LEAD’s revenue from operations grew by 28.6% to Rs 351 crore in the last fiscal year, from Rs 273 crore in FY23, its annual financial statements sourced from the Registrar of Companies (RoC) show.

The Mumbai-based firm provides a comprehensive range of educational resources to schools, including books, workbooks, curricula, smart classes, teacher training, teacher manuals, ERPs, and Math-Science kits. According to its website, LEAD is partnered with over 8,000 schools and operates in more than 400 cities.

Revenue from product sales contributed 79% of the total operating income, rising 35% to Rs 276 crore in FY24. The remaining income came from platform services, which generated Rs 75 crore during this period.

LEAD also earned Rs 19 crore from non-operating activities, bringing its total income to Rs 370 crore in the last fiscal year.

Unlike other edtech companies, LEAD reported a 39% year-on-year decline in employee benefit costs, which fell to Rs 174 crore in FY24. Despite the reduction, this remained the company’s largest expense, accounting for 34% of total expenditure.

The cost of products stood at Rs 126 crore in the previous fiscal year, while the company also reduced spending on advertising, legal, and donations. These efforts contributed to a 17% year-on-year reduction in overall expenses, which dropped to Rs 513 crore in FY24.

The 28.6% increase in scale and controlled expense on employee benefits helped Lead to reduce its losses by 55.6% to Rs 143 crore in FY24. Its ROCE and EBITDA margin stood at -46.9% and -15.68% respectively. On a unit level, it spent Rs 1.46 to earn a rupee in the last fiscal year. As of FY24, Lead’s current assets were recorded at Rs 432 crore with cash and bank balances of Rs 86 crore.

LEAD recently announced that it became EBITDA positive in the first quarter of the ongoing fiscal year (Q1 FY25). To date, it has raised over $180 million, including a $100 million funding round led by WestBridge Capital in 2022, during which the firm achieved unicorn status.

According to startup data intelligence platform TheKredible, WestBridge Capital is the largest external stakeholder with a 27.58% stake, followed by Elevar Equity. The company’s co-founders, Sumeet Mehta and Smita Deorah, collectively hold 32.7% ownership in the company.

The post LEAD hits Rs 350 Cr revenue milestone in FY24; cuts losses by 56% appeared first on The India Bizz Startup News Website.

The post LEAD hits Rs 350 Cr revenue milestone in FY24; cuts losses by 56% appeared first on The India Bizz Startup News Website.