Heads Up For Tails posts flat scale in FY23; losses mount 5X
                     Heads Up For Tails posts flat 
scale in FY23; losses mount 5X
Heads Up For Tails Startup Financials FY23
Pet care brand Heads Up For Tails struggled to grow in FY23. While the firm’s scale grew 
mere 2%, its losses blew 5X in the same period. This happened as its expenses on marketing 
and employee benefits rose sharply in the fiscal year ending March 2023.
Heads Up For Tails’ revenue from operations grew to Rs 140 crore in FY23 from Rs 138 crore 
in FY22, its consolidated financial statements filed by the group company Sara Global Pte. 
Ltd. in Singapore show.
Heads Up For Tails Revenue Breakdown
Heads Up For Tails offers 13,000 pet products with over 250 brands on its platform 
including its own labels. The company claims to have a presence in more than 18 cities 
with over 90 stores and 65 pet spas. 
The sale of pet products comprised 96.7% of overall revenue which increased 3.4% to Rs 
135.42 crore in FY22, reported by Entrackr. Advertising, warehousing, and logistics were 
some other revenue drivers for Heads Up For Tails. 
Heads Up For Tails Expense Breakdown
It’s worth mentioning that the consolidated financial statements represent the group 
picture including its subsidiaries: Barkyard Private Limited and Precious Pet Services Private 
Limited.
Coming to the expense side, the cost of procurement accounted for 55.59% of the overall 
expenditure which increased by 15% to Rs 118 crore in FY23.
Heads Up For Tails’ burn on employee benefits, freight, marketing (advertising cum 
business promotion), professional charges, software, and other overheads took its overall 
expenditure up by 38.8% to Rs 212 crore in FY23 from Rs 153 crore in FY22.
EBITDA & ROCE of FY22-FY23
Its ROCE and EBITDA margin worsened to -25% and -43.8% respectively. On a unit level, it 
spent Rs 1.52 to earn a rupee.
For Heads Up For Tails, it has come a little too early, as another strong year of growth 
would have placed it much better to take on competition. Now, it faces the unenviable task 
of getting back to a growth path without burning a hole in the books.  There is every 
chance of investors seeking some consolidation in the otherwise growing segment , and its 
losses leave Heads Up For Tails vulnerable to just such an approach. Watch this space to 
see the last tail wagging.
Get the Complete Heads Up For Tails Startup Financials HERE.
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