Bengaluru based professional networking platform Apna exhibited substantial growth in operating revenue during fiscal year 2022-23, showcasing 182% increase compared to previous fiscal year.
Apna reported an operating revenue of Rs 180.2 crore in FY23 witnessing notable surge from Rs 63.8 crore in preceding year. When considering other sources of income like interest income from fixed deposits and current investments total revenue for FY23 stood at Rs 188.1 crore marking considerable 186% rise from Rs 65.7 crore in previous year.
Initially focused on networking for blue and grey collar workers Apna has broadened its horizon to encompass white collar professionals, resembling a platform like LinkedIn. It has diversified its services especially in recruitment domain offering range of job listings across various categories from remote work to night shifts. Furthermore Apna has expanded its reach by including job postings from global locations like Singapore, UAE and Poland.
Despite robust revenue growth, Apna also reported increased losses in FY23. The company recorded loss of Rs 120.3 crore signifying 7% surge from Rs 112.5 crore in FY22. Total expenses grew to Rs 308.4 crore marking 73% increase from Rs 178.3 crore in previous year.
Employee benefit expenses accounted for significant portion, reaching Rs 203.7 crore (66% of total expenditure), showcasing substantial 162% increase from the prior year. This suggests potential expansion in company workforce which now stands at 924 employees. Notably Apna reduced its advertising expenses by 28%, marking decrease to Rs 62 crore from Rs 86 crore in FY22.
Apna entered unicorn club in 2021 after securing $100 million investment. It boasts prominent investors like Tiger Global, Peak XV Partners and Lightspeed India. The platform now available in over 70 cities claims user base exceeding 40 million. Apna uses advanced algorithm to ensure effective matching between job seekers and employers based on their skills, experiences and preferences.
While witnessing remarkable growth in revenue and expanding its user base Apna faces challenge of managing its escalating losses due to substantial investment in employee benefits and overall expenditure. The startup is making significant strides in competitive job market aiming to connect job seekers with potential employers efficiently.