Mumbai headquartered SaaS based company Videoverse recorded a 3.7X spike in revenue to Rs 1.94 crore in FY23 with the entirety of the revenue coming in from operations.
The two-year-old company set up by Vinayak Shrivastav, Alok Patil, and Sanket Dandotia is a video tech company that encapsulates an ecosystem of smart video editing tools using AI for all enterprise and individual content creators. Through the use of AI the platform extracts valuable insights, enhances user engagement, and optimizes video performance across various industries, such as media, sports, and retail.
Videverse has raised over Rs 800 crore through 3 funding rounds. It last raised Rs 374 crore in its Series C round led by Bluestone Equity Partners last December.
It previously raised more than Rs 350 crore from the likes of A91 Partners, Alpha Wave Global, Innoven Capital, Stride Ventures among others.
The company incurred losses amounting to Rs 3.84 crore in FY23 as compared to Rs 1.33 lakhs in losses incurred the preceding fiscal year. Both its EBITDA margin and ROCE dropped to -191.50% and -16.89% respectively during the last fiscal.
As for expenses, the platform saw a rise of 12.3X to Rs 5.8 crore in the fiscal year ending March 2023. While legal and professional charges and employee benefits cost over Rs 3 crore and more than Rs 2 crore respectively, finance costs contributed over Rs 11 lakhs.