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Edtech firm Wise crosses Rs 1 Cr in scale in FY23

  • May 13, 2024
  • By Team TheKredible
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Bengaluru headquartered edtech startup Wise crossed the Rs 1 crore milestone in revenue generated in FY23. The entirety of the sum generated in the same fiscal year come in from operations.

Set up by Bilal Abidi and Mubeen Masudi, Wise is an online teaching app built to manage and scale online tutoring businesses.

It offers full-scale solutions related to online live classes and provides unlimited functionality with an array of features like multiple classrooms, attendance and performance tracker, digital resource library and more.

The four year old firm incurred expenses worth Rs 95.2 lakhs in the fiscal year ending March 2023 with employee benefits taking a major spot, contributing over 67% to the total expenses. While legal charges cost over 9%, travelling costs contributed close to 1% to the year’s expenses.

Till date, Wise has secured an approximate funding of Rs 37 crore in its Series A round led by James Beshara. The round was held in early 2022 and saw participation from the likes of Weekend Fund, Shrug Capital, and Remote First Capital among others.

The valuation of the company is yet to be disclosed.

While the firm incurred losses amounting to Rs 3.8 lakhs in FY23, both its EBITDA margin and ROCE stood at a positive 5.90% and 119.86% respectively.