Digimaze, an ad-tech startup, witnessed a 10X hike in its revenue from Rs 6.56 crore in FY22 to an impressive Rs 68.89 crore in FY23, with advertisement fees being the primary driver of this substantial growth.
Founded in 2019, The online marketing company offers services that range from performance marketing and SEO to web design and influencer marketing. Its client roster boasts over 150 brands.
Co-founded by Vatsal Rajgor and Poojan Ajani, Digimaze successfully raised over Rs 5 crore in a seed funding round led by Bharat Serums & Vaccines. With such noteworthy revenue growth, the company competes with platforms like Adweta and Aristoma.
With rising revenues come rising costs. The company’s expenses escalated from Rs 5.75 crore in FY22 to Rs 61.17 crore in FY23, with employee benefits alone accounting for over 6% of the total expenditure. The expenses also include Travel costs and legal and professional fees.
Digimaze currently stands at a valuation of Rs 40.02 crore. Co-founder Vatsal Rajgor holds the company’s largest share, over 50%, while Neelu Sawera and Poojan Dinesh Ajani hold over 10% each.
The adtech platform has seen a remarkable financial turnaround, reporting a profit of Rs 5.78 crore in FY23 an impressive 8.7% increase from FY22, where the company recorded a profit of Rs 59.78 lakh.
Despite the revenue growth and profit surge, Digimaze saw its current EBITDA margin decline to 11.36%, while its current ROCE increased to 74.54%.