Keka HR's revenue doubles in FY23 while losses balloon 6X on back of employee expenses
HRtech startup Keka saw its total revenue jump 116% to Rs 54 crore in FY23, up from Rs 25 crore in FY22 as per the financial statement filed with the RoC.
Keka Technologies Pvt Ltd's loss after tax has ballooned 526% YoY—from Rs 4.6 crore in FY22 to Rs 28.8 crore incurred in the financial year ended March 2023.
The HRtech startup saw its total revenue jump 116% to Rs 54 crore in FY23 from Rs 25 crore in the preceding financial year, as per the company's financial statement filed with the Registrar of Companies (RoC). However, its expenses also increased significantly by 177% to Rs 82.5 crore in FY23 from Rs 29.7 crore in FY22, resulting in an over six-fold rise in loss.
The increase in expenses was mainly due to a rise in employee benefit expenses, which more than doubled to Rs 54 crore in FY23 from Rs 19.5 crore in the preceding financial year.
Founded in 2015 by Vijay Yalamanchili, Hyderabad-based HR develops human resource management software for companies. It offers products and services to manage payroll, leaves, attendance, employee onboarding etc.
It last raised Series A funding of $57 million from WestBridge Capital in 2022. According to Tracxn, it has a valuation of $118 million.
"As we advance, R&D will be our primary area of focus as we expand our engineering, product, and customer success teams,” Yalamanchili had said after the fundraise.
Keka HR also stated that it had a reach of over 6,500 customers across various sectors, including IT services, taxation, pharmaceuticals, professional service organisations, manufacturing, accounting, fintech, and others.
Edited by Kanishk Singh