Vejii Holdings (CSE:VEJI, OTCQB:VEJIF) Ltd has announced record consolidated revenue for January 2022 after it began integrating the teams and operations of recent strategic bolt-on acquisitions, Veg Essentials LLC and VEDGEco USA Inc.
The company said consolidated revenues for the month totalled approximately $513,000, representing year-over-year growth of 1,158%. It reported gross profit of about $189,000 as it achieved a 37% gross margin.
After commencing commercial sales on Nov 19, 2020, Vejii said it has built out its marketplace to offer more than 3,500 products from over 500 brands in the consumer packaged goods (CPG) space. Today, it said the combined company has six points of distribution in North America and plans to add more in key strategic locations.
READ: Vejii Holdings partners with Planet Based Foods Global to boost vegan product offerings
"We believe the continued revenue growth shows the synergies of our M&A strategy and the growth of our organic business,” president and chief operating officer Darren Gill said in a statement.
“Vejii’s platform offers brands the ability to go direct-to-consumer at a time when speed to market is key for brands, using Vejii Fulfillment Services.”
Gill explained that Vejii allows brands to list on its marketplace, with Vejii providing pick, pack, and shipping services directly to consumers. This service lets brands get their products to market quickly and allows Vejii to continue expanding its product offering while maintaining its capital-light model. Expanded product selection and direct delivery on business-to-business (B2B) and business-to-consumer (B2C) are leading the company’s growth, Gill added.
“We have been able to achieve tremendous growth in 14 short months since launching,” said CEO Kory Zelickson.
“We have continued to expand our footprint, customer base, and brand partnerships. We have gained a lot of traction within the industry, having onboarded hundreds of brands from innovative start-ups to multinational organizations.
“I am confident that with a continued focus on execution and increased brand awareness, our metrics will continue to improve.”
Vejii is a unified digital marketplace and fulfillment platform featuring thousands of plant-based and sustainable-living products from a growing list of hundreds of vendors.
The platform offers an easy-to-use, omnichannel experience for both vendors and buyers, leveraging big data and artificial intelligence to elegantly connect brands with a targeted consumer base, both organically and through specialized marketing programs.
Contact the author at stephen.gunnion@proactiveinvestors.com