Coding Ninjas reports Rs 53.3 crore revenue in FY24; losses jump 21.9%

Gurugram-based edtech startup Coding Ninjas reported minimal revenue growth for the fiscal year 2024 (FY24), with a 3.4% increase to Rs 53.3 crore, up from Rs 51.6 crore in FY23.

The modest growth follows a strong FY23 performance, during which the company’s revenue more than doubled.

The stagnation in FY24 shows the competitive pressures and challenges Coding Ninjas is encountering in the rapidly evolving edtech sector.

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Gurugram-based edtech startup Coding Ninjas reported minimal revenue growth for the fiscal year 2024 (FY24), with a 3.4% increase to Rs 53.3 crore, up from Rs 51.6 crore in FY23.

The modest growth follows a strong FY23 performance, during which the company’s revenue more than doubled.

The stagnation in FY24 shows the competitive pressures and challenges Coding Ninjas is encountering in the rapidly evolving edtech sector.

Facing rising expenses

While the startup's revenue remained largely flat, expenses soared during FY24, crossing the significant Rs 100 crore mark. Coding Ninjas reported total expenses of Rs 109.2 crore, reflecting a 12.23% increase from the previous fiscal year. Employee benefit expenses were the largest contributor, rising 6.64% to Rs 53.61 crore.

Additionally, legal and professional fees surged by 200%, reaching Rs 10 crore, while advertising and promotional expenses accounted for 24.4% of the total costs, though they saw a 15.5% reduction to Rs 26.69 crore.

Losses continue to mount

Coding Ninjas' rising expenses have led to increased losses. The startup recorded a net loss of Rs 52.63 crore in FY24, a 21.9% rise from FY23.

The company’s Return on Capital Employed (ROCE) and EBITDA margin were deeply negative at -337.3% and -72.45%, respectively.

Revenue streams and business model

Coding Ninjas generates revenue from three main streams: online coaching services for students and professionals, services for B2B clients such as universities and corporates, and commissions from placements through its programs.

Despite these diversified income streams, the startup's overall revenue growth remained sluggish.

Additionally, Coding Ninjas earned Rs 4.91 crore in non-operating income through interest and gains on financial assets, bringing its total revenue for FY24 to Rs 58.22 crore.

What does Coding Ninjas do?

Founded by Ankush Singla, Kannu Mittal and Dhawal Parate, Coding Ninjas offers coding courses in languages like Java, Python, and C++, aimed at helping students and professionals enhance their skills in areas such as competitive programming and interview preparation.