SaaS based edtech startup Miho’s revenue skyrocketed to Rs 49.49 lakhs in the fiscal year ending March 2023, an 8X growth as compared to its previous fiscal year’s Rs 61 lakhs. The same year saw a the entirety of its operational revenue coming in from the sale of services.
Miho, an innovative edtech and SaaS startup based in Ahmedabad, is revolutionizing the online learning platform industry.
Founded in 2020 by Hanuj Tilwani, Miho (formerly known as Miholearn) allows creators to create, market, sell, and deliver their digital offerings. The platform provides features including a drag-and-drop course builder, landing page, email marketing, tools for both online and offline sales, and live and on-demand content delivery.
The Ahmedabad-based company also saw a spike in its expenses. The company’s expenditures widened 5.2X, reaching Rs 45.66 lakhs in FY23 as compared to FY22’s Rs 8.72 lakhs. Key expense categories included employee benefit costs at over 65%, legal and professional costs amounting to 17%, and advertisement and promotional expenses contributing close to 5% to the overall expenses.
In late 2022, Miho secured Rs 83 lakhs in its maiden funding round with Upekkha leading the investment. Post the fundraise founders Jimishkumar Prakashbhai Parekh and Hanuj Pradeepkumar Tilwani held equal shares in the company.
The firm shifted to profitability in FY23. Miho generated profits of Rs 3.48 lakhs as compared to FY22’s losses of Rs 2 lakhs. Its EBITDA stood at 9.40% and ROCE at 243.31%.