A substantial rise in its expenses, Teachmint, an educational technology business, reported a 24X increase in its net loss to INR 131.70 Cr in the financial year 2021-2022 (FY22) from INR 5.52 Cr in FY21.
Teachmint was founded in 2020, and the first time operating income was announced was in FY22. It produced operational revenue of INR 77.45 lakh during the fiscal year that ended on March 31, 2022.
Teachmint does, therefore, also reveal a large non-operating income via sources such as interest on current assets and fixed bank deposits. The overall revenue of the edtech startup jumped from INR 38.59 Lakh to INR 12.67 Cr.
In the meantime, total spending surged 25X to INR 144.95 Cr from INR 5.90 Cr in FY21.
Employee benefit costs made up the majority of total expenses, or INR 73.1 Cr, after rising 45X from INR 1.63 Cr to INR 73.1 Cr in FY22.
Furthermore, from INR 2.66 Cr in FY21 to INR 36.76 Cr today, the expense of advertising surged 14X. Teachmint spent a total of INR 5 Cr on legal costs for the year, in addition to another INR 17 Cr on membership dues and subscriptions.
With the help of the start-up, teachers may organize their courses, run live sessions, record and preserve lectures, automate performance reviews, keep tabs on administrative activities, and collect payments.