Scaler Academy's FY23 revenue climbs to Rs 317 crore

Scaler Academy, based in Bengaluru, has seen its operational revenue skyrocket to Rs 316.7 crore in the financial year ending March 2023, marking a nearly fivefold increase from the previous year's Rs 65.6 crore.

Despite this significant revenue growth, the company's losses have also nearly doubled, reaching Rs 330.3 crore due to a substantial rise in expenses, particularly in employee costs and other operational expenses.

Expansion and strategic acquisitions

In a strategic move to bolster its educational offerings, Scaler Academy launched the Scaler School of Technology in April 2023.

This four-year residential undergraduate computer science program is aimed at nurturing the next generation of software professionals in India.

Further strengthening its ecosystem, Scaler Academy acquired Delhi-based education platform Pepcoding in May 2023, marking its fourth acquisition in two years, following AppliedRoots, Coding Minutes, and Coding Elements.

Financial strategy and partnerships

Despite the financial challenges, Scaler Academy achieved a positive cash flow and reported profitability in the July-September quarter of the previous year.

With the appointment of Tapan Jindal as chief financial officer in January 2024, the company is focused on maintaining profitability over the next few quarters and achieving annual profitability in 2024.

Additionally, Scaler has partnered with the National Skill Development Corporation, aligning with the Skill India mission to fulfill the country's demand for skilled software development engineers, data scientists, and machine learning specialists.

Scale Academy Growth

Since its inception in 2019 by Anshuman Singh and Abhimanyu Saxena, Scaler Academy has experienced rapid growth, particularly during the pandemic, with a 200% increase in revenue over pre-Covid levels.

The startup, which aims to help college students and tech professionals enhance their skills, last raised $55 million in a Series B funding round, led by Lightrock India, boosting its valuation to $710 million. The funding round also saw participation from Peak XV Partners (formerly Sequoia Capital India) and Tiger Global.