Exotel clocks 32.1% rise in FY23 revenue at Rs 420 crore, losses widen 2.5x
The company's total expenses surged by 51.8% to Rs 554 crore in FY23, driven by telephone postage, conveyance costs, legal and advertising expenses.
Full-stack customer engagement platform has recorded an increase in revenue from operations in FY23. The Bengaluru-based company reported Rs 420 crore in FY23 — a 32.1% increase from Rs 318 crore in FY22, according to the recent financial statements from the Registrar of Companies (RoC).
The company's total expenses surged by 51.8% to Rs 554 crore in FY23, up from Rs 365 crore in FY22, driven by telephone postage, travelling conveyance, legal professional charges, and advertising promotional expenses.
However, Exotel reported a widening loss of Rs 109 crore in FY23, from Rs 43 crore in FY22, marking a 2.5x increase in deficit.
The Bengaluru-based firm’s total income rose to Rs 447 crore in FY23 from Rs 328 crore in FY22.
Meanwhile, the company’s employee stock ownership plans (ESOPs) increased by 43.3% to Rs 245 crore in FY23 from Rs 171 crore in FY22.
According to the filings, Exotel primarily generated revenues from the rendering of internet-enabled cloud communication services. Additional revenue streams include the sale of internally developed software licenses, and chatbot services.
The company also earns income from selling its products which include exophone numbers, APIs, browser extensions, software development kits, and mobile applications.
Founded in 2011 by Shivakumar Ganesan, the company raised $40 million in its Series D round led by Steadview Capital. To date, the startup has secured approximately $100 million through various debt and equity rounds.
Edited by Jyoti Narayan