WebEngage reports flat revenue in FY24; losses spike 3x

Marketing automation platform WebEngage saw modest revenue growth during the fiscal year ending March 2024 with its losses surging 3 times. Notably, the company had been close to profitability during the FY20-22 period.

WebEngage’s revenue from operations increased by 9.5% to Rs 140.69 crore in FY24 from Rs 128.46 crore in FY23, shows its consolidated financial statement filed with the Registrar of Companies (RoC).

WebEngage offers a unified customer engagement platform that enables businesses to automate marketing campaigns across channels, including email, SMS, web push notifications, mobile apps, and WhatsApp. According to the company, it works with over 600 clients including new-economy and internet-first businesses.

Income from domestic services increased to Rs 92.66 crore while the revenue recorded for the services rendered outside India stood at Rs 47.8 crore. The Mumbai-based company also made an additional Rs 9.7 crore from interest and other non-operating activities pushing the total revenue to Rs 150 crore in FY24.

Looking at the expenses, employee benefit expenses surged 2x to Rs 91.57 crore, making up 41% of overall expenses. IT expenses and advertising also grew by 10.4% and 15.5% to Rs 71.11 crore and Rs 24.16 crore respectively. Other overheads such as technology, legal, and rent led the total cost to increase by 40% to Rs 221.08 crore from Rs 158.18 crore in FY23.

To check complete Expense Breakdown visit thekredible.comView full data

Check TheKredible for the detailed revenue and expense breakup.

WebEngage recorded a loss of Rs 70.71 crore in FY24, marking a 3x year-on-year increase when compared to FY23. Its ROCE and EBITDA Margin stood at -77.47% and -40.89% respectively. On a unit level, the company spent Rs 1.57 to earn a rupee of operating revenue in FY24. Meanwhile, WebEngage recorded its cash and bank balance at Rs 52.57 crore and current assets at Rs 110.15 crore in FY24.

In August 2022, WebEngage raised $20 million in its Series B round led by Singularity Growth Opportunities Fund and SWC Global. The Avlesh Singh-led firm has raised more than $30 million to date and was valued at around $100 million. According to the startup data intelligence platform TheKredible, Singh currently holds a 19.55% stake in the company. GTI Capital Holdings, India Quotient and Blume Ventures are other key investors in the company.