Teachmint Cuts FY24 Loss To INR 110 Cr, Revenue Soars 111%

SUMMARY

Edtech startup Teachmint’s consolidated net loss narrowed 37% to INR 110.1 Cr in FY24 from INR 180.7 Cr in the previous year

Operating revenue more than doubled to INR 17.1 Cr during the year under review from INR 8.1 Cr in FY23

Founded in 2020, Teachmint is an online, video-first teaching platform that helps schools digitise their classrooms

Lightspeed-backed edtech startup Teachmint’s consolidated net loss narrowed 37% to INR 110.1 Cr in the financial year 2023-24 (FY24) from INR 180.7 Cr in the previous year on the back of a robust growth in its topline and decline in expenses.

Operating revenue more than doubled to INR 17.1 Cr during the year ended March 31, 2024 from INR 8.1 Cr a year ago.

Including other income of INR 32.7 Cr, total revenue surged almost 35% to INR 49.8 Cr during the year under review from INR 36.9 Cr in FY23.

Founded in 2020 by Mihir Gupta, Payoj Jain, Divyansh Bordia, and Anshuman Kumar, Teachmint is an online, video-first teaching platform that helps schools digitise their classrooms.

The edtech company primarily earns revenue by selling education software solutions to schools and teachers. Revenue from sale of services jumped 56.2% to INR 12.5 Cr in FY24 from INR 8 Cr a year ago.

Further, revenue from sale of products, including biometrics devices, interactive flat panels, GPS devices, surged multifold to INR 4.6 Cr during the year under review from about INR 11 Lakh in FY23.

It is pertinent to mention that the Bengaluru-based startup laid off over 100 employees last year amid the funding winter. Further, cofounder Kumar also quit the company last year to focus on his own venture Duolop.

According to Inc42 data, Teachmint has raised a total funding of about $118 Mn till date. It counts the likes of Rocketship VC, Learn Capital, Lightspeed India Partners and Better Capital among its backers.

Where Did Teachmint Spend In FY24?

Despite an increase in its sales, Teachmint managed to bring down its total expenses to INR 160 Cr during the year under review, a 26.6% decline from INR 217.9 Cr in FY23.

Employee Benefits Expense: The edtech company cut its employee costs by 21.6% to INR 107.7 Cr in FY24 from INR 137.5 Cr in the previous year.

Legal Professional Charges: Teachmint spent INR 11.6 Cr towards legal and professional fee during the year under review, a 50.6% jump from INR 7.7 Cr in FY23.

Information Technology Expense: The spending under this head also declined 7.2% to INR 10.3 Cr in the financial year ended March 31, 2024 from INR 11.1 Cr a year ago.