Scaler Academy posts five-fold rise in FY23 revenue to Rs 317 crore
ETtech
Synopsis
Scaler Academy said its operational revenue rose to Rs 316.7 crore in the financial year ended March 2023, from Rs 65.6 crore a year earlier. Total expenses at the firm went up to Rs 654.6 crore, significantly pushed up by employee expenses of Rs 322.07 crore and other expenses of Rs 316.93 crore.
By ETtech
Last Updated:
Bengaluru-based Scaler Academy has reported a nearly fivefold increase in yearly operational revenue during a period in which it raised no external capital.
However, the losses at the firm nearly doubled to Rs 330.3 crore, as per regulatory filings sourced by Tofler.
Total expenses at the firm went up to Rs 654.6 crore, significantly pushed up by employee expenses of Rs 322.07 crore and other expenses of Rs 316.93 crore.
In April 2023, the company announced the launch of Scaler School of Technology, a four-year residential undergraduate computer science programme designed for the next generation of India's software professionals.
The following month, Scaler had announced the acquisition of Delhi-based education platform Pepcoding for an undisclosed amount to strengthen its business ecosystem. This was the company’s fourth acquisition – after AppliedRoots, Coding Minutes, and Coding Elements - over 2022 and 2023.
Last year, Scaler achieved positive cash flow and was profitable in the July-September quarter. The aim for 2024 is to maintain this over the next few quarters and lead to annual profitability, the company had said, while announcing the appointment of Tapan Jindal as chief financial officer, in January 2024.
Last year, the company also partnered with National Skill Development Corporation and joined the Skill India mission to help the country meet its growing demand for software development engineers, data scientists and machine learning specialists.
Scaler was launched in 2019 by Anshuman Singh and Abhimanyu Saxena. The company had in the past claimed that under the parent company, InterviewBit, it has grown manifold during the pandemic, with revenue jumping 200% over the pre-Covid level and is operationally profitable.
The startup, which helps college students and tech professionals upgrade their skills, had last raised $55 million in a Series B funding round led by Lightrock India. Its valuation has increased to $710 million after the funding. The company’s other investors include Peak XV Partners (formerly Sequoia Capital India) and Tiger Global.
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The company said its operational revenue rose to Rs 316.7 crore in the financial year ended March 2023, from Rs 65.6 crore a year earlier.Elevate Your Tech Prowess with High-Value Skill Courses
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Total expenses at the firm went up to Rs 654.6 crore, significantly pushed up by employee expenses of Rs 322.07 crore and other expenses of Rs 316.93 crore.
In April 2023, the company announced the launch of Scaler School of Technology, a four-year residential undergraduate computer science programme designed for the next generation of India's software professionals.
The following month, Scaler had announced the acquisition of Delhi-based education platform Pepcoding for an undisclosed amount to strengthen its business ecosystem. This was the company’s fourth acquisition – after AppliedRoots, Coding Minutes, and Coding Elements - over 2022 and 2023.
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Last year, Scaler achieved positive cash flow and was profitable in the July-September quarter. The aim for 2024 is to maintain this over the next few quarters and lead to annual profitability, the company had said, while announcing the appointment of Tapan Jindal as chief financial officer, in January 2024.
Last year, the company also partnered with National Skill Development Corporation and joined the Skill India mission to help the country meet its growing demand for software development engineers, data scientists and machine learning specialists.
ADVERTISEMENT
Scaler was launched in 2019 by Anshuman Singh and Abhimanyu Saxena. The company had in the past claimed that under the parent company, InterviewBit, it has grown manifold during the pandemic, with revenue jumping 200% over the pre-Covid level and is operationally profitable.
The startup, which helps college students and tech professionals upgrade their skills, had last raised $55 million in a Series B funding round led by Lightrock India. Its valuation has increased to $710 million after the funding. The company’s other investors include Peak XV Partners (formerly Sequoia Capital India) and Tiger Global.
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