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Scaler’s revenue climbs 5X to over Rs 300 Cr in FY23, losses up by 90%

EntrackrEntrackr · 1y ago
Scaler’s revenue climbs 5X to over Rs 300 Cr in FY23, losses up by 90%
Medial

Tech upskilling platform Scaler Academy secured $55 million led by Lightrock India just before the commencement of FY23. The capital helped the Bangalore-based startup leap 4.9X during the previous fiscal year ending March 2023. Despite the growth though, the losses of the firm saw a surge of 90% during the same period. Scaler’s revenue from operations increased 388% to Rs 317 crore in FY23 from Rs 65 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show. Launched in 2019, Scaler focuses on upskilling college students and tech professionals. The company offers an intensive six-month computer science course through live classes delivered by tech leaders and subject matter experts. The sale of educational services is the sole source of revenue for Scaler. The company also has a non-operating income of Rs 7.6 crore which took its total revenue to Rs 324 crore in FY23. In line with fellow ed-tech startups, employee benefits emerged as the largest cost center, accounting for 49% of the overall expenditure. This cost rose 2.7X to Rs 322 crore in FY23 from Rs 119 crore in FY22. Its rent, advertising cum promotional, information technology, legal and other overheads took the overall expenditure up by 2.7X to Rs 655 crore in FY23 from Rs 240 crore in FY22. See TheKredible for the detailed expense breakup. An increase of 2.7X in employee benefits and 2.2X in advertising costs led Scaler to record a loss of 330 crore in FY23, a 90% surge from Rs 174 crore in FY22. Its EBITDA margin stood at -96.9%. On a unit level, it spent Rs 2.07 to earn a rupee in FY23. Scaler has raised over $75 million across rounds and was valued at $710 million during its last round. According to the startup data intelligence platform TheKredible, Peak XV (formerly Sequoia Capital) is the largest external stakeholder with 22.52% followed by Lightrock India and Tiger Global. Its co-founders Abhimanyu Singh and Anshuman Singh cumulatively command 58.1% of the company. FY22-FY23 FY22 FY23 EBITDA Margin -256% -96.9% Expense/₹ of Op Revenue ₹3.69 ₹2.07 ROCE -791% N/A The high promoter holding augurs well for the medium and long term ambition of the firm, as it continues to tap into the huge upskilling opportunity in tech for engineers. With a thrust on individuals rather than corporate selling, the firm has also taken a different approach from some others, and will hope that marketing costs temper gradually as the brand builds a stronger case with strong word of mouth. FY24 numbers will be the real pathway to profitability for the firm, as they define its growth momentum and costs that are relatively more sticky.

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BharatPe revenue climbs to Rs 1,426 Cr in FY24, losses shrink 50%

EntrackrEntrackr · 9m ago
BharatPe revenue climbs to Rs 1,426 Cr in FY24, losses shrink 50%
Medial

Fintech firm BharatPe has demonstrated remarkable growth over the past three fiscal years, with revenue increasing from Rs 119 crore in FY21 to Rs 1,426 crore in the fiscal year ending March 2024. In its consolidated annual report for FY24, BharatPe claimed a 39% year-on-year revenue increase, rising from Rs 1,029 crore in FY23 to Rs 1,426 crore in FY24. Additionally, the company made significant progress in reducing losses, with consolidated losses dropping by 50% to Rs 474 crore in FY24, down from Rs 941 crore in FY23. According to the press release, BharatPe’s average merchant lending portfolio, generated from loans facilitated through its platform, grew by 40% year-on-year in the last fiscal year. The company also achieved positive EBITDA in October of this year. “We considerably slashed our cash burn in FY24 and are on track to build a sustainable and profitable business. Over the last year, we have been able to partner with renowned financial institutions to extend credit access to merchants, which is a great validation for our business. Going forward, we will focus on growing our lending vertical, launching new offerings across POS, soundbox, and scaling our consumer vertical,” said Nalin Negi, CEO of BharatPe. In addition to reducing losses, BharatPe has diversified into new categories to drive business growth. Recently, the company rebranded its PostPe app to BharatPe, marking its entry into the consumer payments space. This strategic move places BharatPe in direct competition with industry giants like PhonePe, Google Pay, and Paytm in the peer-to-peer (P2P) payments ecosystem. The fintech unicorn has also ventured into secured lending for its merchant partners. Through partnerships with OTO Capital and Vol Money, BharatPe now facilitates two-wheeler loans and loans against mutual funds, respectively. Additionally, BharatPe has resolved its longstanding dispute with former co-founder and managing director Ashneer Grover.

PlanetSpark posts Rs 41 Cr revenue and Rs 90 Cr loss in FY23

EntrackrEntrackr · 1y ago
PlanetSpark posts Rs 41 Cr revenue and Rs 90 Cr loss in FY23
Medial

Edtech business is hard to crack and this is evident from the balance sheets of most of the companies in the space which have shown astounding losses. Seven-year-old PlanetSpark is no exception as the firm’s losses were more than twice its revenue in the fiscal year ending March 2023. FITT-JEE-backed PlanetSpark’s revenue from operations increased 41%to Rs 42 crore in the last fiscal year (FY23) from Rs 30 crore in FY22, as per its filings with the Registrar of Companies (RoC). Founded in 2017 by Kunal Malik and Manish Dhooper, PlanetSpark offers live 1:1 classes in public speaking, creative writing, storytelling, debate, podcasting et al for the K8 generation. The sale of educational services was the only source of revenue for the company while it also made Rs 1.1 crore from interest on deposits. In the end, tPlanetSpark’s total income stood at 43.5 crore during the last fiscal year. PlanetSpark spent Rs 63.17 crore towards employee benefits which includes Rs 5.5 crore as ESOP cost (non-cash component). Similar to other ed-tech startups, it spent a significant 90 crore on marketing and teachers’ salaries. Its legal/professional, rent, information technology, and other overheads led its total cost to Rs 133 crore in FY23 from Rs 139.5 crore in FY22. Head to TheKredible for a complete expense breakdown and its YoY financial health. Expense Breakdown Total ₹ 139.53 Cr https://thekredible.com/company/planetspark/financials View Full Data To access complete data, visithttps://thekredible.com/company/planetspark/financials Total ₹ 133.02 Cr https://thekredible.com/company/planetspark/financials View Full Data To access complete data, visithttps://thekredible.com/company/planetspark/financials Employee Benefit Employee Benefit Teachers Pay Teachers Pay Marketing and Branding expense Marketing and Branding expense Software and Server Charges Software and Server Charges Payment Gateway charges Payment Gateway charges Other Expenses To check complete Expense Breakdown visit thekredible.com View full data With over 40% scale and controlled expenses, PlanetSpark managed to trim its losses by 18% to Rs 90 crore in FY23. Its ROCE and EBITDA margin also improved to -197.1% and 226% respectively. On a unit level, PlanetSpark spent Rs 3.14 to earn a rupee of operating revenue in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -362% -197.1% Expense/₹ of Op Revenue ₹4.65 ₹3.14 ROCE -1065% 226% According to the startup data intelligence platform TheKredible, PlanetSpark has mopped up over $34 million to date including a $17 million round this year. Prime Venture Partners is the largest stakeholder with 32.6% followed by FIIT- JEE. Its co-founder Kunal Malik and Maneesh Dhopper cumulatively command 29.6%.

K12 Techno Services touches Rs 430 Cr revenue in FY24, turns EBITDA positive

EntrackrEntrackr · 7m ago
K12 Techno Services touches Rs 430 Cr revenue in FY24, turns EBITDA positive
Medial

K12 Techno Services, which runs a school chain under the brand name Orchids, has shown efficient financial performance in the last fiscal. The company reported around 20% year-on-year growth in its operating revenue during FY24, with over a 75% reduction in losses. K12 Techno Services’s revenue from operations rose to Rs 429.2 crore in the fiscal year ending March 2024, from Rs 358.3 crore in FY23, its financial statement filed with the Registrar of Companies shows. Apart from operating over 90 Orchids School branches across the country, K12 Techno Services has six verticals, including Sparklebox, an e-commerce store for activity kits, and Eduvate, which provides custom solutions for school operations and curriculum design. The sale of services accounted for the majority, contributing 58.72% (Rs 252.02 crore) of the revenue, with a modest 7.1% year-over-year growth. However, the sale of products for the Bengaluru-based firm surged by 46.5% to Rs 171.72 crore in FY24, making up 40.01% of the total operating revenue. Including non-operating income of Rs 18.47 crore, K12 Techno Services’ total income grew 17% to Rs 447.67 crore in the last fiscal year. On the expense side, employee benefit expenses remained the largest cost component, rising by 28.2% to Rs 173.38 crore in FY24 and constituting 37.92% of the total expense. The cost of materials grew by 23% to Rs 89.2 crore, while depreciation expenses rose by 64.4% to Rs 58.69 crore. Advertising expenses decreased by 20.5% to Rs 58.86 crore. Despite registering 17% growth in scale, the company’s total expenses grew by 8.5% to Rs 457.2 crore in FY24, up from Rs 421.5 crore in FY23. In the end, K12 Techno Service’s losses shrank 75% to Rs 9.5 crore in FY24 from Rs 38.75 crore in FY23. The firm also achieved a positive EBITDA of Rs 80.37 crore in the last fiscal. Its ROCE and EBITDA margin stood at 1.69% and 17.95%, respectively. On a unit basis, the company spent Rs 1.07 to earn a rupee of operating income in the last fiscal year. The company’s assets rose to Rs 402 crore in FY24 from Rs 312 crore in FY23, while its cash and bank balance at the end of FY24 stood at Rs 174.65 crore.

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