Edtech startup Playto Labs posted an over 81% growth in its top scale in FY23. The overall revenue that now stands at Rs 4.36 crore saw a majority contribution from operations. Its preceding fiscal’s overall revenue came up to Rs 2.4 crore.
The Bengaluru headquartered company’s revenue from operations grew almost two-fold to Rs 4.26 in FY23 in comparison to FY22’s Rs 2.3 crore.
The aforementioned performance of the company is solely of its single entity on a standalone basis.
Set up by Pavan Ponnaganti in 2021, Playto Labs provides robotics toys and online classes for kids to help them develop the key 21st century skills.
The robotics focused company has a combination of hardware toys and online one-on-one sessions with teachers who act as facilitators. The company claims to currently have paying customers from 33 countries.
Through its maiden round, the company raised over Rs 3.5 crore in March 2021. The Seed round was led by IPV and saw participation from the likes of Krishna Kumar, Kunal Walia, Shashwat Kumar and others.
Post the fundraise, founder Pavan Ponnanganti held about 49% of the company shares. Lead investor, Inflection Point Ventures also held significant stakes in the company. The company currently stands at a valuation of Rs 51 crore.
Similar to the growth in revenue, the company’s expenses has also been growing at steady pace. Its expenditure widened two-fold touching Rs 7.34 crore in FY23 as compared to its previous fiscal’s Rs 3.7 crore.
While employee benefits took a large spot in this, contributing over Rs 2 crore, advertisement and promotional costs and legal charges did not fall behind taking up over Rs 1.8 crore and 1.2 crore respectively.
Following the rise in expenses, the losses surged 2.2X to Rs 2.97 crore in the last financial year. As of FY23, the company’s EBITDA margin and ROCE stand at -67.25% and -18,564.38% respectively.
It has previously incurred losses amounting to Rs 1.3 crore in FY22.