Digital adoption platform Gyde posted a 73% increase in revenue for FY23, reaching Rs 85.25 lakh from Rs 40 lakh in FY22.
Founded in 2019, Gyde offers AI-based tools for educating software users to enhance onboarding, adoption, and engagement. It caters to mid-sized enterprises and cloud-based applications, offering screenshot guidance, knowledge base, digital adoption, and AI-driven support.
The Pune-based company has raised a total of Rs 1.85 crore in 1 funding round, raised in 2021 led by Better Capital.
While Gyde’s valuation remains undisclosed, co-founder Prasanna Vaidya holds a majority stake of over 50% in the company, followed by co-founder Shubham Deshmukh and Better Advisors.
Along with the revenue rise, the company’s expenses also sharply hiked in FY23 by 94% from Rs 42.49 lakh in FY22. Employee benefits was the major contributor, accounting for more than 60%. Advertising and legal and professional charges also significantly impacted the company’s expenses.
Despite a sharp rise in revenue, Gyde’s profit declined to Rs 1.75 lakh in FY23 from over Rs 5 lakh in FY22.
Gyde’s current EBITDA margin and ROCE also declined, falling to 6.22% and 1.50%, respectively.