BetterPlace Reports Stellar Growth in FY23 Revenue

Preeti Bali / 10:21 am / March 21, 2024

BetterPlace, a leading human resources technology startup, has recorded impressive financial performance in the past two fiscal years. The company witnessed a tenfold increase in revenue, jumping from Rs 51 crore in FY21 to Rs 523 crore in FY23, as per its consolidated financial statements filed with the Registrar of Companies.

BetterPlace Sees Revenue Surge of 90%

BetterPlace’s operational revenue for FY23 reached Rs 523 crore, reflecting a significant 90% growth compared to Rs 275 crore in FY22. This growth can be attributed primarily to the company’s workforce fulfilment services, which cater to the entire employee lifecycle, from recruitment to upskilling. Revenue generated from these services skyrocketed by 2.3 times, reaching Rs 477.3 crore in FY23 from Rs 202.29 crore in FY22, and accounted for a staggering 91.2% of the company’s total operating income.

Diversified Revenue Streams Contribute to Growth

While workforce fulfilment services are the dominant revenue driver, BetterPlace also generates income from other sources. These include onboarding services, software licensing, product sales, and non-operating income such as interest income. Collectively, these revenue streams contributed to BetterPlace’s total income reaching Rs 534 crore in FY23.

Employee Benefits Form Major Expense

The largest expense category for BetterPlace is employee benefits, which account for a substantial 82.73% of the company’s overall expenditure. This cost doubled to Rs 551 crore in FY23 compared to the previous fiscal year. Notably, Rs 8.78 crore of this expense is attributed to Employee Stock Ownership Plans (ESOPs).

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