Net revenue

GradRight aims to achieve net sales of $20 million in FY23 and plans to expand its business in India

U.S.-based ed-fin-tech platform GradRight aims to net $20 million in revenue in fiscal year 23 (Jan-Dec), said Aman Singh, co -founder of GradRight at FE Education Online. The company plans to grow its user base to 90,000 from the current 30,000. Additionally, the company aims to raise funds for the Series A platform by September this year. “The idea is to focus on generating revenue and adding value to our product and our partners,” Singh said.

According to the regulatory filing viewed by business intelligence platform Tofler, in FY21, Indian subsidiary of Hyderabad-based GradRight suffered a net loss of Rs 3.13 lakh, while its net income stood at 13.75 lakh. On the other hand, its US-based parent entity reported net revenue of $0.5 million in FY22. “We are currently at an early stage. So with very limited resources, but a great product and a great team, we are scaling up tremendously,” Singh said.

Additionally, GradRight claims to monetize through its partnership with universities and banks. According to Singh, the company has signed a partnership with more than 40 universities in the United States, Canada and Europe. The company also claims to have partnerships with major lenders in India and abroad. It plans to collaborate with more banks in India. Moreover, while the platform claims to provide free services to students, it charges a subscription of $20,000 per school to universities and $600 to banks for each successful disbursement.

Currently, the company is based in Delaware, USA. Their Indian subsidiary is based in Hyderabad with offices in Delhi, Kolkata and Bengaluru. The company says it has provided services to 30,000 students so far and plans to increase that number to three or four times in the next fiscal year. According to Singh, as of February FY23, the company further plans to set up a team in India that will bring the product to the US market. “Our growth strategy is to expand the business in India and enter the US market with the Indian product,” Singh said.

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