The Ed-tech platform nearly aims to end FY23 with gross revenue of $10 million, with a contribution margin of 40% from the Indian market and 60% from the Middle East market and Southeast, Charu Noheria, co-founder and COO, Practically, told FE Education. According to her, the company aims to expand its business in Southeast Asia in addition to raising $35 million in pre-Series B by the fourth quarter of FY23. were not profitable in FY22, but we expect to make a profit in FY23,” Noheria said. However, the company declined to disclose its financial statements for FY22.
Regulatory files viewed by business intelligence platform Tofler revealed that Virtually’s operating revenue grew 5x to Rs 1.7 crore in FY21 from Rs 26 lakh in FY21. in FY20. The company’s net loss increased by 93.65% to Basic Rupees 13.5 in FY21 from Rs.7 crore in FY20. In FY23, we are targeting an average revenue rate of $10 million, with India accounting for 50% of revenue and the rest of the international market,” Noheria said. In March 2022, the company purchased Fedena, the Enterprise Planning Resource (ERP) startup with an existing user base of 20 million for an undisclosed amount.
As part of its expansion plan in India, the company aims to launch online after-school programs at a price ranging from Rs 99 to 375, opening its office in Mohali, Chandigarh by FY23. Currently, the company claims to operate in India, the Middle East and the South East. “We received a five million dollar strategic investment from global investors in FY21,” Noheria noted. Investors include NB Ventures, Earlsfield Capital, Almoe Group of Companies and Ncubate Capital, the investment arm of The SAR Group. In its four years of operation, the company claims to have raised a total investment of $14 million.
The company claims to partner with schools in the international market, while in India it sells products directly to customers, in this case parents of students in grades 6-10, to monetize them. “We have content-based offerings and platform-based offerings. The price of our products ranges from Rs 3,500 to 36,000 on annual subscription models,” Noheria said. Currently, the company claims to have an active user base of five lakh in India and 0.5 million in the Middle East. “We plan to launch our products in the US by FY24,” Noheria said.