Engineer.ai expects its revenue to hit $45-million mark for the current fiscal, out of which $35 million is expected to come from India.
Engineer.ai, which makes AI (artificial intelligence) based software to help non-programmers build own software without coding, expects India business to contribute around 77% to its global revenue for the financial year 2019, its Founder Sachin Dev Duggal told FE Online in an email response.
“Our global revenue for FY 2018 was $23.1 million which we expect to increase to $45 million for the current year. The contribution from our India operations will be around $35 million which is very significant for us,” Duggal said. The San Francisco-based startup will also double its headcount from current 150 across the US, UK, and India to up to 300 by June 2019.
Engineer.ai recently raised $29.5 million Series A round led by venture capital firms Lakestar and Jungle Ventures, with participation from Softbank’s DeepCore. “65% of the capital will be utilized for engineering purposes and the rest for customer acquisition. By March 2021, India will generate a top line revenue of $100 million,” Duggal said.
“By creating an AI-powered assembly line combined with the best global human talent, Engineer.ai’s Builder bridges the gap between an idea and a software product to enable it,” Manu Gupta, Partner at Lakestar said in a company statement.
Engineer.ai is also looking to increase the number of engineers on the platform. “The current strength of engineers on the platform is 32,000 engineers of which 10,000 are from India. This will go up to 250,000 engineers from India within 24 months,” Duggal said.
Launched in June 2018, Engineer.ai counts customers such as BBC, Virgin Group etc., across geographies, and markets from e-commerce and m-commerce platforms, to social apps. The company is focused on the APAC region particularly India, South East Asia including China, and the Middle East and North Africa.
Engineer.ai had so far claimed to bootstrap to $24 million in revenue. It is looking to cross $100 million revenue mark by end of 2020. The startup’s target customers in India will be enterprise and small and medium businesses. Its total customer base counts over 5,000 of which 264 are enterprise customers and the rest are small and medium businesses.