Headquartered in Bengaluru, edtech startup AlmaBetter registered 8.6X growth in scale to Rs 18.9 crore in FY23 as compared to its previous fiscal year’s Rs 2.2 crore. The same year witnessed 8.3X spike in revenue from operations to Rs 18.3 crore.
The four-year-old company was set up by Vikash Srivastava, Ravi Kumar Gupta, and Shivam Dutta as an online education company that offers courses in data science, artificial intelligence, and machine learning to help working professionals and students. It additionally offers career support services to help students find jobs in these fields.
It scooped up over Rs 22 crore in its maiden round from the likes of Kalaari Capital, Vidit Aatrey, Rajesh Yabaji, Varun Alagh, Sanjeev Barnwal, and others in late 2022.
As for expenses, the company witnessed a 4,3X surge from previous year’s Rs 7.8 crore to Fy23’s Rs 33.72 crore. While a major part of the expenses was contributed by employee benefits, taking up over Rs 15 crore, advertisements and promotional costs and legal and professional charges took up over 26% and more than 4% of the overall expenses.
It’s losses amounted to Rs 16.34 crore in the fiscal year ending March 2023, almost a 4X spike as opposed to FY22’s Rs 4.16 crore. While the company’s EBITDA improved to -74.53%, its ROCE dropped to -902.12%.