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 it aims to mop of a profit to 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 this August. Besides, it aims to raise funds worth $50 million by the end of the third quarter. “The upcoming fundraising is to offer acquisition to like-minded entrepreneurs who are struggling to raise capital, create good products but finding ways to be established,” Kapoor noted.
According to Kapoor, in FY22 the company clocked gross revenue of Rs 144 crore, on the back of profit of Rs one crore. Regulatory files accessed by business intelligence platform Tofler revealed Eupheus Learning’s revenue from operation declined 60.95% to Rs 23.25 crore in FY21 from Rs 59.55 crore in FY20. The company posted a net loss of Rs 31.73 crore in FY21 from a net profit of Rs 74.47 lakh in FY20.
The company claims to monitise through collaboration with schools. Under this it sells two kinds 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 the two products, curriculum based products accounted for 95% of our revenue in FY22. In the current fiscal we aim to change this with skill based solutions accounting for 13% revenue, while curriculum based solutions accounting for the rest 87%,” Kapoor added. The company aims to partner with 10,000 schools in FY23. Further, it plans to partner with international companies to develop content.
The company seems to be on an acquisition spree. In February, 2022, Eupheus Learning acquired SchoolMantra, a Software as a service (SaaS) provider to schools. Prior to this, it had 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 utilised for marketing, team growth and product development. “By this July, we will announce another partnership in the K-12 (kindergarten to grade 12) space,” Kapoor added.