No-code mobile app platform, Plobal posted a 56% rise in revenue in FY23 reaching Rs 27.06 crore from Rs 17.28 crore in FY22.
Founded in 2016, Plobal helps D2C brands build mobile apps, drive installations, and engage customers without the need for external app developers. The platform offers features like personalized push notifications, deep linking, smart filters, advanced search, and AI-based product recommendations.
Although the Pune-based platform’s valuation remains undisclosed, it has raised a total of Rs 107.94 crore over three funding rounds, with the latest funding being a pre-Series A round held in June 2022.
Founder Atul Poharkar holds the majority share in the company, alongside VTP Ventures, which also holds an equal stake. Atul Chordia and Better Advisors are also significant shareholders in the company.
The mobile commerce platform’s expenses also surged in FY23 reaching Rs 24.59 crore from over Rs 10 crore in FY22. Employee benefits accounted for over 50% of these expenses, with other significant contributors being travel costs, depreciation, and legal and professional fees.
The company’s profits dropped sharply from over Rs 3 crore in FY22 to Rs 93.77 lakh in FY23.
Plobal’s current EBITDA margin and ROCE also declined to 10.26% and 63.19% respectively.