Founded in 2017, Chennai-based Ganit is an Artificial Intelligence and Machine Learning company that provides smart solutions at the intersection of hypothesis-based analytics, discovery-driven AI, and new-data insights from smart devices. The company focuses on designing and deploying purpose-built AI/ML solutions to maximize decision velocity and minimize decision risk across industries.
Ganit reported significant revenue growth of 51% in FY24, reaching Rs 35.94 crore, up from Rs 23.83 crore in FY23. Net profit improved to Rs 1.71 crore in FY24 from Rs 1.49 crore in FY23. However, the EBITDA margin declined to 7.47% in FY24 from 10.04% in FY23, while the ROCE decreased from 13.25% to 11.87%.
The company’s expenses rose to Rs 33.8 crore in FY24, up from Rs 21.91 crore in FY23. Employee benefit costs accounted for 84.79% of total expenses in FY24, compared to 76.95% in FY23. Advertisement costs decreased to 0.50% of total expenses in FY24 from 4.38% in FY23. Depreciation expenses were slightly lower at 1.59% in FY24 compared to 2% in FY23.
Ganit raised Rs 6.48 crore in funding through a seed round on July 12, 2022. Co-founders Ashok Harwani and Shivaprasad KT each hold a 28.25% stake in the company.