Edtech platform TagHive plans to enter the United States, Middle East, and SouthEast Asia, as it eyes net revenue of Rs 6.5 crore in FY23, Pankaj Agarwal, founder, CEO, Taghive told FE Education. “We plan to disclose the financial data after March 2023. Nonetheless, we expect a profit of 20%,” Agarwal said. Furthermore, the company plans to expand its business in 10 states including North East and South.
Regulatory filings accessed by business intelligence platform Tofler revealed that the company’s total revenue increased 1.5x to Rs 11.47 lakh in FY22 from Rs 4.69 lakh in FY21. The firm posted a net profit of Rs 2.9 lakh in FY22 from a net loss of Rs 5.8 lakh in FY21. “Due to pandemic and closure of the education sector, the company incurred the loss,” Agarwal noted.
As means of monetisation, the platform claims to sell its smart class service products to schools. “The average cost of one time installment of the product is Rs 90,000. After that, schools pay Rs25 per student per month as software renewal charge,” Agarwal explained. The subscription plan is available on a monthly basis. In FY22, the company claims to have collaborated for 1,000 classrooms. In FY23, the firm aims to collaborate with 1,000 schools for 10,000 classrooms.
In addition, TagHive plans to conduct a Series-B fundraise of $10 million in the third quarter of next fiscal year (Q3, FY24). “We will not launch any product in the next fiscal year. We aim to focus on expansion of market and team growth,” Agarwal said. Currently, the company claims to be operational in India and South Korea.