SaaS-based edtech platform Teachmint has showcased notable progress in FY24 by doubling its operating revenue and significantly cutting losses by 39% year-on-year. Despite this improvement, the Lightspeed-backed company continues to strive for a broader market presence.
Teachmint’s revenue from operations surged to ₹17.1 crore in FY24, up from ₹8.15 crore in FY23, as per its consolidated financial filings. The Bengaluru-based company primarily generates income through subscriptions for its education software solutions targeted at schools and teachers, which contributed ₹12.5 crore, or 73%, to the total operating revenue—a 56% increase from the previous year. The remaining revenue came from the sale of devices like biometrics, interactive flat panels, and GPS systems.
The company managed to streamline its expenses, bringing down its total expenditure by 26.6% to ₹160 crore in FY24 from ₹218 crore in FY23. Major cost reductions were seen in employee benefits (down by 21.2%), marketing (down by 63.6%), and IT expenses (down by 9.1%). These measures helped Teachmint limit its net losses to ₹110 crore in FY24, compared to ₹181 crore in FY23. Excluding non-cash ESOP costs, Teachmint’s adjusted losses stood at ₹82 crore for the year.
Teachmint reported a return on capital employed (ROCE) of -24.7% and EBITDA margins of -198% in FY24. On a unit level, the company spent ₹9.36 to generate ₹1 in revenue. As of March 2024, Teachmint held ₹440 crore in total current assets, including ₹34 crore in cash and bank balances.
The company attributes its revenue growth to its strategic shift towards digitizing schools, a move highlighted by Entrackr last year. However, the journey hasn’t been without challenges—Teachmint laid off over 70 employees during FY24.
Since its inception, Teachmint has secured over $100 million in funding, including a $78 million Series B round in 2021 at a $500 million valuation. However, it has not raised fresh capital in the past three years.
In the competitive landscape, Teachmint trails behind rivals like Classplus, which doubled its revenue to ₹213 crore in FY24, and Lead School, which grew by 25% to ₹370 crore during the same period.
This financial turnaround indicates a steady path forward for Teachmint as it continues to refine its operations and explore growth opportunities in the edtech sector.