SaaS firm DhiWise posted a 5.4X rise in its revenue to Rs 2 crore in FY23 as compared to FY22’s Rs 38 lakhs. FY23 saw the entirety of its revenue coming in from operations.
The Surat-based firm is a programming platform where developers can convert their designs into developer-friendly code for mobile and web apps.
Its revenue from operations spiked 7X from the preceding fiscal’s Rs 29 lakhs.
This drop comes after the firm secured three fundraises held in 2022 that pushed its total funds received to Rs 75.5 crore. All three rounds took place within months of each other starting with its maiden round in May 2022.
It last raised over Rs 55 crore in August 2022 led by Accel and Together. Additionally, the company has seen support from the likes of India Quotient, Dhalokia Ventures, and Abhay Jeet Gupta among others.
Post the infusion of the round, founder Vishal Virani became the largest shareholder. Co-founder Rahul Shingala and Alpha IQ also hold significant shares in the company.
DhiWise is currently valued at Rs 240.4 crore.
The three year old platform automates the application development lifecycle and instantly generates readable, modular, and reusable code. It includes features like component identification, real-time preview, and support for Flutter, among others.
Its expenditure for the fiscal widened 34% to touch Rs 9.6 crore While employee benefits took up a large chunk of the total expenses, advertisement and promotional costs took over Rs 64 lakhs. The company’s travelling costs for FY23 amounted to Rs 24 lakhs.
In FY22, DhiWise’s overall expenses stood at Rs 7 crore.
The Vishal Virani and Rahul Vallabhbhai Shingala led company saw its losses at Rs 7.5 crore in the fiscal year ending March 2023. This was a 11% rise from the preceding fiscal’s Rs 6.7 crore. Its EBITDA and ROCE improved to -354.10% and -12.72% respectively.