Scaler Academy Grabs a Funding worth $55 million from Lightrock India
Tech upskilling edtech platform Scaler Academy secured $55 million in a funding round led by Lightrock India before the the commencement of FY23. The Bangalore based startup attained 4.9X growth before the ending of this fiscal year. On the other hand, the loss of this platform saw a broadened nearly 90% during the same period.
According to the statements filed with the Registrar of Companies, Scaler’s revenue from operations got hike of 388% to Rs. 317 crore in FY23 from Rs. 65 crore in FY22,
The company was founded in 2019, with the mission of upskilling college students and tech professionals. The company delivers an intensive six-month computer science course through live classes delivered by tech leaders and subject matter experts.
The sale of educational services is the sole source of revenue for Scaler. The company also has a non-operating income of Rs.7.6 crore which took its total revenue to Rs. 324 crore in FY23.
Comparing with its competitors in the market its employee benefits emerged as the largest cost center, accounting for 49% of the overall expenditure. This cost shot up to 2.7X to Rs.322 crore in FY23 from Rs. 119 crore in FY22.
In the financial year 2023, the total expenditure rose by 2.7 times, reaching Rs. 655 crore, as compared to the previous fiscal year, which was Rs. 240 crore. The company invested heavily in advertising and promotional activities to reach out to a wider audience and create a strong brand image.
Moreover, the company also spent a significant amount on IT infrastructure to improve its operational efficiency and streamline its business processes. The legal expenses were incurred to ensure compliance with various regulatory requirements and protect the company's interests. Overall, the company incurred significant overhead costs to drive its growth and achieve its strategic objectives.
According to the statements filed with the Registrar of Companies, Scaler’s revenue from operations got hike of 388% to Rs. 317 crore in FY23 from Rs. 65 crore in FY22,
The company was founded in 2019, with the mission of upskilling college students and tech professionals. The company delivers an intensive six-month computer science course through live classes delivered by tech leaders and subject matter experts.
The sale of educational services is the sole source of revenue for Scaler. The company also has a non-operating income of Rs.7.6 crore which took its total revenue to Rs. 324 crore in FY23.
Comparing with its competitors in the market its employee benefits emerged as the largest cost center, accounting for 49% of the overall expenditure. This cost shot up to 2.7X to Rs.322 crore in FY23 from Rs. 119 crore in FY22.
In the financial year 2023, the total expenditure rose by 2.7 times, reaching Rs. 655 crore, as compared to the previous fiscal year, which was Rs. 240 crore. The company invested heavily in advertising and promotional activities to reach out to a wider audience and create a strong brand image.
Moreover, the company also spent a significant amount on IT infrastructure to improve its operational efficiency and streamline its business processes. The legal expenses were incurred to ensure compliance with various regulatory requirements and protect the company's interests. Overall, the company incurred significant overhead costs to drive its growth and achieve its strategic objectives.
