Bird AI eyes net revenue of Rs 40 crore in FY23, plans to enter European market | The Financial Express

Bird AI eyes net revenue of Rs 40 crore in FY23, plans to enter European market

Bird AI offers subscription-based video conferencing and collaboration systems to educational institutions and offices.

Bird AI eyes net revenue of Rs 40 crore in FY23, plans to enter European market
In FY22, the company claimed to have clocked net revenues of Rs 7.8 crore.

Software-as-a-service (SaaS)  provider Bird AI aims to clock net revenue of Rs 40 crore in FY23, Nishant Rajawat, CEO, founder, Bird AI, told FE Education. Furthermore, the company plans to enter Europe to expand its business in Q4, FY23. In the same fiscal, the firm aims to acquire 40,000 customers. “Until November, FY23 we are at a revenue of Rs 20 crore on an average,” Rajawat, said. The company claims to have clocked a net revenue of Rs 7.8 crore in FY22. Rajawat, however declined to give profit or loss for both fiscal years. 

Bird AI offers subscription-based video conferencing and collaboration systems to educational institutions and offices “The average cost of the subscription varies between the range of Rs 18,000- Rs 2.5 lakh,” Rajawat added. He further explained that the mentioned cost is for first time users where the company installs its own software and hardware systems. “Hereinafter, the subscription cost is Rs 400 per month, per user,” Rajawat noted. Until now, the company claims to have sold 20,000 meeting systems.

Furthermore, the customer acquisition cost (CAC) of the company stands at five percent of the selling price (SP) for institutions and offices, and two percent of the SP for individual customers.  In FY23, the company aims to reach tier-2 and tier-3 cities by offering its products to schools and tutoring centers. “We plan to design our system in such a way that it can be installed in computers and laptops as well,” Rajawat added.

Additionally, in Q4, FY23, the company plans to raise fresh funds of Rs 120 crore in Series A  round. “We are at the middle of our fundraising cycle and are in talks with many firms. We are currently valued at about Rs 800 crore,” Rajawat added. Currently, the company claims to operate in India, Canada, United States, South East Asia, and South Africa. 

Also Read: Macmillan Education India aims to provide literacy, numeracy skills among students

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First published on: 30-11-2022 at 08:00 IST