AI focused firm E42 recorded an 18% rise to Rs 8.8 crore in scale in FY23 as compared to its preceding year’s Rs 7 crore.
E42 makes process-centric and people-centric automation easier across verticals by driving human-like cognition across these processes.
Along with its overall revenue, its revenue from operations also witnessed an over 15% rise to about Rs 8 crore the same fiscal year. Previously in FY22, it had generated about Rs 7 crore through operations.
The Pune headquartered platform can be used to create multifunctional cognitive agents that automates complex people and process-centric functions towards time, energy, resource, and cost optimization.
Employee benefits costs contributed over 36% to its overall expenses in FY23. While advertising costs took up close to 8%, legal charges cost about 4% the same year.
These expenses caused E42’s overall expenses to surge 73% to Rs 21.7 crore in FY23 from FY22’s Rs 12 crore.
The Animesh Samuel and Sanjeev Nair incorporated company raised its maiden funding round in late 2021. The round scooped up over Rs 40 crore led by Pavestone Capital.
Post investment, while Pavestone Capital became the largest shareholder in the firm, founders Sanjeev Thottapilly and Animesh Samuel held over 15% of the company’s shares each.
E42 provides its services to sectors ranging from automobile and pharmaceutical, to BFSI and telecom companies.
The decade old platform’s losses widened about 4X to Rs 20.7 crore in FY23 from FY22’s Rs 5 crore. Its current EBITDA margin stands at -120.36% while ROCE is at -73.10%.