Arunprasad Durairaj and Shreenidhi Srirangam founded edtech startup FlintoBox’s top scale dwindled to Rs 14.8 crore in the fiscal year ending March 2023. This was a staggering 81% drop as compared to its preceding fiscal’s revenue of Rs 79 crore.
While it generated over Rs 14 lakhs from non-operating revenue, it witnessed a majority, close to 97% of the overall revenue coming in from the sale of products. The segment too saw a similar drop to that of the company’s total revenue.
The decade old company last secured its pre-Series B round of approximately Rs 54 crore led by repeat investor Lightbox in 2020. The round also saw participation from the likes of Vimal Kumar Sisrimal, Monisha Nitin, and Rupali Jain among others.
While Lightbox Ventures became the largest shareholder with a majority of the company’s shares. The founders Arunprasad Durairaj and Shreenidhi held over 13% and close to 4% of the shares respectively.
A year prior to conducting its pre-Series B round, FlintoBox secured its Series A round led by Lighbox Ventures in late 2019.
In terms of its expenses, the Mumbai based startup spent over 35% of its overall expenses incurred on employee benefits in FY23. Advertising and promotional activities took up about 26% while material costs contributed close to 11% the same year.
The firm cut its overall expenses down by 75% to Rs 21 crore in FY23 as compared to FY22’s Rs 86 crore.
Based out of Chennai, Flintobox is an activity box for children from the ages of 2 to 12 years old delivered at the doorstep to subscribers every month. Each box is theme based and offers play-based activities such as painting, drawing, and games, which is designed to promote early child development in a fun way.
FlintoBox’s losses for FY23 shrunk by 24% to Rs 5.6 crore as compared to its preceding fiscal year’s Rs 7 crore. While its current EBITDA dropped to -33.57%, the ROCE fell to negatives of -94.58%.