Tracxn FY24 Results: Profits Shrink By 80% For Full Year

Market intelligence platform Tracxn Technologies reported a profit after tax (PAT) of INR 1.42 Cr in the quarter ending March 2024 (Q4) in the financial year 2023-24 (FY24). This represents a sequential decline of 36% from Q3 FY24’s INR 2.2 Cr. 

However, on a YoY basis, Tracxn has reported a 13% increase in net profits from Q4 FY23’s INR 1.25 Cr. 

For the complete fiscal year of FY24, Tracxn’s PAT shrank to INR 6.50 Cr, down 80% from the net profit of INR 33.09 Cr it recorded in the previous fiscal. 

However, its operational revenue zoomed by 7% to INR 87.03 Cr in the fiscal from FY23’s INR 81.18 Cr. Its net expenses also witnessed a similar increase, growing 3% to INR 78.35 Cr from last year’s INR 75.72 Cr. 

Tracxn’s operating revenue sank during the quarter to INR 20.31 Cr, a 3% quarter-on-quarter (QoQ) depreciation from last quarter’s INR 21.1 Cr. 

The number is also marginally down YoY from the INR 20.34 Cr it made in the corresponding quarter of the previous fiscal. 

On the other hand, the startup’s total expenses rose to INR 19.68 Cr during the quarter, up 2% QoQ from last quarter’s INR 19.32 Cr, again marginally down YoY from the INR 19.70 Cr in the year-ago period. 

Founded in 2013 by Abhishek Goyal and Neha Singh, Tracxn is a business intelligence platform that tracks companies across the globe. Its customer base includes private market investors such as venture capital and private equity firms and investment banks as well as corporates, government agencies, government banks, academic institutions, and startup accelerators.

This is the first fiscal where the India market accounted for the maximum share of Tracxn’s revenue. 

The company claimed that Q4 FY24 was the quarter where it acquired a maximum number of customers, precisely 88. With the addition, Tracxn’s customer base increased to 1,313 from last quarter’s 1,224. 

From a geographical lens, its revenue from India grew 14% YoY, accounting for 34% of its revenue for FY24. Contribution from the American countries stood at 32%, while the Europe, Middle East, and Africa (EMEA) region brought in 23% of its total revenue. 

Besides its focus on big ticket accounts, the company also announced that it has set up  a separate team to focus on  acquisition and expansion of customers in the startup segment. 

It reasoned the introduction of this separate team to it witnessing a high volume of inbound leads from startups which require differentiated use cases and workflows.

Further, the quarter also saw the company introduce its new offering Tracxn Lite for PLG (Product-Led Growth). Under this, Tracxn users get restricted access to the platform, with limitations like daily hits for profile views, exports and certain platform modules. 

It claimed that the user base for Tracxn Lite has grown to over 20K user sign ups since introduction in December 2023. Its monthly active user base has also crossed 8,000.