Ed-tech platform Eupheus Learning aims to close FY23 with a 101.38% increase in gross revenue to Rs 290 crore from Rs 144 crore in FY22, Amit Kapoor, Founder, Eupheus Learning told FE Education , adding that he aims to mop up a profit for the tune of Rs eight crore. According to him, the company plans to expand its sales team from 200 people to 400 people by the end of August. Additionally, it aims to raise funds worth $50 million by the end of the third quarter. “The upcoming fundraiser is aimed at providing acquisition to like-minded entrepreneurs who are struggling to raise capital, create great products but find ways to establish themselves,” Kapoor noted.
According to Kapoor, in FY22, the company recorded a gross revenue of Rs 144 crore, on the back of a profit of Rs one crore. Regulatory files viewed by business intelligence platform Tofler revealed that Eupheus Learning’s operating revenue fell by 60.95% to Rs 23.25 crore in FY21 from Rs 59.55 crore in FY20. The company recorded a net loss of Rs 31.73 crore in FY21 on a net profit of Rs 74.47 lakh in FY20.
The company claims to monitor through collaboration with schools. Under this, it sells two types of products – skill-based solutions which have an average ticket price of Rs 350 and curriculum-based solutions at an average cost of Rs 360. Currently, the company claims to have 7,500 active schools with four million active students. “Of both products, curriculum-based products accounted for 95% of our revenue in FY22. In the current fiscal year, we aim to change that with competency-based solutions accounting for 13% revenue, while curriculum-based solutions make up the remaining 87%,” Kapoor added. The company aims to partner with 10,000 schools in FY23. Additionally, it plans to partner with international companies to develop content.
The company appears to be on a wave of acquisitions. In February 2022, Eupheus Learning acquired SchoolMantra, a software as a service (SaaS) provider for schools. Previously, it acquired ed-tech platform ClassKlap for $19 million in September 2021. During the same period in 2021, the company raised a fund worth $10 million, which it claims to have been used for marketing, team growth and product development. . “By July, we will announce another partnership in the K-12 (K-12) space,” Kapoor added.