Adtech platform UPCRED recorded a revenue of Rs 7.21 lakhs in FY23. This being the company’s first revenue filed after incorporation in 2021, it witnessed an expense of Rs 47.17 lakhs and a loss close to Rs 40 lakhs. The Bengaluru-based company spent close to Rs 30 lakhs on employee benefits and over 9% of its total expense for cost of materials. The company has yet to disclose its financials.
Although it did not record a revenue in its first year in the industry, it recorded an expense and loss amounting to a little over Rs 40 lakhs in FY22.
Founded by Dharmpal Chaudhary and Aditya Bhattacharjee, UPCRED is a technology-enabled marketing platform that helps brands connect with the influencers to co-create, leverage, and activate multiple creators driven campaigns. They allow brands to collect data on their campaigns at all phases of consumer journey, from influence creator discovery to rich campaign content.
It has raised a total of Rs 3.3 crores in funding its first and only funding round held on March 2022. The pre-seed round saw participation from the likes of Syed Firdous Hussain, Gayatri Nikkam among others.
Currently, the co-founders are the only shareholders and hold equal shares of the company.