Coding ed-tech platform PurpleTutor aims to close FY23 with an 284.24% increase in net revenue to Rs 40 crore from Rs 10.41 crore in FY22, Gaurav Perti, co-founder, PurpleTutor, told FE Education online. According to him, the company’s net loss is expected to widen 75% to Rs seven crore in FY23, from Rs four crore, during the same period, in the previous year. It further plans to add 600 new teachers this fiscal. It currently has 250 teachers.”For our next phase of growth, we plan to increase our budget for teacher’s fees to 35% in this fiscal from 30%,” he added.
The Mumbai-based ed-tech platform, which began its operations in September 2019, further aims to add 20,000 paid subscribers in FY23. As per the firm, currently its total userbase is two lakh and of the five thousand are paid subscribers. In FY22, the company claimed to have enrolled 3,500 paid learners.
According to Perti, the company’s primary revenue stream is the course fee paid by the students. Regulatory files accessed by business intelligence platform Tofler revealed, PurpleTutor’s revenue from operation increased 3539.98% to Rs 2.32 crore in FY21 from Rs 6.35 lakh in FY20. The company’s net loss widened 4x to Rs 67 lakh in FY22 from Rs 12.8 lakh as compared to the same period in the previous year.
PurpleTutor claims to have raised funds worth Rs five crore from IvyCap Ventures, Disruptors Capital, Krishna Kumar, Ramakant Sharma, and other investors. On the expansion front, the company aims to grow its presence in South Asia, Middle East and plans to start its operations in the United States (US) by FY23.