Ed-tech coding platform PurpleTutor aims to close FY23 with a 284.24% increase in net revenue to Rs 40 crore from Rs 10.41 crore in FY22, Gaurav Perti, co-founder, PurpleTutor, told FE Education online. According to him, the company’s net loss is expected to increase by 75% to Rs seven crore in FY23 from Rs four crore in the same period a year earlier. It also plans to add 600 new teachers this fiscal year. It currently has 250 teachers. “For our next phase of growth, we plan to increase our budget for teacher fees to 35% this fiscal year, from 30%,” he added.
The Mumbai-based ed-tech platform, which began operations in September 2019, further aims to add 20,000 paid subscribers in FY23. According to the company, its total user base is currently of two lakh and over the five thousand are paid subscribers. In FY22, the company claimed to have enrolled 3,500 paid learners.
According to Perti, the company’s main source of revenue is tuition fees paid by students. Regulatory files viewed by business intelligence platform Tofler revealed that PurpleTutor’s operating revenue increased by 3539.98% to Rs 2.32 crore in FY21, from Rs 6, 35 lakh in FY20. The company’s net loss increased 4x to Rs 67 lakh in FY22 from Rs 12.8 lakh in the same period of the year former.
PurpleTutor claims to have raised funds worth Rs five crore from IvyCap Ventures, Disruptors Capital, Krishna Kumar, Ramakant Sharma and other investors. On the expansion front, the company aims to increase its presence in South Asia and the Middle East and plans to start operations in the United States (US) by FY23.
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