Enterprise tech firm Exotel crossed revenue of Rs 444 crore with losses shrinking by 61 percent in FY24

Exotel is an enterprise tech firm that provides cloud-based telephony platforms for companies to manage customers. This startup announced a 5.7 percent increase in its operational revenue to Rs 444 crore in FY24. The firm uses artificial intelligence on its omnichannel platform for customer service and engagement. The startup also offers cloud-based contact center solutions for customer communication management such as outbound and inbound calls, chatbot interactions, and video communications. 

These internet-enabled cloud communication and related services are the company’s primary source of revenue. The startup also earns its income through product sales, browser extensions, software licensing, software development kits, and mobile applications. The interest on deposits and investments added Rs 16 crore to the total income, bringing the overall revenue to Rs 447 crore in FY24. 

The company has secured over 100 million USD across multiple funding rounds, including $40 million raised during its series D funding round led by Steadview Capital, A91 Partners, and other investors in 2022. The firm’s existing investor, A91 Partners is the largest external stakeholder, accounting for a 25.7 percent stake followed by Blume Ventures. Exotel offers an online customer conversation platform and quality analysis tool to analyze and review customer interactions. 

The firm uses advanced technologies to provide the best customer experience. This cloud-based platform also provides IVR, call scheduling, conversational intelligence, and other services. The telephone and postage expenses take up to 39 percent which increased by 10.2 percent to Rs 195 crore in the last fiscal year.

However, the firm noticed a 24 percent decrease in its employee benefits to Rs 186 crore in FY24. The total expenditure of the firm decreased by 10.1 percent to Rs 499 crore in this financial year. The startup reported a 60.6 percent decrease in its losses to Rs 43 crore for FY24.

The Bengaluru-based company focuses on improving its business model while offering innovative solutions, positioning it well in the global market. The company serves multiple industries including logistics, finance, and e-commerce sectors.

The firm reduced its workforce by 15 percent to control its losses in FY24. The EBITDA margin also improved and stood at -3.48 percent while the ROCE was around -8.9 percent. The enterprise tech startup faces competition from other platforms in the same market segment such as MyOperator, Tata Communications, and Knowlarity. 

Conclusion :

Exotel posted a 5.7 percent increase in revenue from operations to Rs 444 crore in FY24. This enterprise tech startup offers a cloud telephony platform with AI-based customer engagement and services to help startups manage customers. The company earns its revenue through Cloud communication services, software licensing, and sales of product services including APIs and browser extensions.

The startup posted a 60.6 percent decrease in its losses to Rs 43 crore in FY24. The firm’s total expenditure decreased by 10.1 percent and crossed Rs 499 crore in the same duration. The employee benefits also reduced by 24 percent and stood at Rs 186 crore in FY24. Exotel earns 14 percent of its revenue from Southeast Asia, Africa, and the Middle East.