Scaler reports cumulative revenue growth of 2500% in FY20 and FY21
Tiger Global-back edtech startuphas reported a cumulative revenue growth of 2500% in FY2020 and 2021 with an Annual Revenue Rate (ARR) of $110 Million in August this year.
The upskilling startup said that it has achieved growth of over 350% year-on-year and sustained month-on-month revenue growth of 15% owing to the capital-efficient business model adopted by the company.
Despite the high growth, the company has been cash flow positive for the last few months, it said in an official statement.
“We have seen remarkable and consistent growth in the business. The number we can share today is a testament to it. The cherry on the cake is that we have achieved this despite being very frugal and measured in how we have spent all the money we raised as investor funds,” said Abhimanyu Saxena, Co-founder of Scaler and.
According to Saxena, a large chunk of what Scaler has raised is still in the bank. “This quarter, we will have achieved zero cash burn, and we are thrilled about what the future holds," he added.
Launched in 2019, to date, Scaler has acquired three edtech startups - AppliedRoots, Coding Minutes and Coding Elements - to strengthen its offerings in Software Development, Data Science (DS) and Machine Learning (ML).
"Approximately 20% of the money raised in our previous funding rounds has been spent towards acquisitions. Neither of these acquisitions was towards buying revenue. They were done to strengthen our offering further by getting the right talent on board," said Gaurav Agarwal, Senior Vice President, Finance of Scaler and InterviewBit.
Scaler has also forayed into higher education with Scaler Neovarsity that offers an European Credit Transfer and Accumulation System (ECTS)-accredited online Master of Science (MS) in Computer Science program.
In February this year, Scaler raised $55 million (about Rs 410 crore) in funding led by new investor Lightrock India. Existing investors, Sequoia Capital India and Tiger Global, also participated in the Series B round.
Edited by Akanksha Sarma