Kofluence, a Bengaluru-based adtech company, reported a 67.5% increase in revenue to Rs 41.05 crore in FY24, compared to Rs 24.51 crore in FY23. Over 98% of its revenue is derived from its operations.
Founded in 2019, Kofluence empowers brands and influencers through social listening, creator discovery, workflow management, and reporting. The platform caters to over 1.6 billion collective reach through its creator ecosystem and has partnered with brands such as MPL, Dunzo, Games24X7, Sugar Cosmetics, and Flipkart. Its AI capabilities streamline and democratize the influencer marketing landscape.
The company’s expenses grew by 71.5% to Rs 54.81 crore in FY24, up from Rs 31.96 crore in FY23, driven by rising costs of employee benefits and other expenses. Employee benefit costs accounted for 20.96% of total expenses in FY24, down from 27.09% in FY23, while other expenses increased to 75.91% in FY24 from 69.74% in FY23. Advertisement expenses remained minimal, contributing only 0.053% of total costs in FY24.
Kofluence’s losses widened by 84.6% to Rs 13.75 crore in FY24, compared to Rs 7.45 crore in FY23. Its EBITDA margin declined to -30.34% in FY24, from -28.79% in FY23, while ROCE deteriorated to -78.42% from -31.13% in FY23, reflecting the company’s continued investments in scaling operations.
The company has raised a total of Rs 29.91 crore across two funding rounds, with the latest round in January 2024. Co-founders Ritesh Ujjwal holds 9.20% of the company’s shares. Other notable stakeholders include Nazara Technologies (10.79%).