Net revenue

STEMROBO eyes global expansion and aims to end FY23 with net income worth Rs 70 crore

Educational technology company STEMROBO plans to expand its operations in Nigeria and Ivory Coast in West Africa over the next six months. “We further plan to launch our East Africa section in September this year, focusing on primary and secondary schools in Kenya and Rwanda,” Rajeev Tiwari, founder of STEMROBO technologies, told FE Education Online. The company launched its operations in West Africa in May 2022 and has implemented its programs in 50 primary and secondary schools across Ghana. Tiwari further added that the company aims to reach 250 schools in Ghana by FY23.

According to Tiwari, the company is aiming to close FY23 with a net income of Rs 70 crore on the back of a net profit of Rs 10.5 crore. The company reported a 108.3% increase in net revenue to Rs 30 crore in FY22 from Rs 14.4 crore in FY21, according to regulatory filings viewed by the company. of economic intelligence Tofler. It posted a 7x increase in net profit to Rs 2.8 crore in FY22 from Rs 34.6 lakh in FY21.

STEMROBO, which caters to the K-12 segment, claims to generate its revenue through annual school subscriptions with a minimum guarantee of 250 students. It claims to set up science, technology, engineering, and math (STEM)-based DIY labs in schools, supported by teacher training, DIY robotic kits, software such as the -Connect Artificial Intelligence (AI) coding platform” and the “Tinker Learning” LMS platform. , DIY (DIY) STEMROBO robotic kits. So far, the company claims to have partnered with 2000 schools. “We plan to partner with 5,000 schools across India and reach 2.5 million students by the end of next year,” Tiwari said.

Additionally, the ed-tech company has launched 30 offline centers across India and plans to expand through franchise models. In offline centers, students can access STEMROBO’s offerings outside of school through annual subscriptions of Rs 500.

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