Cloud telephony major, Exotel finally released its annual report for FY23 which had a due date of September 30, 2023.
The report sourced from the Registrar of Companies shows that the company’s revenue from operations grew by 32.1% from Rs 318 crore in FY22 to Rs 420 crore in FY23, 81% of which came from domestic services while the sources for the rest were international, coming from Southeast Asia, the Middle East, and Africa. Software licenses, chatbot services, mobile applications, sale of API(s), browser extensions, and software development kits are the major products and services that contribute to its revenue.
The overall cost for FY23 was Rs 554 crore, 51.8% more than Rs 365 crore in FY22. Of the overall expenditure, employee benefits formed 44.2%, growing by 43.3% from Rs 171 crore in FY22 to Rs 245 crore in FY23, while the rest of the expenses were due to the cost of overheads including telephone postage which grew by 65%, along with the expenditure on legal, marketing, and hosting.
While the company remained in profit in FY21 and FY20, its losses grew by 2.5 times from Rs 43 crore in FY22 to Rs 109 crore in FY23. ROCE and EBITDA margins got worse posting -21.9% and -18.3% respectively. In the fiscal year ended March 2023, it had to spend Rs 1.32 per unit to earn back a rupee.
Founded in 2011 by Shivakumar Ganesan, the Blume Ventures-backed firm provides internet-enabled cloud communication services to businesses with voice and SMS contact features to manage their customer engagement, which remains Exotel’s primary source of revenue.
Its last funding came in 2022 with $40 million from Steadview Capital, when it claimed that its annual growth rate was 70% with a revenue run rate of $50 million. As of now, Exotel has raised about $100 million. TheKredible reports that the company’s largest external stakeholder is A91 Partners with a 25.7% stake, succeeded by Blume Ventures.
