Tracxn Reports Threefold Growth in QoQ Net Profits
- ByStartupStory | November 3, 2023
Financial data aggregator Tracxn has achieved remarkable growth, with its net profits for the quarter ending September 30, 2023, surging threefold to reach Rs 2.16 crore. Tracxn’s total revenue also showed robust growth, standing at Rs 22.48 crore, reflecting an 8.2% increase from the previous quarter’s Rs 20.76 crore. The company’s financial statement, filed with the National Stock Exchange, reveals that total expenses experienced a slight contraction, totaling 19.49 crores.
Significantly, employee costs represent a substantial portion of the total expenses, amounting to Rs 17.1 crore for 783 employees. The company attributes this increase in headcount to growth initiatives undertaken in the previous year, which have since been optimized through automation and efficiency measures.
Tracxn achieved an EBITDA of Rs 2 crore for Q2 FY24, boasting an EBITDA margin of 9.5%, which includes non-cash expenses such as ESOP. This marks their highest quarterly EBITDA and EBITDA margin to date. The company has outlined plans to invest in growth initiatives, encompassing marketing, sales, and account expansion.
The company’s statement to investors highlights its strong performance in web traffic. Tracxn reveals that it received approximately 9 million organic search traffic hits on its website in H1 FY24 alone, compared to 8.7 million in the previous period.
“We believe as the markets open up further, we should see more acceleration than previously in new customer acquisition as well as customer expansion,” the statement noted. Tracxn underscores its global presence, indicating that 66% of its revenues are derived from international clients spanning more than 50 countries.
Founded in 2012 by Abhishek Goyal and Neha Singh, Tracxn is a private market data intelligence platform renowned for offering comprehensive, up-to-date data on over 2.3 million private companies worldwide, across various sectors and geographies. Tracxn’s SaaS-based platform provides valuable insights into private company funding, financials, key personnel, competitors, and market trends.
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A notable milestone for Tracxn was achieved in October 2022 when it became a publicly listed company on the BSE and NSE, further cementing its position in the financial data aggregation sector.
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