Witnessing a slow but steady rise in its top scale, edtech firm Thinkerbell Labs recorded a revenue of Rs 6.18 crore in FY23. This constituted for over 41% rise as compared to its preceding fiscal’s Rs 4.4 crore.
Its revenue from operations ballooned over 65% to Rs 6.13 crore in the last fiscal as opposed to Rs 3.7 crore it incurred in FY22. This being said, its income from its other revenue streams dropped 91% to Rs 5.4 lakhs.
Founded in 2016, Thinkerbell Labs is an edtech startup that offers a literacy and language learning platform for visually impaired individuals. “Annie” its flagship product is a braille literacy device that uses artificial intelligence and gamification techniques to teach braille to visually impaired children and adults.
The Dilip Ramesh and Saif Shaikh founded company is currently building Chakravyuh and SharedSafety with the aim to solve pressing social problems using cutting edge tech.
The platform has raised a total of over Rs 8.5 crore through a series of 5 funding rounds; the latest of which was held in April 2022. The Series C round scooped up about Rs 1.4 crore from the likes of Thapar Vision, Lenskart, Anupam Mittal, and The Prism Charitable Trust.
Prior to this, it secured over Rs 1 crore in its Angel funding round from Peyush Bansal, Namita Mahesh Parab, and Anupam Mittal.
The Bengaluru-based company’s largest shareholder is Aman Karan Srivastava and Sanskriti Atul Dawle- each holding an equal share of over 19% of the company. Co-founder Dilip Ramesh owns close to 16% of the company.
The company is currently valued at Rs 39 crore.
Thinkerbell Labs incurred losses worth Rs 1.66 crore in the same financial year. The gap widened 3.4X when put against FY22’s Rs 49 lakhs. From the previously positive ranging EBITDA margin and ROCE, the company’s numbers dropped to -17.35% and -33.17% respectively.
The eight-year-old company’s expenses gap widened two fold to Rs 7.84 crore in the fiscal year ending March 2023. It had previously seen expenses amounting to Rs 3.9 crore in FY22.
While employee benefit costs was the number one expense taking up almost 34% of the overall expenses, cost of materials and travelling costs incurred over 25% and 12% respectively.
The company spent over Rs 1 crore on miscellaneous expenses as well the same year.