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Edukemy’s scale rose 14% in FY23, losses narrow 70%

  • July 9, 2024
  • By Team TheKredible
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Test prep edtech startup Edukemy’s FY23 financials saw quite an improvement. It recorded an over 14% growth in its revenue to Rs 7.6 crore in FY23 as compared to its preceding year’s Rs 6 crore.

It saw over Rs 7 crore coming in from its sale of services, a similar rise as the revenue. It had previously generated more than Rs 6 crore through the sale in FY22.

Based out of Bengaluru, Edukemy creates a one-of-a-kind evaluation model for non-subjective as well as subjective competitive exams. Its technology-integrated platform enables ‘learner and educator’ as a combined solution, with a key focus on personalized education.

The Deb Tripathi and Shabbir A Bashir founded firm’s expenses dropped a significant 44% in FY23. What previously stood at Rs 22 crore currently is at Rs 12 crore.

While employee benefits contributed about 40% to this, depreciation and legal charges pitched in close to 10% and over 5% respectively. The company’s finance costs were an over 1% addition to this.  

The 2000-founded startup last secured about Rs 15 crore in its Seed round led by Auxano in 2021. Post the fundraiser, while founder Shabbir Ahmed Bashir became the company’s largest shareholder, Chandrahas Panigrahi and co-founder Debadatta Tripathi held over 20% and close to 13% of the firm respectively.

The edtech’s losses narrowed by about 70% to Rs 4.9 crore in FY23 from FY22’s Rs 15 crore. Its EBITDA and ROCE improved to -47.00% and -398.88% respectively.