Bengaluru-based Smartstaff saw its revenue rise to Rs 34.7 crore in FY24, up from Rs 23 crore in FY23, marking a 50% year-on-year growth.
Smartstaff is a full-stack blue-collar worker management platform that helps mid-sized and large manufacturing enterprises streamline recruitment, workforce management, and retention.
Smartstaff has raised Rs 103.49 crore in funding over five rounds, with its latest round being a Series A in February 2025. Arpit Dave holds 17.39% of the company’s equity, while the ESOP pool accounts for 16.29% and Unitary Fund holds 12.38%.
Expenses increased to Rs 67 crore in FY24 from Rs 47.2 crore in FY23, driven by ongoing investments in team expansion and platform development. Employee benefit costs accounted for 32% of total expenses in FY24, while depreciation and legal & professional fees contributed 2% each.
Losses widened to Rs 32.3 crore in FY24, compared to Rs 24.3 crore in FY23. However, the company saw an improvement in its EBITDA margin, which rose to -87.91% in FY24 from -100.34% in FY23. Its ROCE also improved, from -1087.98% in FY23 to -163.26% in FY24.