Data analytics and data engineering company The Math Company scooped up a $50 million round at the end of the fiscal year ending March 2022. The sizable funding for the Chennai-based company followed an over two-fold growth in its operating revenue in FY22.
The Math Company’s scale grew 2.21X to Rs 227.31 crore in the last fiscal from Rs 102.64 crore in FY21, according to its consolidated financial statements with the Registrar of Companies.
The Math Company is an artificial intelligence and machine learning firm which helps organizations transform intelligence, create demonstrated value, and make them self-sufficient in handling such data. It works with Fortune 500 companies across various industries and services to these customers were the sole source of revenue for the firm.
The company also has other financial income which increased 13.6X to Rs 2.45 crore during the last fiscal year.
The Math company employs nearly 1,000 data scientists, engineers, and domain experts and this shows in its employee benefit expenses. This cost accounted for 83.3% of the total expenditure which grew 2.48X to Rs 154.37 crore in FY22.
Legal, professional and information technology expenses blew up 4.67X and 3.2X to Rs 9.16 crore and Rs 5.19 crore respectively in FY22.
The company spent another Rs 4.32 crore to train and recruit which pushed its overall expenditure 2.53X to Rs 185.28 crore in FY22.
The Math Company remained profitable with profits growing 21.1% to Rs 30.63 crore in FY22. Its ROCE and EBITDA margin stood at 13.63% and 19.67%. On a unit level, the firm spent Re 0.82 to earn a single rupee in the same period.
Well established at the core of the data economy, it is no surprise that The Math Company is profitable and highly valued. While the $50 million fund raise was meant to power growth in the US as well as Europe, the firm remains well placed to grow strongly and even seek unicorn valuations in time, unless it attracts an acquisition bid before that. The latter usually depends on a lot of factors, most notably the cap table of the firm, and the promoters holdings. In this case, the promoters retain enough to be able to take a decision when they want to, leaving them free to focus on growth for now.
