AI-powered document automation solutions provider, SignDesk, witnessed its revenue decline by 87% to Rs 45.66 crore in FY23, a sharp drop from Rs 365.31 crore in FY22.
Founded in 2016 by Krupesh Bhat and Ashok Kadsur, SignDesk is a cloud-based digital platform that provides automation solutions for client & business verification, digital evidence creation with e-signatures, digital stamping, recurring debit services, and end-to-end contract management.
The Bangalore-based SaaS platform has raised a total of Rs 1 crore in one funding round, a seed round led by investors Mahesh Thampi and Hema Thampi in October 2021.
Competing with IDfy and Signzy, the company’s valuation currently stands at Rs 200 crore. The majority of shares, more than half, are held by Krupesha Chidambara, with Ashok Kadsur holding a significant portion as well. Around 6.51% of shares are allocated to ESOP.
The company’s expenses followed a similar downward trend, declining by 87%, in line with the revenue drop. Employee benefits contributed to more than 40% of the total expenses, while commission payments, travel costs, and legal and professional fees also played a significant role in the overall expense structure.
With declining revenue, the company’s profits shrank to Rs 24.67 lakh in FY23, down from over Rs 60 lakh in FY22.
Despite the declining curve, SignDesk’s current EBITDA margin climbed to 8.14% while its ROCE declined to 14.49%.
Note: The company has not revealed relevant documentation to decode its shareholding on a fully diluted basis. We will update the information as soon as it is available.