coding ninjas

Info Edge-owned Coding Ninjas’ revenue, loss surge 2X in FY23

coding ninjas

Edtech startup Coding Ninjas made the headlines last year when Info Edge picked up majority stakes in the company. The Gurugram-based startup has witnessed a decent growth in the past couple of years which could be the reason for reinvestment by Info Edge.

Coding Ninjas’ revenue from operations grew over 2X to Rs 58.9 crore during the fiscal year ending March 2023 as compared to Rs 27.96 crore in FY22, according to the company financial statements with the Registrar of Companies.

Financial FY23


Operating Revenue

Total Expense

Profit / Loss

Amount in ₹ Cr

Coding Ninjas provides computer language courses that are used to design applications, and software, among others. Its courses include coding in Java, Python, and C++ which helps students with competitive programming, interview preparation and data science.

Coding Ninja also made Rs 2.32 crore from interest on deposits and other non-operating activities during the year, taking the overall revenue to Rs 61.3 crore in FY23.

As per the data intelligence platform TheKredible, employee benefits remained the largest cost accounting for 50.3% of the total expenditures. This cost surged 86.7% to Rs 48.17 crore in FY23 from Rs 25.8 crore in FY21. This cost also includes employee share based payment of Rs 1.9 crore.

Expense Breakdown

Total ₹ 46.66 Cr
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Total ₹ 95.78 Cr
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  • Employee benefits
  • Advertisement & promotions
  • Legal & professional
  • IT
  • Others

Advertising & promotional expenses went up 33% to Rs 31.6 crore during the year while legal & professional fees jumped around 4.5X to Rs 3.78 crore. Information technology, network, internet and other administrative expenses dragged the total expenses up by 105% to Rs 95.78 crore in FY23 from Rs 46.66 crore in FY22.

Followed by the aggressive spending, losses of the company also deepened by 2X to Rs 34.3 crore during FY23 in comparison to Rs 17 crore in the previous year.

Cash outflows from operations of the company however reduced by 10.4% to Rs 13.38 crore during the fiscal year.

As per TheKredible’s analysis, EBITDA margin and ROCE of the company improved by 946 and 6,004 BPS respectively during FY23. On a unit level, Coding Ninjas spent Rs 1.63 to earn a rupee of operating income in FY23.


FY22 FY23
EBITDA Margin -58.35% -48.89%
Expense/₹ of Op Revenue 1.67 1.63
ROCE -110.02% -49.98%

Info Edge is the only external investor in the company and has poured in around Rs 178 crore or $22 million across three funding rounds. In October last year, Info Edge increased its stakes from 26% to 51% in Coding Ninjas with an investment of Rs 135.4 crore or $17 million. In the coding vertical, it competes with WhiteHat Jr, Toppr, Vedantu, Cuemath, Camp K12, and Uable.

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