Tiger Global-backed Scaler cuts losses by 58% in FY24, revenue up 21%
Scaler narrowed its consolidated loss to Rs 138.8 crore in FY24, a 58% year-on-year decline, while its operating revenue increased by 21.4% year-on-year to Rs 384.5 crore.
Tiger Global-backed edtech firm has narrowed its losses by more than half in the financial year 2023-24 (FY24) while its revenue grew by more than a fifth compared to the last fiscal.
Scaler’s reduction in expenses enabled it to substantially narrow its consolidated loss to Rs 138.8 crore in FY24, down 58% from Rs 330.2 crore recorded in the earlier fiscal period, according to its recent consolidated financial statements.
The Bengaluru-based company’s expenses dropped by 22.1% year-on-year (YoY), to Rs 474.3 crore in FY24.
Meanwhile, the upskilling startup’s operating revenue rose 21.4% YoY to Rs 384.5 crore in FY24. Its total income, including interest and non-operating income, reached Rs 389 crore in the financial year that ended March 2024—up 20% YoY.
This growth is driven by a surge in demand for tech-focused upskilling, with companies witnessing strong interest in courses on artificial intelligence, machine learning, data science, and other emerging technologies.
Amidst the growing demand for upskilling, the platform made job cuts in April last year to streamline its workforce, reflecting the challenges within the edtech sector.
The company managed to reduce its spending on employee benefits, which, despite being the firm’s largest expense category, fell 28.6% YoY to Rs 230 crore.
Moreover, as part of its cost-cutting measures, Scaler also managed to cut its other expenses, such as advertising promotional expenses, by 35.7% YoY to Rs 92.1 crore in FY24. Its legal professional charges reduced to Rs 3.4 crore – down 72.5%.
This comes as the edtech companies pivot toward building resilient businesses, prioritising disciplined financial management and thoughtful scaling. With investors demanding not just promises but proven pathways to profitability, startups are reimagining their strategies.
Scaler was established in 2019 to upskill tech professionals and provide solutions to real-world challenges addressing the changing dynamics of the technology industry.
The upskilling company has acquired four startups—Pepcoding, AppliedRoots, Coding Minutes and Coding Elements—to strengthen its offerings in software development, data science and machine learning.
In 2022, Scaler raised $55 million (about Rs 410 crore) in funding led by new investor Lightrock India, with existing investors, Sequoia Capital India and Tiger Global, also participating in the Series B round. It has raised $76.5 million in investment to date.
Edited by Jyoti Narayan