Founded in 2020, Bengaluru-based Sprinto is a SaaS company focused on compliance automation for SaaS businesses. The platform enables companies to achieve and maintain certifications like SOC 2, ISO27001, GDPR, and HIPAA quickly and seamlessly. Sprinto helps organizations create real-time monitoring systems that bring visibility into compliance-governed processes and policies, streamlining security reviews and accelerating sales closures.
Co-founded by Girish Redekar and Raghuveer Kancherla, Sprinto has raised a total of Rs 251.75 crore over three funding rounds, with its latest Series B round closed in April 2024. The current shareholding includes Raghuveer Kancherla (20.98%), Girish Redekar (20.98%), and ESOPs (7.57%).
Sprinto’s revenue surged to Rs 48.1 crore in FY24, up from Rs 19.2 crore in FY23, marking a growth of over 2.5x. However, expenses grew at a faster pace, rising to Rs 116.87 crore in FY24 from Rs 52.9 crore in FY23.
Employee benefit costs remained the largest expense category, accounting for 69.5% of total expenses in FY24, up from 59% in FY23. Advertisement and marketing expenses dropped to 16.7% in FY24 from 23.6% in FY23. Legal and professional fees accounted for 3% in FY24, down from 7% in FY23. Depreciation costs slightly decreased to 0.27% in FY24 from 0.62% in FY23.
Despite revenue growth, Sprinto continued to operate at a loss. The net loss widened to Rs 68.76 crore in FY24, compared to Rs 33.8 crore in FY23. The EBITDA margin improved to -142.27% in FY24 from -173.93% in FY23, indicating better cost absorption. Meanwhile, ROCE jumped dramatically to 794.94% in FY24, up from -72.77% in FY23.