Coding Ninjas revenue grows from Rs 27.96Cr to Rs 58.9Cr in FY23

Edtech startup Coding Ninjas has reportedly witnessed a massive surge in its revenue growth. The Gurugram-based startup operational revenue saw a more than twofold increase, reaching Rs 58.9 crore in the fiscal year ending March 2023.

This is a significant leap from its Rs 27.96 crore revenue in FY22, according to Entrackr report, citing the company's regulatory filings.

Coding Ninjas' additional revenue

Apart from its core operations, the startup also generated an additional Rs 2.32 crore in FY23 from interests on deposits and other non-operational activities, bringing the total revenue to Rs 61.3 crore.

Expenditure analysis

A closer look at the company's expenditures reveals that employee benefits were the most significant cost, accounting for 50.3% of total expenses, the report said.

The expense saw an 86.7% increase, amounting to Rs 48.17 crore in FY23, inclusive of an employee share-based payment of Rs 1.9 crore.

Advertising and promotional expenses also rose by 33%, reaching Rs 31.6 crore. Other notable expenses include legal & professional fees, which surged by approximately 4.5 times to Rs 3.78 crore. Overall, the company's total expenses escalated by 105% in FY23, amounting to Rs 95.78 crore.

Financial health

Despite the aggressive spending, the company's losses deepened, doubling to Rs 34.3 crore in FY23 from Rs 17 crore in FY22.

However, there was a silver lining as the cash outflows from company operations reduced by 10.4%, settling at Rs 13.38 crore for the fiscal year. Data from TheKredible indicates that both the EBITDA margin and ROCE of the company saw significant improvements in FY23. On a unit-level analysis, for every rupee of operating income in FY23, Coding Ninjas spent Rs 1.63.

What does Coding Ninjas do?

Coding Ninjas (Sunrise Mentors Pvt. Ltd.) was founded in 2016 by Ankush Singla, Kannu Mittal, and Dhawal Parate. The online learning platform provides courses in programming and data science to beginners.

It offers the basic foundation of coding in Java, Python, and C++ and helps students with competitive programming, interview preparation and data science. In October last year, The edtech startup raised Rs 135.4 crore from Noida-based Info Edge. The investment took Coding Ninjas' valuation to Rs 541 crore.