Go Back

EduGorilla’s scale rises 2X in FY23, losses cross Rs 76 lakhs

  • July 8, 2024
  • By Team TheKredible
Share this article

Lucknow-based edtech startup EduGorilla generated a revenue of Rs 11.15 crore in FY23, a two-fold rise as compared to its preceding fiscal’s Rs 5 crore.

Its revenue from operations witnessed a similar growth. While the sale of services contributed a majority of it, the sale of goods brought in about 35% in the fiscal year ending March 2023.

Incorporated by Rohit Manglik, EduGorilla is an edtech startup that provides a multi-lingual online test series for a variety of competitive exams. The platform uses an AI-powered demand and prediction algorithm to evaluate the operational profitability of different competitive exams.

It spent a significant share of about 30% of its overall expenses on advertising in FY23. While 25% was taken up by employee benefit costs, the cost of procuring materials took up over 15% the same year.

This pushed the company’s total expenditure to Rs 12.3 crore, a similar growth rate as that of its revenue.  

The 2016-founded firm last secured its extended Seed round of Rs 16 crore led by SucSEED Innovation in 2022. It also saw support from the likes of Lead Angels, Mumbai Angels, and The Indus Entrepreneurs among others.

Post the round, Pushpa Manglik became the company’s largest shareholder while founder Rohit Manglik and investor Auxano Capital held over 20% and about 8% respectively.

In 2020, the firm secured over Rs 5 crore from the likes of Auxano and Venture Garage.

EduGorilla saw its losses widening 3.7X to Rs 76.2 lakhs as compared to FY22’s Rs 20 lakhs. It saw a slight drop in its current EBITDA margin to 2.15% and its ROCE followed currently standing at -7.66%.