SportVot’s revenue grew by 2.1x to Rs 3.97 crore in FY24, up from Rs 1.83 crore in FY23. Over 97% of its revenue is derived from its operations. Furthermore, its operating revenue consists of revenue from the sale of services and other operating revenue, contributing over 94% and 5.8%, respectively.
Founded in 2019, SportVot is a hyperlocal sports platform that focuses on promoting grassroots sports by live-streaming local matches, highlights, and emerging athletes. The company’s unique SportVot Broadcasting Suite enables tournament organizers to digitize their events, providing multilingual streams, automated highlights, scoring, and fixture management. This approach aims to discover and showcase young talent, driving the penetration of sports into the masses and supporting India’s growth as a leading sports nation.
SportVot’s expenses increased by 59.4% in FY24 to Rs 6.09 crore, compared to Rs 3.82 crore in FY23. Employee benefit costs were the largest expense, making up 43.14% of total expenses in FY24, up slightly from 42.77% in FY23. Advertisement costs rose significantly, contributing 0.93% of total expenses in FY24 compared to 0.24% in FY23.
The company reported a loss of Rs 2.12 crore in FY24, widening from a loss of Rs 1.98 crore in FY23. Despite this, SportVot improved its EBITDA margin to -51.69% in FY24 from -105.97% in FY23, indicating progress in reducing operational inefficiencies. The company’s ROCE also improved significantly, moving from -135.38% in FY23 to -23.55% in FY24.
The company has raised Rs 13.58 crore in funding across four rounds, with the latest funding raised in February 2024. Key shareholders include Sidhhant Agarwal (22.60%), Shubhangi Gupta (9.21%), Yash Bhagwatkar (6.97%), Omidyar Network (14.81%), and ESOPs (7.09%).