LambdaTest India net profit soars 62% to Rs 18 Cr in FY24

Cloud-based testing platform LambdaTest India Pvt Ltd has posted a net profit of Rs 18.04 crore in the financial year ended March 31, 2024, up 62% from Rs 11.16 crore in the previous year. 

The Noida and San Francisco-based firm’s operating revenue rose 53.6% to Rs 175.44 crore in FY24, up from Rs 114.22 crore in the previous fiscal year.

As per MCA filings, the company's total revenue grew 54% reaching Rs 177 crore in FY24, compared to Rs 114.75 crore in FY23. 

Total expenses rose to Rs 152.80 crore for FY24, compared to Rs 99.63 crore in the previous year.

The startup’s employee benefit expenses in FY24 saw a 53% surge to Rs 129.43 crore compared with Rs 84.87 crore in the corresponding year.

Founded by Asad Khan, Jay Singh, and Mayank Bhola in 2017, LambdaTest offers an omnichannel software quality assurance platform to help businesses speed up their time to market with AI-driven, cloud-based test authoring and execution.

Currently, the platform caters to over 10,000 enterprise customers and more than 2 million users in 130+ countries.

The company recently launched KaneAI, an end-to-end AI test agent, helping software engineering teams to create, debug, and refine tests through natural language.

In 2022, LambdaTest raised $45 million in a funding round led by Premji Invest, joined by existing backers Sequoia Capital India, Telstra Ventures, Blume Ventures, and Leo Capital. Sandeep Johri, former CEO and current board member at Tricentis, also participated as an angel investor in the round.

A year prior to this this, the startup raised nearly $25 million from Sequoia Capital India, Telstra Ventures, Leo Capital Holdings, Blume Ventures, and other investors.