Higher education focused edtech solution provider iNurture had recently secured a $10 million debt round. At the time of announcing the fundraise, the company also claimed that its revenue had touched Rs 220 crore ($29 million) in the fiscal year ending March 2022.
While this claim can only be ascertained when the company files its annual financial results for FY22, iNurture did grow its scale in FY21 despite the pandemic. The company’s operating revenue surged 22.4% to Rs 97.5 crore in FY21 from Rs 79.67 crore in FY20, according to its annual financial statement with the Registrar of Companies (RoC).
iNurture primarily makes revenue from the course fees received from the students registered for different courses and product and services it renders to colleges and universities. The 18-year-old firm’s business revolves around university-industry partnership and partners global universities to deliver undergraduate and postgraduate programmes.
iNurture also made marginal revenue from examination, prospectus and registration fees which recorded Rs 23 lakhs in FY21.
In line with the revenue growth, total costs at the company also increased 23.2% to Rs 98.77 crore in the fiscal ending March 2021. Employee benefit expenses was the largest cost center which accounted for 41.5% of the company’s total cost. This cost surged 11.5% to Rs 40.96 crore in FY21 from Rs 36.75 crore in FY20.
Faculty cost for delivering lectures made up 25.7% of iNurture’s annual cost which climbed to Rs 25.43 crore in FY21 from Rs 18.11 crore in FY20. The company also invites guest teachers across the world and booked Rs 3.52 crore against their professional services.
To harness growth, the company has increased spends on marketing in FY21. As a result, cost of advertisement and promotion for iNurture increased 16.6% to Rs 5.61 crore.
With a decent growth in scale, iNurture has managed to remain profitable in FY21 as the firm posted Rs 13 lakhs in profit as compared to Rs 50 lakhs in FY21.
Importantly, its cash outflows saw a 15.6% surge to Rs 12.8 crore in FY21 from Rs 11.07 crore in FY20. On a unit level, iNurture has spent Rs 1.01 to earn a single rupee of operating revenue.