SUMMARY
Teachmint reported a net loss of INR 180.7 Cr in FY23, a 37% increase from INR 131.6 Cr in FY22
The edtech startup’s operating revenue zoomed 1,057% to INR 8.1 Cr in FY23 from INR 70 Lakh in the previous year
In last two years, Teachmint fired nearly 115 employees in two rounds of layoffs and also saw one of its cofounder step down
Bengaluru-based edtech startup teachmint
’s net loss inched closer to the INR 200 Cr mark in the financial year ended March 31, 2023. The edtech soonicorn reported a net loss of INR 180.7 Cr in the financial year 2022-23 (FY23), a 37% increase from INR 131.6 Cr in the previous fiscal year.
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 top line of the startup zoomed over 11.5X during the year under review. The Lightspeed-backed edtech startup reported an operating revenue of INR 8.1 Cr in FY23, a 1,057% increase from INR 70 Lakh it earned in FY22. It must be noted that FY22 was the first complete year of Teachmint’s operations as the startup was founded in May of 2020.
Including other income, total income stood at INR 36.9 Cr in FY23 against INR 13.4 Cr in FY22.
Where Did Teachmint Spend?
The startup’s total expenditure increased over 50% to INR 218 Cr from INR 145 Cr in FY22.
Employee Benefit Expenditure: Employee costs accounted for about 63% of the total expenses, rising 88% to INR 137.5 Cr in FY23 from INR 73 Cr in the previous fiscal year. It is pertinent to note the startup laid off about 115 employees in two restructuring exercises to cut costs in the last one-and-a-half years.
Information Technology Expenses: Teachmint saw its IT expenses decline 33% to INR 11 Cr in FY23 from INR 16.5 Cr in the previous fiscal year.
On a unit economics basis, the startup spent INR 27 to earn every rupee from operations in FY23.
The edtech startup, which last raised $78 Mn in 2021, pivoted to digitising schools from its earlier focus on digitising teachers and educators. This resulted in two rounds of layoffs. Besides, one of its cofounder Anshuman Kumar stepped down to start his own venture.
Teachmint has raised a total funding of about $118 Mn to date. It counts the likes of Rocketship VC, Learn Capital, Lightspeed India Partners, and Better Capital among its backers.
