SUMMARY
- Teachmint’s revenue from operations jumped 109.8% YoY to Rs 17.1 crore in FY24 from Rs 8.15 crore in FY23.
- Its total expenses dropped by 26.6% to Rs 160 crore in FY24 from Rs 218 crore in FY23.
- Teachmint’s losses dropped by 39.2% to Rs 110 crore in FY24 from Rs 181 crore in FY23.
SaaS-based edtech Teachmint‘s revenue from operations jumped 109.8% YoY to Rs 17.1 crore in FY24 from Rs 8.15 crore in FY23, as per its consolidated financial statements accessed from the Registrar of Companies.
Teachmint primarily sells educational software through subscriptions to schools and teachers, and these sales accounted for 73% of its operating income, rising 56% YoY to Rs 12.5 crore in FY24. The remainder of its revenue came from the sales of biometric scanners, interactive flat screens, and GPS devices among others.
The edtech was able to manage its overall expenses, reducing them by 26.6% to Rs 160 crore in FY24 from Rs 218 crore in FY23. The main areas of expense reduction included employee benefits, marketing, and IT, which saw reductions of 21.2%, 63.6%, and 9.1% respectively.
As a result, Teachmint’s losses dropped by 39.2% to Rs 110 crore in FY24 from Rs 181 crore in FY23. Excluding non-cash expenses related to ESOPs, the company’s losses for FY24 were Rs 82 crore.
The Bengaluru-based company’s ROCE and EBIDTA margins were -24.7% and -198%, respectively. On a per-unit basis, the company spent Rs 9.36 to generate a rupee in FY24. Teachmint had a total current assets of Rs 440 crore, including Rs 34 crore in cash and bank balances in FY24.
The company’s shift towards digitalizing schools has been a key driver of its growth.
Notably, Teachmint fired over 70 employees in FY24. The edtech has secured over $100 million in funding, with a $78 million Series B funding round in October 2021, valuing the company at $500 million. However, it has not sought any additional funding since then.
Its competitors, Classplus and Lead School, also saw significant growth in their revenue in FY24, with Classplus experiencing a 2X increase to Rs 213 crore and Lead School posting a 25% growth to Rs 370 crore in revenue.
