Tiger Global-backed jobs platform Apna's net loss widened significantly even as the company reported a 2.7x jump in its revenue compared to FY21.
According to the company's filings with the Ministry of Corporate Affairs (MCA), Apna's net loss for FY22 came in at Rs 112.6 crore against Rs 28.3 crore in FY21. Revenue from operations rose to Rs 63.9 crore versus Rs 17.16 crore in FY21.
Apna’s total expenses in FY22 swelled 293% to Rs 178.33 core compared to Rs 45.4 crore in FY21. Advertising promotional expenses, which accounted for almost half of the expenses, grew over five times to Rs 86.64 crore in FY22.
The next big contributor to Apna’s costs was employee benefit expense of Rs 77.8 crore, up about 200% from FY21.
The startup, founded in June 2019 by Nimrit Parikh, has proved to be one of the fastest Indian startups to achieve unicorn status last year.
It claims to have more than 16 million users in over 40 cities and has 150,000+ small and medium business employers on its platform.
Apna earns its revenue by providing software development support services and recruitment solutions through its web platform and mobile application in the form of fees or subscription. Majority of this comes from the software development services it provides. In FY22, it earned Rs 63.87 crore through software development services and Rs 2.28 lakh from recruitment solutions.
Salaries and wages cost constitute the majority of employee benefits expense. It grew over 350% to Rs 63.1 crore in FY22, up from Rs 13.54 crore. The startup also incurred expenses of Rs 11.92 crore on employee stock option scheme and employee stock purchase plan, marginally up from the year before.
The company did not immediately respond to queries about FY22 results.
The three-year old venture, which entered the unicorn club last year in September, has so far bagged over $190 million from marquee investors such as Owl Ventures, Insight Partners, Lightspeed India, Sequoia Capital India, Maverick Ventures, GSV Ventures Greenoaks Capital and Rocketship.vc.
Apna has last raised $100 million in its Series C round, post which it was valued at $1.1 billion.
