Tiger Global-backed unicorn Apna's revenue nearly triples, expenses rise in FY23
The job and professional networking platform's losses slightly increased to Rs 120.3 crore in FY23 from Rs 112.6 crore in the previous financial year.
-backed unicorn witnessed a significant surge in operating revenue in FY 2022-23, almost tripling its figures as a result of business growth. However, heightened expenses led to greater losses compared with the preceding fiscal year.
The Bengaluru-based company reported an operating revenue of Rs 180.3 crore in FY23, reflecting a substantial increase of 182.1% from the Rs 63.9 crore recorded in the preceding fiscal.
The job and professional networking platform's total revenue, including interest income from fixed deposits and current investments amounting to Rs 7.8 crore, reached Rs 188.1 crore. The majority of its income was generated by providing software development support services to the holding company.
Meanwhile, its expenses surged 72.9%, touching Rs 308.4 crore in FY23 in contrast to Rs 178.3 crore reported in FY22, as per its recent financial statements.
The platform's losses slightly increased to Rs 120.3 crore in FY23 from Rs 112.6 crore in the previous financial year.
The widening of losses comes on the back of the firm spending Rs 203.8 crore on employee benefits—its largest expense—recording a substantial 161.9% year-on-year rise. This includes expenses related to the employee stock option scheme and employee stock purchase plan at Rs 41.6 crore—a surge of 248.7% from the Rs 11.9 crore incurred in the previous year.
More on the expenditure side, Apna managed to cut down its advertising and promotional expenses by 28.3% but it remained its second-largest expenditure, totalling Rs 62.1 crore compared with FY22 when it amounted to Rs 86.6 crore.
Founded in 2019, apna.co is a job and professional networking platform which connects the workforce with professional networking and upskilling prospects. With a user base exceeding 40 million across 70+ cities and over 500,000 employers, the platform utilises an advanced algorithm for skill-based matching between candidates and employers, considering their skills, experience, and preferences.
Apna entered the unicorn club in 2021 after raising $100 million in Series C funding led by Tiger Global. To date, the company has raised over $190 million in investments from investors, including Owl Ventures, Insight Partners, Lightspeed India, Sequoia Capital India, Maverick Ventures, GSV Ventures, Greenoaks Capital, and Rocketship.vc.
Edited by Kanishk Singh