Ed-tech platform for Information Technology (IT) aspirants, byteXL aims to clock a turnover of Rs 87 crore in FY23, with a gross profit of Rs 12 crore, Karun Tadepalli, co-founder, CEO, byteXL told FE Education. Furthermore, the company aims to enter Orissa, Tamil Nadu, Karnataka as part of its expansion plan during the same fiscal. According to Tadepalli, the firm plans to hire more manpower as it aims to increase the capacity of its team of trainers to 200 from the current 123 people, content team to 60 from 18, and sales team to 25 from nine in FY23.
Regulatory filings accessed by business intelligence platform Tofler, revealed that in its first year of operation in FY21, the company clocked total revenue of Rs 87 lakh on the back of a net loss of Rs 50 lakh. In FY22, the company claims to have clocked a turnover of Rs 17.5 crore. “We broke even in FY22, however, the audited result is yet to be announced,” Tadepalli said.
The firm claims to monetise through collaborations with institutes based on a subscription model for a period of one year. It offers its products at two price points. Firstly, the ed-tech platform offers its expert programmes at a ticket price of Rs 1.4 crore, which includes courses such as Artificial Intelligence (AI), cybersecurity, cloud computing among others. “The second one is the career acceleration programme, which is targeted to tier 2 and tier 3 cities,” Tadepalli noted. The cost for this is Rs 30 lakh, which includes skill development courses.
Currently, the firm claims to have collaborated with 85 colleges. In FY23, it plans to partner with 175 institutions with 2.4 lakh students. According to Tadepalli, the company conducted a seed fundraising round in July, 2022 where it secured an investment of Rs 1.5 crore. “We plan to expand our courses to topics such as Internet-of-things (IoT) and blockchain by March 2023,” Tadepalli said.
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