SaaS platform WebEngage increased its size by 36% in Fiscal Year 2021
- ByStartupStory | June 21, 2022
User retention and engagement are critical for online businesses because they have a direct influence on size. While some firms handle these two components on their own, marketing automation SaaS systems such as MoEngage, Lead Squared, Clevertap, and WebEngage are used by a large number of enterprises.
According to its annual financial documents submitted with the Registrar of Companies, WebEngage’s scale rose 35.7% for the FY21 ended March, reflecting businesses’ increasing emphasis on retention and engagement (RoC). The full-stack marketing automation platform claims to have over 400 million monthly active users and has assisted its clients in generating an additional $10 billion in sales. Finance income and other non-operating revenue was Rs 84 lakh in FY21, in addition to operational revenue.
The Mumbai-based business offers consumer internet companies marketing automation services to improve customer engagement and retention easier and more successful. These services accounted for all of the company’s income, which increased to Rs 49.11 crore in FY21 from Rs 36.16 crore in FY20.
On the expense side, server hosting expenses were the company’s greatest cost component, accounting for approximately 32% of total yearly spending. From Rs 12.95 crore in the previous fiscal year to Rs 18.51 crore in FY21, this expenditure increased by 43%. (FY20).
To far, the firm founded by Ankit Utreja and Avlesh Singh has raised $11.5 million. It secured $5.14 million in pre-Series B fundraising in December 2021, headed by Blume Ventures, Indian Angel Network, and IQ Fund.
One would have to assume that at least some of these cost increases were driven by the fundraising efforts, particularly legal and commercial fees, as well as a transition to more’reliable’ premium servers. In the company, SaaS enterprises often have a solid core product that requires just incremental improvements rather than large-scale development.
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