In a landscape where many edtech leaders saw stagnant growth in FY24, Classplus has emerged as a standout performer, achieving an impressive eight-fold revenue increase. The Tiger Global-backed firm reported revenue of Rs 213 crore for FY24, up from Rs 26 crore in FY22, while successfully reducing losses by 57%.
According to consolidated financial statements sourced from the Registrar of Companies, Classplus’s revenue from operations doubled to Rs 213 crore, reflecting strong demand for its services that empower educators to establish their online presence. A remarkable 96.6% of its operating revenue, amounting to Rs 205.5 crore, came from the sale of SaaS tools and software.
The company also generated an additional Rs 8 crore from products and allied services, alongside Rs 52 crore in interest income from fixed deposits, culminating in a total income of Rs 264 crore for the fiscal year ending March 2024. Classplus has further expanded its portfolio by investing in ventures like GyanLive and launching the Polaris School of Technology in Bangalore.
Despite its growth, Classplus managed to decrease employee benefits, which accounted for 54% of total expenses, down to Rs 201.7 crore. Notably, advertising and promotional expenses also decreased by 7.3%. Overall expenditures fell to Rs 375.7 crore, compared to Rs 405.2 crore in FY23, showcasing the company’s ability to balance growth with cost management.
