Three-year-old edtech startup Early Steps Academy’s top scale widened over threefold in the fiscal year ending March 2023 as compared to its previous fiscal’s Rs 72 lakhs of revenue.
It generated a revenue of about Rs 2.3 crore in FY23 with about 90% of it coming in from income from subscriptions. This number also saw an over 3X growth from the preceding fiscal’s Rs 64 lakhs generated from subscriptions accounting for over 85% of the total revenue generated that year.
Set up by Sneha Biswas, Early Steps Academy is a case-based live learning platform for students between the ages of 8-18 to develop knowledge in topics such as entrepreneurship, space, and climate among others.
The Bengaluru-based firm offers over 1000 such topics and currently operates in seven countries including the USA, the Middle East, and India.
In terms of expenses, while employee benefits took up a major chunk of over 60%, legal and professional charges contributed a little over 13%, pushing the overall expenditure of the platform to about 5X of that incurred the previous year.
Early Steps Academy saw a total expense of Rs 3.13 crore in FY23 as opposed to FY22’s Rs 64 lakhs.
The 2021 founded company raised its Seed round of Rs 9 crore led by Beenext in 2021. The likes of Whiteboard Capital, Taurus Ventures, and Malacca Ventures also participated in the round.
Post the round, while founder Sneha Biswas held a majority of the company’s shares, Beenext held about 10%. An ESOP pool of more than 12% was allotted as well.
The edtech platform which had previously witnessed profits of Rs 5 lakhs in FY22, slipped to losses of Rs 87.5 lakhs in FY23. Its current EBITDA margin and ROCE stand at -38.69% and -10.55% respectively.