Event tech startup Spalba posts Rs 18 Cr revenue, profit grows nearly 3X in FY23

Spalba, a SaaS-based event-tech platform, is one of the few startups that managed to scale up business without burning a lot of money. This is evident from its growth in its topline, which surged nearly 30X in the past two fiscal years (between FY21 and FY23) along with generating profits.

Spalba’s revenue from operations grew 184% to Rs 18.2 crore during the fiscal year ending March 2023 in comparison to Rs 6.41 crore in FY22, as per data shared by the startup intelligence platform TheKredible.

Founded in 2020, Spalba is a SaaS-enabled event planning marketplace for enterprises. It offers two main segments: one for venues and another for event planners. For venues, Spalba provides a sales tool to boost revenue through banquet sales, offering features like XR walkthroughs, remote property showcasing, and event mockup design.

For event planners, Spalba offers event planning software with access to multiple event venues, virtual recce, downloadable layouts, seating plans, collaboration tools, and drag-and-drop event planning features.

During the last fiscal year, Spalba’s spending on venue & equipment rentals emerged as the largest cost element forming 26.7% of the total expenses. This cost shot up multifold to Rs 4.1 crore during FY23.

To harness growth and grow scale, the company hired more resources, as a result, its employee benefit expenses soared over 2X to Rs 2.55 crore in FY23 from Rs 1.18 crore in FY22. Spalba also incurred event management and project consultancy charges worth Rs 2.1 crore and Rs 1.62 crore in FY23, respectively.

Overall, the company’s total expenditure ballooned 3X to Rs 15.37 crore in FY23 from Rs 4.98 crore in FY22.

Despite a three-fold surge in expenses, Spabla’s profits jumped 2.9X to Rs 3.4 crore during FY23 as compared to Rs 1.16 crore in FY22. Importantly, the company was in losses of Rs 26 lakh in FY21.

On a unit level, the Gurgaon-based startup spent Re 0.84 to earn a rupee of operating revenue during FY23.

Coming to the capital structure,  co-founders Naveen Gupta and Vishal Puri own 40% shares each in the company while another co-founder Jaya Pandey commands 20% stakes.

Head to TheKredible for a complete expense breakdown and year-on-year financial performance and more information about the company.