Kolkata based software development firm Codebuddy registered its revenue from the fiscal year ending March 2023 as Rs 6 crore. This was a 70% upgrade when compared to the preceding fiscal year’s Rs 3.5 crore.
Its revenue from operations rose 67% to Rs 5.9 crore the same year. Previously in FY22, it saw over Rs 3 crore coming in as revenue from operations.
Founded by Abhishek Gupta, Codebuddy is a software-as-a-service platform that offers B2B services such as software and product development, strategic partnerships, and remote development team to help businesses hire virtual teams across UI UX design, wordpress development, mobile app development, DevOps et al.
It works with website development, E-Commerce development, Management Software, CRM, APP development.
The firm’s expenses spiked 40% to Rs 4.7 crore with employee benefits costing over 44% the same year. It spent close to 10% of the overall expenses on commissions and over 1% on advertisement and promotional costs.
The 2015 incorporated company raised its maiden round in 2022. While the firm is yet to disclose the amount raised, the Seed round was led by Indus Net Technologies.
It generated profits amounting to Rs 97.8 lakhs in FY23, a whopping 6.3X surge from FY22’s Rs 15 lakhs. Its EBITDA margin and ROCE improved to 22.62% and 97.06% respectively.