Tiger Global-backed professional networking platform Apna’s revenue from operations surged nearly 3X in the financial year ended March 31, 2023. The Bengaluru-based startup reported an operating revenue of INR 180.2 Cr in the financial year 2022-23 (FY23), an increase of 182% from INR 63.8 Cr in the previous fiscal year.
Founded by Nirmit Parikh in 2019, Apna, which initially called itself the LinkedIn for blue- and grey-collar workforce, has now started posting job listings for white-collar workforce as well.
The startup primarily earns revenue by providing recruitment solutions. Including other income, the startup reported a total revenue of INR 188.1 Cr, an increase of 186% from INR 65.7 Cr it reported in the previous fiscal year.
Despite the increase in operating revenue, Apna’s loss rose in FY23. The startup incurred a loss of INR 120.3 Cr in FY23, an increase of 7% from INR 112.5 Cr in FY22.
Employee Benefit Costs Ballon
With the rise in revenue, Apna’s total expenses also rose, albeit at a much lower pace. The startup’s total expenditure grew 73% to INR 308.4 Cr in FY23 from INR 178.3 Cr in the previous fiscal year.
Employee Count Rises? Apna’s biggest expenditure during the year under review was employee costs. At INR 203.7 Cr, employee benefit expenses accounted for 66% of the total expenditure. This was also a rise of 162% from INR 77.8 Cr the company spent on employee benefits in FY22. The sharp increase indicates that the startup has increased its headcount. As per LinkedIn, Apna’s current employee headcount stands at 924.
Advertising Expenses Decline: In what seems to be a bid to reduce cash burn, Apna cut down its advertising expenses by 28% to INR 62 Cr in FY23 from INR 86 Cr in the previous fiscal year.
Apna started its journey as a networking platform for carpenters, painters, field sales agents, beauticians. Now, it also offers its services to white-collar employees. The startup currently caters both to employers and job seekers. It now has job listings under categories such as work for home, part-time job, freshers job, and night shift job to cater to a wider audience.
Inc42 has learnt that the startup recently also forayed into the international market and now has job postings from countries like Singapore, the UAE and Poland.
Apna entered the unicorn club in 2021 after raising $100 Mn in a funding round. At that time, it was the fastest Indian startup to turn into a unicorn.
The startup is backed by marquee investors such as Peak XV Partners, Insights Partners, Lightspeed India, and Tiger Global.
It competes against the likes of LinkedIn, Naukri.com, and Indeed.
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