Leadsquared's losses edge up to Rs 162.2 Cr in FY24; revenue up 9%

SaaS unicorn LeadSquared reported a total loss of Rs 162.2 crore in the financial year 2023-24 (FY24) against a Rs 161 crore loss incurred in the year-ago fiscal.

Despite the marginal increase in losses, the company's total revenue rose to 9% to Rs 279.3 crore in FY24, up from Rs 255.9 crore in FY23, according to filings with the Ministry of Corporate Affairs.

Founded in 2011 by Nilesh Patel, Sudhakar Gorti, and Prashant Singh, Leadsquared offers sales and marketing automation software to businesses spanning across healthcare, edtech, and BFSI (Banking, Financial Services, and Insurance) sectors, among others.

During FY24, Leadsquared’s total expenses increased by 6.6% year-on-year, rising to Rs 486.45 crore from Rs 456.2 crore in FY23. A significant portion of this increase was due to employee benefits expenses, which amounted to Rs 306.2 crore, up 12.7% from Rs 271.8 crore in the previous year.

Additionally, the company's total income surged to Rs 325.2 crore in FY24 compared to Rs 296.2 crore in FY23.

LeadSquared last raised around $153 million in a Series C round that valued the company at $1 billion. WestBridge Capital led the round, with participation from existing investors, including Gaja Capital.

At the time of the fundraise, the company claimed to have a customer base of over 2,000 clients, with a global footprint spanning New Jersey, South Africa, the Philippines, Australia, and Indonesia.