EduGorilla, a Lucknow-based edtech startup founded by Rohit Manglik, achieved significant financial growth in FY23, with revenue doubling to Rs 11.15 crore from Rs 5 crore in the previous fiscal year. This growth was mirrored in its operational revenue, largely driven by services which contributed the majority, while goods sales constituted about 35% of the total revenue for the fiscal year ending March 2023.
The startup specializes in providing multi-lingual online test series for various competitive exams, utilizing an AI-powered demand and prediction algorithm to assess the profitability of different exams. In FY23, EduGorilla allocated approximately 30% of its total expenses towards advertising, with employee benefits accounting for 25%, and material procurement costs exceeding 15%.
Total expenditures for the year amounted to Rs 12.3 crore, reflecting a growth trajectory similar to its revenue. Founded in 2016, EduGorilla secured a Seed round extension of Rs 16 crore in 2022 led by SucSEED Innovation, with participation from investors like Lead Angels, Mumbai Angels, and The Indus Entrepreneurs. Post this funding round, Pushpa Manglik emerged as the largest shareholder, while Rohit Manglik and Auxano Capital held over 20% and approximately 8%, respectively.
Earlier, in 2020, the company raised over Rs 5 crore from Auxano and Venture Garage. Despite its revenue growth, EduGorilla reported widened losses, increasing 3.7 times to Rs 76.2 lakhs compared to Rs 20 lakhs in FY22. The company's current EBITDA margin slightly decreased to 2.15%, with its return on capital employed (ROCE) currently at -7.66%.
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