Astrome, a Bengaluru-based deep-tech startup, reported 3x increase in revenue to Rs 8.28 crore in FY24, compared to Rs 2.71 crore in FY23. Its operating revenue increased to over 99% of the total revenue, up from 85% in FY23.
Founded in 2015, Astrome specializes in millimeter-wave E-band radios and satellite communication solutions. Its flagship products include GigaMesh, a multi-beam E-band radio enabling efficient 5G and rural broadband deployments; GigaSat, a flat-panel satellite terminal supporting multiple frequency bands and beam formations; and SpaceNet, a software-defined payload technology for high-capacity satellite communication, including inter-satellite links. These innovations aim to reduce deployment costs and bridge the digital divide.
Astrome’s expenses grew by 31.8% to Rs 10.02 crore in FY24, up from Rs 7.60 crore in FY23, driven by investments in technology and operational scaling. Employee benefit costs were the largest expense, accounting for 43.68% of the total in FY24, compared to 48.39% in FY23. The cost of materials surged to 19.29% in FY24, reflecting the increased production of its hardware products, up from just 3% in FY23. Meanwhile, advertising expenses dropped sharply to 1.59% in FY24, down from 6.97% in FY23, showcasing a shift in the company’s marketing strategy.
The company narrowed its losses by 65% to Rs 1.73 crore in FY24, compared to Rs 4.94 crore in FY23, signaling improved financial health. Astrome also achieved a positive EBITDA margin of 6.32% in FY24, a stark contrast to the -100.54% margin in FY23. However, its ROCE, though improved, remained negative at -6.36% in FY24, compared to -19.58% in FY23.
Astrome has raised a total of Rs 36.43 crore across seven funding rounds, with the latest round completed in September 2021. Co-founders Neha Satak and Prasad HL Bhat collectively hold a 48.62% stake in the company. Other significant shareholders include Urania Ventures GmbH (2.67%) and Assure Labs (1.23%), with 11.67% allocated to the ESOP pool.