Apna, a Tiger Global-backed unicorn, sees revenue triple while expenses rise in FY23

• ByStartupStory     |    November 2, 2023

Apna, a unicorn backed by Tiger Global Management, has experienced remarkable growth in operating revenue for the fiscal year 2022-23. The substantial increase in business activities resulted in nearly tripling its operating revenue. However, higher expenses led to increased losses when compared to the previous fiscal year.

Based in Bengaluru, Apna reported an operating revenue of Rs 180.3 crore in FY23, representing a significant growth of 182.1% compared to the Rs 63.9 crore recorded in the preceding fiscal year.

The total revenue of the job and professional networking platform, which includes interest income from fixed deposits and current investments totaling Rs 7.8 crore, reached Rs 188.1 crore. The majority of its income was derived from providing software development support services to the holding company.

In contrast, expenses surged by 72.9%, reaching Rs 308.4 crore in FY23, compared to the Rs 178.3 crore reported in FY22 according to the company’s recent financial statements. Consequently, the platform’s losses slightly increased to Rs 120.3 crore in FY23, up from Rs 112.6 crore in the previous financial year.

The widening of losses was primarily driven by the firm’s substantial spending of Rs 203.8 crore on employee benefits, marking a significant year-on-year increase of 161.9%. This category includes expenses related to the employee stock option scheme and employee stock purchase plan, totaling Rs 41.6 crore, which reflects a surge of 248.7% compared to the Rs 11.9 crore incurred in the previous year.

On the expenditure side, Apna managed to reduce its advertising and promotional expenses by 28.3%, but these expenses remained the second-largest expenditure, totaling Rs 62.1 crore, compared to the previous fiscal year when it amounted to Rs 86.6 crore.

Founded in 2019, apna.co is a job and professional networking platform that connects the workforce with professional networking and upskilling opportunities. With a user base exceeding 40 million across 70+ cities and more than 500,000 employers, the platform employs an advanced algorithm for skill-based matching between candidates and employers, taking into account their skills, experience, and preferences.

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Apna joined the unicorn club in 2021 after securing $100 million in Series C funding led by Tiger Global. To date, the company has raised over $190 million in investments from various investors, including Owl Ventures, Insight Partners, Lightspeed India, Sequoia Capital India, Maverick Ventures, GSV Ventures, Greenoaks Capital, and Rocketship.vc.

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