AI-driven customer data platform Lemnisk, a product by Immensitas, reported a revenue growth of 28% in FY24, reaching Rs 18.61 crore, up from Rs 14.53 crore in FY23. Despite the increase in revenue, the company remained in losses, though they were reduced by 28%, with a net loss of Rs 16.89 crore in FY24 compared to Rs 23.54 crore in FY23. Expenses declined by 8.6% to Rs 34.79 crore from Rs 38.07 crore in the previous fiscal,.
Founded in 2019 and headquartered in Bengaluru, Lemnisk is a real-time marketing automation platform built on an intelligent and secure Customer Data Platform (CDP). The company leverages AI-driven solutions to segment customers, establish their identity, and deliver personalized ads based on their propensity scores. Catering to sectors including banking, insurance, retail, telecommunication, travel, and hospitality, Lemnisk enables enterprises to enhance conversions, retention, and overall growth.
Lemnisk’s shareholding structure includes its co-founders Subra Krishnan, Praveen DS, and Rinku Ghosh, each holding 14.94% of the company’s equity. Other major stakeholders include Bharti Airtel (8.01%) and an ESOP pool (7.98%). The company has secured Rs 29.85 crore in funding across two rounds, with its latest pre-Series A round closing on December 22, 2022.
Employee costs remained the largest component of Lemnisk’s expenses, accounting for 64.38% of total expenses in FY24, slightly lower than 64.56% in FY23. Cost of materials accounted for 23.91%, up from 18.33% in FY23, while advertising expenses stood at 0.57%, and finance costs remained low at 0.20%.
Profitability metrics showed improvement, with EBITDA margin rising to -85.47% in FY24 from -160.77% in FY23, indicating better operational performance. However, ROCE fell sharply to -11,516.31%, highlighting continued capital efficiency challenges.