Tring India’s Impressive 7x Growth Paves the Way for Profitability in FY 23-24
- ByStartupStory | July 24, 2023
Tring, India’s celebrity platform, has achieved outstanding growth and significant improvements in its financial performance during the fiscal year 2023. The platform has become a game-changer in the entertainment industry, connecting fans with their favorite stars like never before.
In FY23, Tring witnessed a staggering revenue growth of over 700%, soaring from 4 crores to 28 crores over the preceding two years. Concurrently, the company’s loss percentage sharply reduced from 63% to 27% of gross revenue, indicating a strong focus on positive unit economics. This impressive performance reflects the surging popularity of speaking with beloved celebrities online and connecting with them personally, contributing to a 30X growth in orders (3000% increase) over the same period. Tring successfully delivered over 2 lakh orders in FY23 alone.
The platform’s emphasis on efficiency and frugality has resulted in a continuous drop in the burn rate, achieved through automation, introduction of key product features, and product-led growth. By relentlessly working to reduce operational costs by 10% in FY23, Tring has improved its gross margins to 37%.
“Our success in reaching the leadership position is a testament to the hard work and dedication of our team, as well as the trust and loyalty of our customers,” said Akshay Saini, CEO & Co-founder of Tring. “We will continue to innovate and improve our services to provide the best possible experience for our customers.”
Tring has grown exponentially, now boasting a team of 75 people at its Mumbai office. The company prides itself on fostering a supportive, inclusive, and collaborative culture, which has been instrumental in attracting and retaining talented employees.
With its eyes set on the future, Tring plans to invest in growth opportunities to expand its presence in Tier 2 and Tier 3 markets, where there is a high celebrity fandom. The brand connect segment, Tring for Business, has witnessed substantial growth, with SMEs and startups from across the country utilizing Tring celebrities for promoting their business and products.
In FY23, Tring successfully raised its pre-Series A round, led by Kalaari Capital, with participation from the Blume Founders Fund and existing investors. The platform has demonstrated the efficacy of its Celebrity-Consumer-Commerce strategy in India, providing fans with unprecedented opportunities to connect with their favorite celebrities and create lasting memories. Celebrities, in turn, are delighted to be a part of their fans’ lives while also monetizing their free time.
The future looks bright for Tring, with the number of users visiting the platform’s website organically increasing by over 10X, reaching 5.5 million in FY23. With ambitious growth plans, Tring aims to cater to more than 4 million users per month, cementing its position as India’s largest celebrity platform.
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