VuNet Systems, a Bengaluru-based AI observability company, reported a 32% increase in revenue to Rs 18.1 crore in FY24, up from Rs 13.7 crore in FY23.
Founded in 2014, VuNet connects IT performance with business outcomes through its flagship product vuSmartMaps, designed for Site Reliability Engineering (SRE) and IT operations teams. VuNet also offers managed services to help businesses optimize infrastructure, detect failures proactively, and reduce downtime.
The company’s expenses rose sharply by 73% to Rs 35.3 crore in FY24 from Rs 20.4 crore in FY23, primarily due to an increase in employee benefit costs, which made up 76% of total expenses in FY24, up from 73.5% in FY23. Finance costs also increased, accounting for 7% of total expenses in FY24, compared to 3.5% in FY23.
VuNet’s losses more than doubled to Rs 15.5 crore in FY24, compared to Rs 6.5 crore in FY23, marking a 2.3X increase. Its EBITDA margin deteriorated to -78.33% in FY24 from -41.97% in FY23, while ROCE fell further to -41.40% from -22.16% in the previous year.
The company has raised a total of Rs 118.99 crore across seven funding rounds, with the latest being a Series B round in January 2025. Co-founders Ashwin Ramachandran, Bharat Joshi, and Jithesh Kaveetil each hold 3.48% of the company’s shares. Other key stakeholders include the MSOP (16.67%) and Dallas Venture Capital (7.21%).