Learning and development services provider Meeraq reported a 2X rise in revenue for FY23, reaching Rs 5.64 crore, compared to Rs 2.44 crore in FY22.
Founded in 2022, Meeraq provides training and coaching to individuals and organizations. Its learning solutions include behavior upskilling, leadership development, DEI interventions, and deep work labs.
The Banglore-based company has raised a total of Rs 1.79 Cr in funding over 1 round, raised in November 2022 via an Angel round. However, the current valuation of the company remains undisclosed.
Competing with Topskill and Simplilearn, The shares of the company are divided between the co-founders Rajat Garg and Sujata Barla with the former holding the majority share.
In line with revenue rise, Meeraq’s expenses also surged by 2X, climbing to Rs 4.95 crore in FY23 from over Rs 1 crore in FY22. Employee benefits contributed to more than 50% of the expenses, while legal and professional, and advertising costs were also significant contributors.
Along with revenue and expense rise, the company’s profit also increased by 29% to Rs 48.12 lakh in FY23 up from over Rs 30 lakh in FY22.
However, the company’s current EBITDA margin and ROCE declined to 14.69% and 27.08% respectively.