Tiger Global-backed unicorn Apna’s revenue falls by nearly a third, losses halved in FY24

Tiger Global Management-backed unicorn Apna saw its operating revenue drop by nearly a third in FY 2023-24, driven by a slowdown in its core revenue stream—software development support services.

The Bengaluru-based company, however, managed to reduce its losses by more than half, while cutting expenses by just over a third compared with the last fiscal year.

The job and professional networking platform reported an operating revenue of Rs 127.6 crore in FY24, marking a 29.2% decline from the Rs 180.3 crore posted in the previous fiscal year.

The bulk of Apna’s income is generated from software development support services to its holding company, followed by revenue from recruitment solutions via its web platform and mobile app.

The firm’s total revenue, including Rs 11.3 crore from interest income on fixed deposits and current investments, reached Rs 139.8 crore.

Meanwhile, the company's expenses dropped by 38.1%, down to Rs 191 crore in FY24 compared with Rs 308.4 crore in FY23, according to its standalone financial statements.

The reduction in expenses enabled the platform to substantially narrow its losses to Rs 51.3 crore in FY24, down from Rs 120.3 crore incurred in the previous financial year.

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The narrowing of losses is primarily due to reduced spending on employee benefits, which, despite being the firm's largest expense, fell to Rs 123 crore—a 39.7% year-on-year decrease. This includes Rs 9.5 crore in costs related to the employee stock option scheme and employee stock purchase plan, down from Rs 41.6 crore in the previous year.

Moreover, Apna also reduced its advertising and promotional expenses by 39.9%, although these still accounted for the company’s second-largest expense, totalling Rs 37.3 crore in FY24 compared with Rs 62.1 crore in FY23.

Founded in 2019, Apna.co is a job and professional networking platform which connects the workforce with professional networking and upskilling prospects. With a user base exceeding 50 million across over 825 cities and over 600,000 employers, the platform utilises an advanced algorithm for skill-based matching between candidates and employers, considering their skills, experience, and preferences.

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