Mumbai-based deep-tech company Faclon Labs reported a 80% rise in revenue in FY24, growing to Rs 14 crore, up from Rs 7.8 crore in FY23.
Founded in 2016 by IIT-Bombay alumni Rishi Sharma, Utkarsh Narain Srivastava, and Archit Naraniwal, Faclon Labs operates at the intersection of industrial IoT and artificial intelligence, helping enterprises drive digital transformation and embrace Industry 5.0. The company has executed multiple projects across India and global markets, becoming a one-stop platform for AI-powered industrial automation.
The industrial tech startup has raised a total of Rs 40.68 crore over six funding rounds, with the latest Series A round closing in February 2025.
Faclon Labs continues to be founder-led, with Rishi Sharma holding 15.57%, Utkarsh Narain Srivastava 12.81%, and Archit Naraniwal 6.57%. The ESOP pool stands at 7.05%, supporting a strong culture of employee ownership and long-term alignment.
In line with its growth, expenses increased by 70% in FY24, rising to Rs 17.5 crore from Rs 10.3 crore in FY23. Employee benefit costs were the largest component, forming 46.9% of total expenses in FY24 (up from 41.5% in FY23), indicating the company’s continued investment in tech talent. Cost of materials accounted for 32.85% of expenses in FY24 (down from 40.5% in FY23), reflecting efficiency improvements.
Despite strong revenue growth, net losses widened to Rs 3.5 crore in FY24, compared to Rs 2.45 crore in FY23, due to higher operational spending during the scale-up phase.
The company’s EBITDA margin improved to -23.10% in FY24 from -29.93% in FY23, while ROCE declined to -39.67%, down from -20.93%, driven by increased capital deployment in core infrastructure and product development.