% and -11.23%, respectively. On a unit economics basis, Plush spent ₹1.12 to generate each rupee of revenue—an improvement from ₹1.17 in FY24.
The company held ₹3 crore in cash reserves by March 2025, with total current assets at ₹29.5 crore. Plush aims to achieve a ₹200 crore annualized revenue run rate this calendar year.
To date, the brand has secured $8 million in total funding. This includes a recent ₹40 crore Series B round led by angel investor Rahul Garg of Ignite Growth, with participation from Ajay Kumar Aggarwal, Careernet Technologies, OTP Ventures, and Blume Founders Fund, among others.
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