Edtech startup Eduncle recorded its revenue dwindling to Rs 5.24 crore in FY23. This was a 13% drop as compared to its preceding fiscal year’s Rs 6.4 crore.
The Kota based platform provides learners with end-to-end test preparation and guidance for higher education with multiple features such as live classes, video lectures, automated doubt solutions, etc.
Following along with the drop in overall revenue, its revenue generated from operations also shrunk over 23% to about Rs 4 crore the same year. Previously in FY22, operations had contributed over Rs 6 crore.
Incorporated by Dr. Amit Pareek, Eduncle additionally offers personalized one-on-one mentorship sessions for students apart from the group live classes.
The firm cut its expenses over 22% to Rs 7.8 crore in the fiscal year ending March 2023. As a result, its employee benefit costs stood at a little over Rs 2 crore, a significant shrink from FY22’s over Rs 3 crore.
While advertisement costs came down to more than Rs 1.2 crore, cost of materials took up an approximate of Rs 1 crore in FY23.
The 2016 founded company is backed by Mumbai Angels Network through its Seed round held in early 2022. Post the fundraise, while the founder was the major shareholder, the likes of Nimisha Vijay and Arpit Pareek also held a sizable amount of shares.
Its losses slowed close to 37% to Rs 2.6 crore in FY23 as compared to FY22’s Rs 4 crore. Its current EBITDA and ROCE stand at -26.65% and -84.67% respectively.