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Glovatrix generates Rs 2.8 lakhs revenue in FY23

  • May 14, 2024
  • By Team TheKredible
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Pune based firm Glovatrix generated a revenue of Rs 2.8 lakhs in the fiscal year ending March 2023, its first year of revenue generation. The entirety of the sum was contributed from operations the same year.

Founded by Aishwarya Karnataki and Parikshit Sohoni, FifthSense is a product brand under Glovatrix. It offers AI-powered wearable devices designed to help the speech and hearing-impaired community communicate.

FifthSense is an AI-powered smartwatch that converts gestures to speech and text, enabling two-way communication for members of the deaf community.

The firm creates wearable technology products that combine design with affordability, specifically tailored to empower individuals facing challenges related to speech and hearing impairments.

Its expenses for FY23 surged massively to Rs 18.9 crore, an over 9X rise from the preceding fiscal’s Rs 2 lakhs. While employee benefits took up over 48% of this, finance costs contributed close to 14%. Legal charges followed with over 11%.

The three year old firm’s losses widened eight fold to Rs 16 lakhs as compared to FY22’s Rs 2 lakhs. Its current EBITDA margin and ROCE stand at -475.27% and -57.43% respectively.