Tiger Global-backed recruitment platform for grey and blue-collared workers Apna has posted a nearly 3x growth in its revenue, while it kept its net loss relatively stable in the financial year through March 2023.
Apna, which is operated by Apnatime Tech Pvt. Ltd, saw its revenue from operations growing nearly three times to Rs 180.3 crore in FY23 from Rs 63.9 crore in the fiscal before, as per data from VCCEdge, the data intelligence platform of VCCircle. It also earned Rs 7.8 crore as interest income from fixed deposits and current investments, which took its total revenue for FY23 to Rs 188.1 crore.
Apna’s revenue comes from software development support services and recruitment solutions on its web platform and mobile application. It charges fees or subscriptions for these services.
On the other hand, the Bengaluru-headquartered company saw its net loss rise slightly to Rs 120.3 crore in the year ended March from Rs 112.6 crore in the previous financial year.
Apna, which was founded in June 2019 by Nimrit Parikh, was one of the fastest Indian startups to achieve unicorn status in 2021 when venture capital investors poured record cash into Indian startups. It had last raised $100 million in its Series C round in September 2021.
To date, Apna has raised more than $190 million from marquee investors such as Owl Ventures, Insight Partners, Lightspeed India, Peak XV Partners (erstwhile Sequoia Capital India), Maverick Ventures, GSV Ventures Greenoaks Capital and Rocketship.vc.
On the expenses front, Apna saw its total cost rise nearly 73% to Rs 308.4 crore in FY23 from Rs 178.3 crore in the fiscal before. Employee related costs and advertising were the two major expenses in its balance sheet for FY23.
In the last fiscal, Apna spent the most on employee benefits at Rs 203.8 crore, up from Rs 63.1 crore in FY22. Employee benefits cost accounted nearly for two-thirds of its total cost in FY23. However, the company, so far, hasn’t resorted to a layoff option to keep its employee-related costs in check.
In contrast, Apna slashed its marketing expenses in FY23, decreasing from Rs 86.6 crore to Rs 62.1 crore in FY22.
