SaaS Unicorn LeadSquared Posts INR 162 Cr Loss In FY24

Amazon-backed SaaS startup LeadSquared reported a marginal 0.73% increase in its net loss to INR 162.24 Cr in the financial year 2023-24 (FY24) from INR 161.06 Cr in the previous year.

Operating revenue rose 9.12% to INR 279.29 Cr during the year under review from INR 255.93 Cr in FY23, LeadSquared’s filings with the ministry of corporate affairs accessed by Inc42 showed.

Founded in 2011 by Nilesh Patel, Sudhakar Gorti and Prashant Singh, LeadSquared offers vertical SaaS products to enterprises across sectors such as edtech, healthcare, banking and financial services (BFSI), hospitality and more.

It competes with the likes of Zoho, Browserstack, Amagi, and Freshworks in the sales automation space. According to Inc42 data, the enterprise tech startup has raised more than $188 Mn in funding till date.

The startup turned unicorn in 2022 after raising $153 Mn from WestBridge in a Series C funding round.

Including other income of INR 45.9 Cr, the Bengaluru-based startup’s total revenue jumped 9.77% year-on-year to INR 325.2 Cr in the financial year ended March 31, 2024.

LeadSquared generates revenue from sale of IT services and user licenses for software applications, as well as from billing of contracts.

As of March 31, 2024, the company’s total cash and cash equivalents stood at INR 58.29 Cr.

Where Did LeadSquared Spend In FY24?

In line with the surge in sales, LeadSquared’s overall expenses rose 6.6% to INR 486.45 Cr during the year ended March 31, 2024 from INR 456.21 Cr a year ago, with employee costs emerging as the biggest expense head.

Employee Benefits Expense: The SaaS unicorn’s spending under this bucket surged 12.67% to INR 306.23 Cr during the year under review from INR 271.78 Cr in the previous year.

Other Expenses: The company managed to trim its expenditure in this bracket by 7.2% to INR 156.80 Cr in FY24 from INR 168.97 Cr in FY23. Of the total other expenses, miscellaneous expenses accounted for INR 139.76 Cr during the year under review.

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