Online scholarship platform UniScholars posted its FY23 revenue reaching up to Rs 34.6 crore, a 2.6X growth from its preceding fiscal year’s Rs 13 crore.
The firm generated over Rs 34 crore from operations the same fiscal year. FY22 has seen 100% of its revenue coming in from operations.
The Mumbai based company founded by Sayantan Biswas is a premier counselling platform that provides end-to-end solutions for students who wish to study abroad.
It serve as a one-stop shop for everything students need all through the process, from pre-departure to post-landing.
The four-year-old startup witnessed a 3.4X surge in its expenses to touch Rs 73 crore in the fiscal year ending March 2023.
While advertisement and promotional costs took up the top stop in expenses for the fiscal, employee benefits and legal charges cost over 34% and close to 6% of the overall expenditure respectively.
The edtech raised its maiden round of over Rs 38 crore from Suresh Pareek. The round also saw support from the likes of Vipul Jain, Auctus Capital Partners, and Shreeji Brothers.
Post the infusion, while Emron Samuel Peres held majority of the shares, Amit Singh held a significant share of over 40%.
The firm’s losses widened almost five fold to Rs 38.3 crore in FY23. Previously in FY22, it had incurred losses amounting to Rs 7 crore. While both its EBITDA and ROCE saw a drop, its EBITDA dropped to -105.16% and ROCE saw a fall from positives to -105.16%.