Teachmint is a SaaS-based online edtech platform that announced a 109.8 percent increase in its operational revenue to Rs 17.1 crore in FY24. The startup provides SaaS-based online teaching and classroom management solutions. The application also offers virtual classrooms with administration management and note-sharing solutions. The platform also allows users to manage student information and track progress.
Entrackr mentioned in its report that software solutions are the company’s primary source of revenue. These sales increased by 56 percent to Rs 12.5 crore accounting for 73 percent of the operating revenue in FY24. Teachmint also earns income through subscription services and the sale of devices like biometrics, GPS devices, and interactive flat panels. The Lightspeed-backed firm has secured over $118 million across multiple funding rounds since its inception, including $78 million raised during its series B funding round at a valuation of $500 million from Rocketship, Vulcan, and other investors.
The data intelligence platform, tracxn mentioned that the company’s post-money valuation is around 483 million USD as of March 2023. The platform offers student information management, student progress tracking solutions, and more. The startup also provides online learning courses with a seamless user experience. The company reported a total current asset of Rs 44 crore including cash and bank balances of Rs 34 crore in the last financial year.
The firm’s total expenditure decreased by 26.6 percent to Rs 160 crore in FY24. The startup reported a 39.2 percent decrease in its losses of Rs 110 crore in the same duration. Meanwhile, employee benefits also saw a 21.2 percent decrease in this financial year. The IT expenses were reduced by 9.1 percent while the marketing cost also saw a 63.6 percent decrease in FY24. The company managed to control its losses by reducing operating expenses and employee benefits.
The startup has around 23 institutional investors including Learn Capital, Vulcan, and Light Speed India. The report by Tracxn mentioned that the existing investor Lightspeed Venture Partners is the firm’s largest institutional investor. The EBITDA margin stood at -198 percent while the ROCE was around -24.77 percent. The company plans to improve its business model while offering innovative solutions to position itself well in the global edtech market. Teachmint faces competition from other SaaS platforms in the edtech market segment such as Educomp, and Smart Technologies.
Conclusion :
The edtech platform Teachmint announced a two-fold increase in operational revenue to 17.1 crore in FY24. This startup offers online teaching and management solutions with features like student progress tracking and virtual classrooms. The sale of devices and education software solutions through subscription services is the firm’s primary source of revenue. The loss decreased by 39.2 percent to Rs 110 crore in FY24.
The total expenditure of the firm increased by 26.6 percent and crossed Rs 160 crore in the same duration. The company managed its losses for this fiscal year by minimizing its operating and employee expenses. The company has secured over 118 million USD across multiple funding rounds to date.
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