Bengaluru-based travel tech firm Flynote’s revenue remained flat with minimal 5% growth to Rs 1.7 crore in the fiscal year ending March 2023 as compared to its preceding fiscal year’s Rs 1.6 crore.
Flynote is a marketplace that connects consumers to agents to design itineraries and offer deals on flights, hotels, cars etc.
While FY23 saw over 63% of the overall revenue coming in from operations, the number dropped 22% from FY22’s Rs 1.4 crore generated from revenue.
Founded by Ankit Abhishek, Devvarat Meena, and Parth Pratik, the travel platform caters to global destinations like Indonesia, UAE, and Greece apart from domestic destinations.
As for the firm’s expenditure in FY23,
Employee benefit costs took up a majority of the firm’s expenses in FY23 costing over Rs 6 crore. Cost of material and depreciations of over Rs 46 lakhs and about Rs 20 lakhs also contributed to the 60% rise in overall expenditure to Rs 11.6 crore.
It have previous incurred expense amounting to Rs 7 crore in FY22.
The 2017 incorporated firm secured its maiden round two years later in early 2019. The round raked in over Rs 15 crore led by Sequoia Capital.
While Sequoia Capital became Flynote’s largest shareholder post the investment, founders held over 11% of the company’s shares each.
As for losses, the firm was the gap widening 85% to Rs 9.9 crore in FY23 as compared to FY22’s Rs 5 crore. While its EBITDA dropped to -560.45%, its ROCE is at a breakeven of 0%.