AI-powered video analytics platform, VideoVerse, recorded more than 3X rise in revenue in FY23 rising to Rs 1.94 crore compared to Rs 53.46 lakh in FY22.
Founded in 2022 by Vinayak Shrivastav, Alok Patil, and Sanket Dandotia, VideoVerse offers AI-based video editing and analytics tools that optimize video content creation for enterprises and individual creators. The company’s mission is to simplify the video production process using artificial intelligence.
The Mumbai-based SaaS startup has raised a total of Rs 818.56 crore over 3 funding rounds, the latest funding raised in a series C round in December 2023 led by Bluestone Equity Partners. The company’s current valuation remains undisclosed.
VideoVerse recently expanded its operations by acquiring Reely in 2023. The majority shares of VideoVerse are held by Saket Dandotia and others at over 14.76%, followed by Baring Private Equity India with a 14.39% stake. Co-founders Alok Patil and Vinayak Shrivastav also hold significant shares, with each owning over 5% stake in the company.
Along with the rise in revenue, the expenses for the company also surged in FY23, rising to Rs 5.79 crore from over Rs 40 lakh in FY22. Legal and professional charges accounted for over 50% of the contribution towards these expenses. Followed by employee benefits and finance costs that also contributed significantly.
Despite the rise in revenue, the company swung to losses in FY23, reporting a loss of Rs 3.84 crore compared to a profit of over Rs 1 lakh in FY22.
The company’s current EBITDA margin and ROCE also turned negative at -191.50% and -16.89%, respectively.