Winni Cakes & More, a bakery retail company has reported a 74 per cent year-on-year (YoY) growth in gross merchandise value (GMV) for the fiscal year 2022-23.
The company achieved this growth by opening 125 new stores in tier-2 and tier-3 cities within a year, increasing its GMV from Rs 192 crore in FY 2021-22 to Rs 335 crore in FY 2022-23.
With the addition of the 125 new bakery outlets, the company now has over 300 operational stores across 168 cities in India, expanding its presence in 25 states and 5 union territories.
Regarding sales trends in tier-2 and tier-3 cities, Sujeet Kumar Mishra, Co-founder and CEO of Winni & Winni Cakes & More noted a cultural shift where people in these cities now prefer cakes and bakery products over traditional sweets for festive occasions.
According to the company, its sales in smaller cities have surpassed those in larger cities, with an average ticket size ranging from Rs 500 to Rs 800. Approximately 30 per cent of revenue is generated from customised cakes.
Winni has also ventured into manufacturing, skill development, and training to address the challenges faced by the highly unorganized bakery retail industry.
Sujeet Kumar Mishra commented, “Our bakery retail arm Winni Cakes & More is emerging as the fastest bakery retail chain in India and by adding 125 more retail outlets in a year we have come closer to our dream to make available best quality bakery products at affordable prices for people living in tier-2, tier-3 & small towns of India who faces challenges in finding good quality cakes & other bakery products to celebrate their life events & special moments despite their aspiration & capacity