SaaS unicorn LeadSquared has reported consolidated revenue from operations of Rs 193.5 crore in FY22, up from Rs 99.5 crore in the previous financial year on the back of better sales growth in the US and India.
The firm’s net losses, however, widened more than 450% to around Rs 62 crore in FY22. The company reported a consolidated net loss of Rs 11 crore in FY21.
Sales and marketing automation platform LeadSquared raised $153 million in June in a new funding round led by WestBridge Capital, making it the latest software-as-a-service (SaaS) firm to enter the unicorn club.
During the fundraise, the company’s cofounder Nilesh Patel said the firm was planning to double its revenue and expand its team in North America. The firm is also planning to go public in the next three-four years.
“We are on the path of building a $200 million company in the next three-four years and there may be two-three more rounds of fundraising, even though we are well-capitalised for now…when we have the line of sight for $200 million we will think about an IPO as well,” co-founder and chief operating officer Prashant Singh said during a session.
Founded in 2011 by Patel, Singh and Sudhakar Gorti, the company with main offices in Bengaluru and Silicon Valley provides sales and marketing automation software to businesses, helping them with lead management and analytics among other things.
LeadSquared counts Byju's, Dunzo, Kotak Securities, Acko, and Practo among more than 1,000 businesses that use its platform.
The company’s overall expenses stood at Rs 262.3 crore, up 130% from Rs 113.3 crore in the previous year.
Employee benefits expense, which includes salary, and provident fund deductions, and other expenses accounted for around 54 percent of the expenses. Employee benefit expenses were at Rs 142.2 crore in FY22, up 120% since FY21.
The firm’s finance cost was recorded at Rs 0.4 crore and other expenses were recorded at Rs 115.6 crore. Losses before tax were at Rs 61.8 crore in FY22.
In India, LeadSquared competes in parts with sales automation and marketing players such as WebEngage and Clevertap.
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