Keka is a SaaS startup that provides an online HR tech platform and HRMS software for enterprises. The company with HR-related solutions announced a 62.5 percent increase in its operational revenue to Rs 78 crore in FY24. The online platform provides performance management, recruiting, leave, automated payroll, and performance management services. The sale of closed-based HR and payroll management software services is the company’s primary source of revenue.
The firm also earns income through one-time implementation fees. The interest on deposit contributed Rs 9 crore to the overall income and pushed the overall income to Rs 87 crore for this FY24. The company’s revenue was largely generated from payroll management and software. The startup uses artificial intelligence and advanced technologies to provide users with a seamless user experience. The subscription income from the software and payroll management software sale accounted for 97.4 percent of the total operating revenue and stood at Rs 76 crore in FY24.
The Seattle-based startup has secured around 59.2 million USD across multiple funding rounds since its inception, including $57 million raised during its series A funding round from WestBridge Capital, Konark Trust, and others in 2022. The existing investor, WestBridge Capital is the firm’s largest external stakeholder with 20 percent of the stake. The founder and CEO hold 66 percent of the remaining stake.
Keka has around six institutional investors including Recur Club, WestBridge Capital, and MMPL Trust. The company offers subscription-based pricing model tools for workflow analytics, feedback management, and surveys. The SaaS startup claims to have around 2.5 million employees using its HR application. The advertising expenses increased by 3.6 times to Rs 22 crore in FY24. The marketing, information technology, legal, traveling, and other expenses increased the total cost.
The startup posted a total current asset of Rs 97 crore, including cash and bank balance of Rs 88 crore in FY24. The company’s total expenditure increased by 100 percent and crossed Rs 166 crore for this financial year. The firm failed to control its expenses and noticed a 185.7 percent increase in its loss to Rs 80 crore in this fiscal year. Meanwhile, employee Benefits increased by 94 percent and stood at Rs 107 crore in the same period. The EBITDA margin stood at -89.20 percent while ROCE was around -85.1 percent in FY24. Keka faces competition from other HR tech platforms like Workday, Paylocity, and Bob.
Conclusion :
Keka announced a 62.5 percent increase in its revenue from operations to Rs 78 crore in FY24. The firm provides an online platform with HR-related solutions including performance and workflow management. The software services and interest on deposits are the firm’s primary sources of revenue.
The firm’s total expenditure increased by 100 percent to Rs 166 crore in this financial year. Employee benefits accounted for 64.5 percent of the total expenses. This cost grew by 94 percent to Rs 107 crore in FY24. The loss saw a 2.8 times increase and stood at Rs 80 crore in the same duration.
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