Technology service providing company Nuvepro aims to clock turnover of Rs 20 crore in FY23, with a target of break-even, Giridhar LV, CEO, Nuvepro Technologies, told FE Education. Furthermore, the company plans to enter the United Kingdom, Ireland, besides other European countries in Q4FY23. “We plan to collaborate with the IT industry and ed-tech companies in these countries,” Giridhar said.
Regulatory filings accessed by business intelligence platform Tofler revealed that the company’s total revenue increased 113.23% to Rs 10.76 crore in FY22 from Rs 5.04 crore in FY21. The firm’s net loss declined 63.29% to Rs 1.3 crore in FY22 from Rs 3.7 crore in FY21. The company aims to raise funds worth $5 million in FY24.
As means of monetisation, the company offers its hand-on laboratory services to IT-industry and ed-tech companies. The average ticket cost of these products is Rs 40 per hour per customer. “Depending on the customer’s requirement, we customise the product. On an average, companies partner for 100-120 hours per consumer per month,” Giridhar explained. In FY22, the firm claims to have collaborated with 100 companies, in which 25 were ed-tech players. In addition, the company partnered with two universities. “In FY23, we aim to close our partnership with six universities in total,” Giridhar added.
Furthermore, the company plans to launch skill-oriented project based programmes at an average cost of Rs 50 per hour per student. “The project will be designed with recommended hours for each. It will initially focus on cloud-architecture,” Giridhar said.