Social community enabler Kutumb remained at a pre-revenue stage during FY22, but its losses surged around 5X during the same period.
Kutumb barely collected Rs 7.8K in revenue as platform access fees during the fiscal year ending March 2022. It also earned a non-operating income of Rs 3.41 crore as interest and gain on financial assets, according to its annual financial statements with the Registrar of Companies.
Significantly, Kutumb posted zero collection in FY21 and its holistic financial picture will come when its files FY23 numbers.
Kutumb is a multilingual app which allows users to create apps to connect with people in their community, share news, updates of members and discuss any issue through images, audio, videos et al.
During the first operational year i.e. FY21, Kutumb incurred total expenses of Rs 3.74 crore but this cost exploded by 5.8X to Rs 21.63 crore during FY22. Moreover, the company’s losses also ballooned 4.9X to Rs 18.21 crore during the financial year.
The breakdown of expenses reflect that Kutumb spent over 53% on employee benefits which shot up 4.4X to Rs 11.57 crore in FY22.
Kutumb’s expenditure on technology infra and marketing shot up 9.6X and 10.8X to Rs 5.2 crore and Rs 3.58 crore respectively. It also spent Rs 31 lakh and Rs 30 lakh on professional and rent expenses.
On a unit level, Kutumb spent Rs 27,587 to make a rupee in operating revenue during FY22.
Kutumb has raised around $28.5 million to date from Tiger Global, Sequoia Capital, and Rocketship.vc among others. It was valued at around $170 million following the Series A round of $26 million in June 2021.