Bengaluru-based Propelld saw its revenue grow by 7.1% in FY24, reaching Rs 94.83 crore from Rs 88.57 crore in FY23. Over 86% of its revenue in FY24 was derived from operations. Its operating revenue consists of subvention income (59.82%), commission income (31.37%), loan processing fees (5.42%), and interest income (3.31%).
Propelld provides flexible financing solutions through fully digital journeys, catering to learners at vetted partner institutions. It leverages advanced technology to assess loan eligibility based on students’ learning potential and employability, going beyond traditional credit parameters. Founded in 2016 by Bibhu Prasad Das, Brijesh Samantaray, and Victor Senapaty, Propelld aims to revolutionize education financing and democratize access to quality education.
The company has raised Rs 498.85 crore in funding over six rounds, with the latest debt financing round in May 2024. The co-founders each hold 7.43% of the company’s shares, while Indian Angel Network owns 4.55%, and the ESOP pool accounts for 8.56%.
Expenses grew by 19.6% in FY24, reaching Rs 137.86 crore from Rs 115.28 crore in FY23. Employee benefit costs accounted for 41.01% of total expenses in FY24, down slightly from 43.32% in FY23. Advertisement costs were reduced to 0.65% of expenses in FY24, compared to 1.09% in FY23. Depreciation costs remained steady, contributing 0.64% of expenses in FY24, up from 0.60% in FY23.
Losses widened to Rs 43.13 crore in FY24 from Rs 26.72 crore in FY23. The EBITDA margin fell to -41.47% in FY24 from -28.41% in FY23, while ROCE declined to -16.36% in FY24 from -11.19% in FY23.