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LEAD hits Rs 350 Cr revenue milestone in FY24; cuts losses by 56%

EntrackrEntrackr · 6m ago
LEAD hits Rs 350 Cr revenue milestone in FY24; cuts losses by 56%
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Digital learning solutions provider LEAD has reported growth of over 28% for the fiscal year ending March 2024, surpassing the Rs 350 crore revenue mark. The firm has notably improved its financial health by reducing losses by more than 55% in the same period. LEAD's revenue from operations grew by 28.6% to Rs 351 crore in the last fiscal year, from Rs 273 crore in FY23, its annual financial statements sourced from the Registrar of Companies (RoC) show. The Mumbai-based firm provides a comprehensive range of educational resources to schools, including books, workbooks, curricula, smart classes, teacher training, teacher manuals, ERPs, and Math-Science kits. According to its website, LEAD is partnered with over 8,000 schools and operates in more than 400 cities. Revenue from product sales contributed 79% of the total operating income, rising 35% to Rs 276 crore in FY24. The remaining income came from platform services, which generated Rs 75 crore during this period. LEAD also earned Rs 19 crore from non-operating activities, bringing its total income to Rs 370 crore in the last fiscal year. Unlike other edtech companies, LEAD reported a 39% year-on-year decline in employee benefit costs, which fell to Rs 174 crore in FY24. Despite the reduction, this remained the company's largest expense, accounting for 34% of total expenditure. The cost of products stood at Rs 126 crore in the previous fiscal year, while the company also reduced spending on advertising, legal, and donations. These efforts contributed to a 17% year-on-year reduction in overall expenses, which dropped to Rs 513 crore in FY24. The 28.6% increase in scale and controlled expense on employee benefits helped Lead to reduce its losses by 55.6% to Rs 143 crore in FY24. Its ROCE and EBITDA margin stood at -46.9% and -15.68% respectively. On a unit level, it spent Rs 1.46 to earn a rupee in the last fiscal year. As of FY24, Lead's current assets were recorded at Rs 432 crore with cash and bank balances of Rs 86 crore. LEAD recently announced that it became EBITDA positive in the first quarter of the ongoing fiscal year (Q1 FY25). To date, it has raised over $180 million, including a $100 million funding round led by WestBridge Capital in 2022, during which the firm achieved unicorn status. According to startup data intelligence platform TheKredible, WestBridge Capital is the largest external stakeholder with a 27.58% stake, followed by Elevar Equity. The company's co-founders, Sumeet Mehta and Smita Deorah, collectively hold 32.7% ownership in the company.

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CityMall hits Rs 450 Cr GMV in FY24 with steady losses

EntrackrEntrackr · 5m ago
CityMall hits Rs 450 Cr GMV in FY24 with steady losses
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CityMall, a social e-commerce platform serving smaller cities and towns, recorded over 23% year-on-year growth for the fiscal year ending March 2024, with its gross revenue exceeding Rs 420 crore. CityMall’s gross revenue (GMV) increased to Rs 427 crore in FY24 from Rs 346.4 crore in FY23, according to its standalone financial statement sourced from the Registrar of Companies (RoC). CityMall sells lifestyle, grocery, and other essentials through a network of community resellers in tier II and III cities. Revenue from product sales accounted for 91.62% of the total operating revenue, which increased by 17.1% to Rs 391.5 crore in FY24. The remaining GMV came from logistics and marketing services, which stood at Rs 35.8 crore. CityMall also made an additional income of Rs 32 crore from interest on deposits and investments that brought its total income to Rs 459 crore in the last fiscal year, compared to Rs 378 crore in FY23. On the expense front, the cost of procurement of products was the largest cost center which rose 20.4% to Rs 390 crore in FY24. CityMall’s employee benefit expenses grew by 7.7% to Rs 91 crore, while transportation costs jumped 45.5% to Rs 56 crore. Overall, the Gurugram-based company’s total expenses increased by 17.7% to Rs 615.2 crore in FY24, compared to Rs 522.7 crore in FY23. In the end, losses for the Accel-backed firm increased by 10% to Rs 159 crore in FY24 from Rs 145 core in FY23. Its ROCE and EBITDA Margins stood at -36.18% and -30.34%, respectively. On a unit basis, the company spent Rs 1.44 to earn a rupee of operating revenue in FY24. The Gurugram-based company reported total current assets of Rs 427 crore at the end of FY24, including Rs 187 crore in cash and bank balance. CityMall has raised over $110 million in funding to date including its $75 million Series C led by Norwest in March 2022. According to the startup data intelligence platform TheKredible Elevation Capital is the largest external stakeholder followed by Accel and Jungle Ventures. DealShare, one of CityMall's closest competitors, saw a 75% decline in gross scale in FY24, while its losses decreased by 66% in the last fiscal.

Exotel posts flat scale in FY24; losses shrink 61%

EntrackrEntrackr · 6m ago
Exotel posts flat scale in FY24; losses shrink 61%
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Fintrackr All Stories Exotel posts flat scale in FY24; losses shrink 61% Exotel’s revenue from operations increased 5.7% to Rs 444 crore in FY24 from Rs 420 crore in FY23, its consolidated annual financial statements sourced from the Registrar of Companies show. Kunal Manchanada 26 Dec 2024 11:55 IST Follow Us New Update Bengaluru-based cloud telephony platform Exotel reported flat growth for the fiscal year ending March 2024. Despite stagnant revenue, the company significantly improved its financial health, narrowing losses by more than 60%. This improvement was driven by strategic cost-cutting measures, particularly in employee benefits and advertising expenses. Exotel’s revenue from operations increased 5.7% to Rs 444 crore in FY24 from Rs 420 crore in FY23, its consolidated annual financial statements sourced from the Registrar of Companies show. Exotel provides cloud-based voice and SMS contact center solutions, enabling businesses to manage customer engagement efficiently. Its primary revenue stream comes from offering internet-enabled cloud communication services. Exotel also makes money through software licensing, chatbot services, and sales of its products, including APIs, browser extensions, software development kits, and mobile applications. Exotel has not provided the income bifurcation of above mentioned- services. However, 14% of its business came from Southeast Asia, the Middle East, and Africa in FY24. The company also added Rs 16 crore mainly from interest on deposits and investments, tallying the overall revenue to Rs 460 crore in FY24, compared to Rs 447 crore in FY23. For the cloud-based voice and SMS contact center firm, the cost of telephone and postage formed 39% of its overall cost which increased 10.2% to Rs 195 crore in FY23. Exotel managed to keep its employee benefits in check, which saw a reduction of 24% in FY24 to Rs 186 crore, as compared to Rs 245 crore in FY23. It’s worth noting that Exotel went through layoff during FY24, reducing its workforce by 15%. Its decreased advertising, legal, payment gateway, traveling, information technology, and other overheads took the total expenditure to Rs 499 crore in FY24 from Rs 555 crore in FY23. See TheKredible for the detailed expense breakup. Despite the modest growth in scale, the company managed to control its expenditures, resulting in its losses shrinking by 60.6% to Rs 43 crore in FY24 from Rs 109 crore in FY23. According to Fintrackr, Exotel’s EBITDA losses stood at Rs 16 crore in FY24. Exotel’s expense-to-revenue ratio was recorded at Rs 1.12, with ROCE and EBITDA margins of -8.9% and -3.48%, respectively. According to the annual statements, its total current assets were registered at 379 crore, with cash and bank balances of Rs 206 crore as of March 2024. The company has raised over $100 million so far including a $40 million Series D round led by Steadview Capital in 2022. According to the startup data intelligence platform TheKredible, A91 Partners is the largest external stakeholder with a 25.7% stake followed by Blume Ventures. Exotel directly competes with Gupshup-owned Knowlarity, MyOperator, Ozonotel, and Tata Communications, and a few others. exotel Advertisment Disclaimer: Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investors here. Subscribe to our Newsletter! Be the first to get exclusive offers and the latest news Subscribe Now Related Articles LIVE ShopKirana struggles to scale in FY24, narrows losses by 30% LIVE LEAD hits Rs 350 Cr revenue milestone in FY24; cuts losses by 56% LIVE Simplilearn cuts losses by 56% in FY24, revenue growth stagnates LIVE Curefoods reports Rs 635 Cr income in FY24, halves losses LIVE Mintifi reports Rs 92 Cr PAT on Rs 384 Cr revenue in FY24 Read the Next Article

Zolostays hits Rs 200 Cr revenue in FY24, trims losses

EntrackrEntrackr · 5m ago
Zolostays hits Rs 200 Cr revenue in FY24, trims losses
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Zolostays hits Rs 200 Cr revenue in FY24, trims losses Co-living company Zolostays has achieved a fivefold increase in growth over the last two fiscal years, expanding its revenue from Rs 43 crore in FY22 to more than Rs 200 crore in FY24. Despite this growth, the Nexus Ventures-backed firm maintained control over its losses during this period. Zolostays’ revenue from operations doubled to Rs 204.4 crore in FY24 from Rs 95.5 crore in FY23, as per its consolidated financial statement sourced from the Registrar of Companies (RoC). Zolostays provides co-living spaces to students, professionals, and organizations. Income from residential accommodations and facilities, including service fees and accommodation charges, accounted for 93% of the total operating revenue. This income grew 3.4x to Rs 191 crore in FY24 from Rs 55 crore in FY23. Zolostays also offers services to colleges and universities for managing residential facilities, along with food subscriptions and other amenities. Revenue from this segment dropped 72% to Rs 10.4 crore in FY24. The firm earned Rs 4.6 crore in interest income, bringing its total income to Rs 209 crore in FY24. On the cost front, property management and operational expenses were the largest component, accounting for 52% of total costs. These expenses, which include food, rent, electricity, housekeeping, and consumables, increased 2.3X to Rs 139 crore in FY24 from Rs 60.5 crore in FY23. Its employee benefit expenses increased by 16% to Rs 83 crore in FY24. Legal, advertising, communication, commission, and other overheads took the total cost up by 58% to Rs 266 crore in FY24 from Rs 168 crore in FY23. Zolostays' two-fold growth and controlled expenses led to a 17.4% reduction in losses, down to Rs 57 crore in FY24 from Rs 69 crore in FY23. Its ROCE and EBITDA margin stood at -89.96% and -16.75%, respectively, with an expense-to-revenue ratio of Rs 1.30. In FY24, the Bengaluru-based firm reported current assets of Rs 76 crore, including Rs 34 crore in cash and bank balances. Zolo has raised a total of $118 million of funding to date. According to the startup data intelligence platform TheKredible, Nexus Ventures is the largest external stakeholder with 34% followed by Investcrop and Mirae Asset.

Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr

EntrackrEntrackr · 6m ago
Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr
Medial

Treebo crosses Rs 100 Cr revenue in FY24, outstanding losses climb to Rs 488 Cr Treebo Hotels, a premium-budget hotel chain, crossed the Rs 100 crore revenue milestone in the fiscal year ending March 2024. Despite this growth, the Bengaluru-based company saw its losses rise by 17%, bringing total outstanding losses to Rs 488 crore. Treebo Hotels’s revenue from operations grew 22.5% to Rs 109 crore in FY24 from Rs 89 crore in FY23, its consolidated financial statements filed with the Registrar of Companies show. Income from accommodation services (taken on lease and managed properties) formed 95% of the total operating revenue which increased by 22.3% to Rs 104 crore in FY24 from Rs 85 crore in FY23. The rest of the income comes from the sale of products, and subscription services. The company also added Rs 7.22 crore as other income (non-operating) which tallied its overall revenue to Rs 116 crore in FY24 from Rs 94 crore in FY23. Treebo spent 41% of its overall expenditure on employee benefits which increased marginally by 7% to Rs 59 crore in FY24. Its cost and commission surged 70% and 48% to Rs 17 crore and Rs 43 crore in the previous fiscal year. Its cost of materials, legal, technology, traveling, and other overheads took the overall cost up by 22% to Rs 144 crore in FY24 from Rs 118 crore in FY23. The increased advertising and commission costs led Treebo to raise its losses by 16.7% to Rs 28 crore in FY24, compared to Rs 24 crore in FY23. Its ROCE and EBITDA margin stood at -540% and -18.1% respectively. On a unit level, it spent Rs 1.32 to earn a rupee in FY24. The company’s total current assets stood at Rs 34 crore with cash and bank balances of Rs 7 crore in the previous fiscal. According to startup data intelligence platform TheKredible, decade-old Treebo has secured Rs 566 crore (approximately $70 million) in funding from investors including Accor, Elevation Capital, Matrix Partners, and Bertelsmann. The company’s most recent major funding, amounting to $16 million, was raised in June 2021. Treebo competes directly with Bloom Hotels and FabHotels. In FY24, Bloom Hotels saw its operational revenue rise by 73.6% to Rs 250 crore, with a profit of Rs 14 crore. FabHotels recorded Rs 224 crore in operating revenue for FY23 but has not yet filed its FY24 annual report.

Progcap crosses Rs 150 Cr revenue in FY24, cuts losses

EntrackrEntrackr · 4m ago
Progcap crosses Rs 150 Cr revenue in FY24, cuts losses
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Progcap crosses Rs 150 Cr revenue in FY24, cuts losses Peak XV and Tiger Global-backed fintech firm Progcap has scaled more than 5X in the last two fiscal years, from Rs 26 crore in FY22 to Rs 139 crore in FY24. The firm also managed to reduce its losses in the same period. Progcap’s revenue from operations nearly doubled to Rs 139 crore in FY24 from Rs 71 crore in FY23, its consolidated financial statement sourced from the Registrar of Companies (RoC) shows. Progcap facilitates debt capital for underserved micro and small businesses. The fintech platform digitizes supply chains and facilitates access to finance for last mile retailers. Revenue from these services was the sole source of income for the company. Progcap made an additional Rs 20 crore from interest on deposits and gains on current investments which pushed its total income to Rs 159 crore in FY24 from Rs 102 crore in FY23. On the expense side, employee benefit costs remained the largest expenditure, accounting for 61% of the total expense, to the tune of scale. This cost grew by 15% to Rs 124 crore in FY24. The firm’s finance costs surged sharply to Rs 22.5 crore from just Rs 1 crore in FY23. Other major expenses included collection deficiency charges (Rs 9.5 crore), travel expenses (Rs 6 crore), and miscellaneous costs. Overall, the company’s total expenses grew by 36% to Rs 203 crore in FY24 from Rs 149 crore in the preceding fiscal year. Progcap managed to cut its losses by 6% to Rs 46 crore in FY24 from Rs 49 crore in FY23. Its ROCE and EBITDA Margin improved to -2.96% and -11.32% respectively. On a unit basis, the company spent Rs 1.46 to earn a rupee of operating revenue in FY24. The Delhi-based firm reported current assets worth Rs 1,321 crore which include Rs 163 crore of cash and bank balance in FY24. According to TheKredible, Progcap has raised a total of approx $112 million in funding to date, having Tiger Global, Peak XV, Creation Investments, and GrowX Ventures as its lead investors. Progcap’s co-founders, Pallavi Shrivastava and Himanshu Chandra, collectively hold a 23.41% stake in the company.

StayVista clocks Rs 140 Cr revenue in FY24, cuts losses by one-third

EntrackrEntrackr · 3m ago
StayVista clocks Rs 140 Cr revenue in FY24, cuts losses by one-third
Medial

StayVista clocks Rs 140 Cr revenue in FY24, cuts losses by one-third Luxury vacation home rental platform StayVista continued its steady growth in the last fiscal year, with revenue increasing by 23%. At the same time, the company managed to reduce its losses by over one-third in FY24. StayVista’s revenue from operations increased to Rs 140 crore in FY24 from Rs 114 crore in FY23, according to its financial statement sourced from the Registrar of Companies (RoC). StayVista connects property owners with travelers seeking vacation rental accommodations. The platform enables property owners to list their rentals, while facilitating bookings and online payments. Revenue from these services was the company’s sole source of income. With minor contribution from other income, the company posted total revenue of Rs 143.48 crore in the last fiscal year. On the expense side, the cost of materials—the company’s largest expense category—increased by 17.7% to Rs 109.5 crore in FY24. Employee benefit expenses also rose sharply, up 33% to Rs 28 crore, while legal and other operational expenses remained relatively stable at Rs 3.5 crore and Rs 11 crore, respectively. Overall, the company’s total expenses stood at Rs 152 crore for the year, marking an 18.8% increase from Rs 128 crore in FY23. StayVista reduced its losses by 33.3% to Rs 8 crore in FY24 from Rs 12 crore in the previous fiscal year. Its ROCE and EBITDA margin stood at -28.81% and -5.31%, respectively. On a unit level, StayVista spent Rs 1.09 to earn a rupee in FY24. As of March 2024, the Mumbai-based firm reported current assets worth Rs 50 crore which includes Rs 39 crore in cash and bank balances. According to startup data intelligence platform TheKredible, StayVista has raised a total of $7.5 million of funding till date, having DSG Consumer Partners as its lead investor who owns 17% of the company. Its co-founders Amit Damani, Ankita Sheth and Pranav Maheshwari together own 32.4% of the company. According to media reports, StayVista is planning to go public through an IPO by 2028, with a goal of raising Rs 600 crore (around $72 million) to further expand its network across India.

Teachmint revenue grows 2X in FY24, losses down to Rs 82 Cr

EntrackrEntrackr · 7m ago
Teachmint revenue grows 2X in FY24, losses down to Rs 82 Cr
Medial

SaaS-based edtech firm Teachmint improved its financial performance in the last fiscal year, doubling its operating scale while reducing year-on-year losses by more than 39%. However, the Lightspeed-backed company has yet to achieve significant scale. Teachmint’s revenue from operations spiked to Rs 17.1 crore in the fiscal year ending March 2024 from Rs 8.15 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. Teachmint sells education software solutions through subscriptions to schools and teachers. The sale of software solutions accounted for 73% of the operating revenue which increased by 56% to Rs 12.5 crore in FY24. The rest of the income is derived from the sale of devices like biometrics, interactive flat panels, GPS devices, among others. The Bengaluru-based company firm managed to control its overall cost, reduced by 26.6% to Rs 160 crore in FY24 from Rs 218 crore in FY23. Key areas of cost reduction include employee benefits, marketing, and IT which dwindled by 21.2%, 63.6%, and 9.1% respectively. The 2X surge and controlled expenditure helped Teachmint reduce its losses by 39.2% to Rs 110 crore during the last fiscal year from Rs 181 crore in FY23. Excluding non-cash ESOP costs, the company’s losses stood at Rs 82 crore for the fiscal year ending March 2024. Its ROCE and EBIDTA margins stood at -24.7% and -198%, respectively. On a unit level, the company spent Rs 9.36 to earn a rupee in FY24. Importantly, the firm has a total current assets of Rs 440 crore including Rs 34 crore of cash and bank balances in the last fiscal year. The company’s transformation from pre-revenue to a significant revenue jump is largely driven by shifting its focus to digitize schools. Entrackr reported about the strategic move in April last year. Teachmint faced significant challenges in FY24, including laying off over 70 employees. It has raised over $100 million in funding, with a $78 million Series B round in October 2021 at a valuation of $500 million. However, it has not raised any additional funding in the last three years. Its competitor Classplus achieved a two-fold revenue increase to Rs 213 crore in FY24, while its newer rival, Lead School, recorded 25% growth to Rs 370 crore in revenue in the same period.

Purplle hits Rs 700 Cr revenue in FY24, trims losses by 46%

EntrackrEntrackr · 10m ago
Purplle hits Rs 700 Cr revenue in FY24, trims losses by 46%
Medial

The online beauty and grooming platform Purplle secured $120 million in funding, led by the Abu Dhabi Investment Authority (ADIA), in July this year. This significant investment came on the back of a 43% year-on-year spike in its revenue in the fiscal year ending March 2024. Besides sizable growth, the Mumbai-based firm also reduced its losses by 46% during the same period. While we will explore Purplle’s expense patterns later in the story, let’s first focus on its revenue channels and their growth in the last fiscal year (FY24). Purplle’s revenue from operations increased to Rs 680 crore in FY24 from Rs 475 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies (RoC) show. The Manish Taneja-led company operates with two models: a marketplace and its own line of brands, such as Faces Canada and Good Vibes. Revenue from advertisement and visibility services was the primary source of income for Purplle, followed by sales of its own labels, royalties (from sellers), subscriptions, and support services. The Goldman Sachs-backed firm also earned Rs 45 crore from interest on investments, bringing its total income to Rs 725 crore in the last fiscal year (FY24), up from Rs 509 crore in FY23. For a detailed revenue breakdown, visit TheKredible. On the cost front, advertising and business promotion accounted for 25% of total expenses. This expense, however, decreased to Rs 209 crore in FY24 from Rs 266 crore in FY23. The company also grew its workforce during FY24, resulting in a 12% increase in employee benefit expenses. Purplle’s spending on materials, rent, information technology, legal services, secondary packaging, transportation, and other miscellaneous overheads pushed its total expenditure to Rs 850 crore in FY24, rising from Rs 738 crore in FY23. See TheKredible for the complete expense breakup. The 43% surge in scale and controlled expenditure, particularly in advertising, helped Purplle to cut its losses by 46% to Rs 124 crore in FY24 as compared to Rs 230 crore in FY23. Its ROCE and EBITDA margin also improved to -9.8% and -12%, respectively. On a unit level, the firm spent Rs 1.25 to earn a rupee in FY24. FY23-FY24 FY23 FY24 EBITDA Margin -39% -12% Expense/₹ of Op Revenue ₹1.55 ₹1.25 ROCE -18% -9.8% As of March 2024, Purplle had cash and bank balances of Rs 109 crore. According to Entrackr’s back-of-the-envelope estimates, its enterprise value to revenue multiple stood at 15.8 times. A large recent funding round, strong growth momentum, and improving margins. Purplle would seem to have everything going for it. However, it has to contend with similar firms that have actually gone public as well, like Nykaa and Mamaearth, ensuring that competitive intensity remain strong in the sector. It is also increasingly clear that owning strong, profitable brands is the key to success, and on this front, Purplle seems to have got it right with its own brands performing well. That would indicate every chance of growth sustaining, and margins improving further in Fy25. Who knows, perhaps even an IPO in FY26?

ZingHR crosses Rs 120 Cr revenue mark in FY24, cuts losses by 67%

EntrackrEntrackr · 4m ago
ZingHR crosses Rs 120 Cr revenue mark in FY24, cuts losses by 67%
Medial

ZingHR crosses Rs 120 Cr revenue mark in FY24, cuts losses by 67% Cloud-based HRtech firm ZingHR sustained its growth streak in the last fiscal year, with revenue from operations surging over 47%, crossing the Rs 120 crore mark. Simultaneously, the Mumbai-based company reduced its losses by two-thirds during the same period. According to its consolidated financial statement sourced from the Registrar of Companies (RoC), ZingHR's revenue from operations climbed to Rs 124 crore in FY24 from Rs 84 crore in FY23. ZingHR offers staffing and talent acquisition services across various sectors, including BFSI, retail, and IT. The company generates its revenue exclusively from the sale of subscription-based software. Similar to other recruiting and allied service platforms, Zing HR’s employee benefits remained the largest cost component, accounting for 61% of total expenses. This cost rose 37% to Rs 81 crore during the fiscal year ending March 2024 from Rs 59 crore in FY23. Server and data security charges saw a 71% spike, reaching Rs 12 crore, while product maintenance costs increased 50% to Rs 9 crore. In contrast, professional fees and other expenses witnessed marginal reductions. Overall, total expenses for ZingHR grew 24% to Rs 133 crore in FY24. Despite rising costs, ZingHR significantly reduced its losses, reporting a net loss of Rs 7 crore in FY24, an improvement from Rs 21 crore in FY23, a 67% reduction. The company's Return on Capital Employed (ROCE) and EBITDA margin stood at -24.69% and -5.52%, respectively. On a unit level, ZingHR spent Rs 1.07 to earn a rupee during the last fiscal year. The Mumbai-based firm reported current assets worth Rs 56 crore, including Rs 12 crore in cash and bank balances in FY24. According to TheKredible, ZingHR has raised $14 million in funding to date, with Tata Capital as its lead investor, holding a 35.82% stake. ZingHR seems close to breaking out of any future fundraising requirements, assuming that momentum from FY24 has carried over into FY25 numbers as well. The disruption in the HRTech space is vastly underestimated, considering the continuous disruptions seen for the past decade, and ZingHR’s performance is quite good in that situation. While we don’t have a breakdown for revenue from India versus outside, the firm will do well to build revenues from exports. At a time when even forbidden sectors like the government or government-owned firms might be opening up to HR Tech firms, one would have to say even amidst the high competitive intensity, the sector is set to be significantly larger over the next 5 years. The one massive challenge will remain the missing firms from the MSME sector, which remains a problem to solve for service providers across the chain for now, not just HR. But all said and done, exciting times lie ahead for ZingHR.

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