Upskilling and talent acquisition company, Futurense aims to clock net revenue of Rs 23 crore in FY23, Raghav Gupta, co-founder and CEO, Futurense Technologies, told FE Education. The company, however, denied to comment on the net profit or loss for the period. Furthermore, with a focus to upskill youth of the country and enable them to get high paying jobs, the company plans to expand its presence across other states such as Delhi and Hyderabad. “The company currently has its headquarters in Bengaluru where it trains people. It has also set up another facility in Koramangala, which will be operational in the next three months,” Gupta added.
According to regulatory filings accessed by business intelligence platform Tofler, in its first year of operations in FY21, Futurense clocked a net revenue of Rs 9.6 lakhs. On the other hand, the company incurred a loss of Rs 66 lakhs in FY21. “We are not in the profitability state right now. We are in a growing state and we plan to slowly steer forward,” Gupta said. In FY22, the company claims to have clocked a net revenue of Rs 4.83 crore. However, the company declined to comment on the profit or loss of the same fiscal year.
Furthermore, the company aims to grow its user base by 200% on a month on month basis by FY23. Gupta claimed that currently the platform enrolls about 50 resources a month, which is expected to increase to 150. “Every month, we receive around 9,000-10,000 applications but we are selective in numbers because we invest money on them,” Gupta pointed.
The company claims to monetise by charging its clients for providing them with skilled human resources. According to Gupta, Futurense enrolls people from tier 2 and 3 cities and trains them in their facility in Bengaluru. The training is done for two to three months without any charges which includes free accommodation and food. The company also claims to pay candidates their last drawn salaries while they are being trained. Once the training is done, the candidates are hired by the client companies, Gupta said.
“Our business model benefits employees by providing them double their salary in less than three months without any investment. After 12 months, they get promoted as full time employees of the client and get four times of what they were earning in the beginning,” Gupta stated.
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