SUMMARY
- Apna reported an operating revenue of Rs 127.6 crore in FY24.
- Apna’s expenses decreased by 38.1%, reaching Rs 191 crore in FY24.
- The platform reduced its losses from Rs 120.3 crore in FY23 to Rs 51.3 crore in FY24.
Job and professional unicorn Apna experienced a drop in its operating revenue by nearly a third in FY24. This decline was primarily attributed to a slowdown in its main source of revenue, which is software development support services.
However, the Tiger Global-backed company managed to cut its losses by more than half and reduced its operational costs by over a third compared to FY23.
The Bengaluru-based company reported an operating revenue of Rs 127.6 crore in FY24, dropping 29.2% YoY from Rs 180.3 crore in FY23.
The company’s total revenue, which also includes Rs 11.3 crore from interest earned on fixed deposits and current investments, amounted to Rs 138.9 crore.
The majority of Apna’s earnings come from software development support services provided to its parent company, followed by income from recruitment solutions through its web platform and mobile app.
Apna’s expenses decreased by 38.1%, reaching Rs 191 crore in the year under review from Rs 308.4 crore in FY23, as per its standalone financial statements.
This reduction in costs allowed the platform to significantly reduce its losses from Rs 120.3 crore in FY23 to Rs 51.3 crore in FY24.
The decrease in losses can largely be attributed to a reduction in the firm’s largest expense contributor, employee benefits costs, which saw a 39.7% YoY decrease to Rs 123 crore. This includes a reduction in costs related to the employee stock option scheme and employee stock purchase plan, which fell from Rs 41.6 crore to Rs 9.5 crore.
Additionally, Apna also managed to cut its second-largest expense, advertising and promotional costs by 39.9%, amounting to Rs 37.3 crore in FY24 compared to Rs 62.1 crore in FY23.
Founded in 2019, Apna.co is a platform that connects job seekers with professional networking and upskilling opportunities. With over 50 million users across more than 825 cities and over 600,000 employers, the platform uses an advanced algorithm to match candidates with employers based on their skills, experience, and preferences.
Apna became a unicorn in 2021 after securing $100 million in its Series C funding round, led by Tiger Global. To date, the company has secured over $190 million in investments from various investors, including Owl Ventures, Insight Partners, Lightspeed India, Sequoia Capital India, Maverick Ventures, GSV Ventures, Greenoaks Capital, and Rocketship.vc.
