| |DECEMBER, 20249By aligning every data source and application to an enterprise use, they are enabling AI to understand and orchestrate workBased in Noida, the edtech company's operating revenue grew from 744 crore in FY23 to 1,940 crore in FY24, indicating a noteworthy 160 percent increaseTECH MINTAs per reports, San Francisco-based UnifyApps, which is focused on enterprise integration, has raised $20 million in a funding round led by Iconiq Growth, which has invested in companies like Airbnb, Uber and Snowflake.Existing investors, notably the early-stage venture capital firm Elevation Capital, also participated in the round.In order to facilitate deeper integration across software-as-a-service (SaaS) applications, the money will be utilized to enhance its unified corporate AI agent platform."UnifyApps is deeply grateful for the opportunity to work with Iconiq Growth, a team that is unrivaled in its ability to uplift the next big players in SaaS. Their deep network and partnership will be instrumental in our next stage of growth as we bring our AI agent platform to enterprises everywhere", says Co-Founder & CEO Pavitar Singh.Established in 2023 by Singh, Abhishek Khurana, Rachit Mittal, Sumeet Nandal, Haitham Elkhatib, Abhinav Singi, Rahul Anishetty, Kavish Manubolu, Shivam Satrawal, and Rohan Vijay, the platform facilitates communication and optimisation amongst client firms' various software tools. It enables businesses to create their own apps far more quickly.Elkhatib has been named Co-Founder & Chief Revenue Officer of the firm. Elkhatib was the senior vice president of sales for growth markets at Sprinklr, an enterprise software firm based in New York, before joining UnifyApps.Elevation Capital led the most recent investment round, which raised $11 million. To date, the company has raised $31 million.Matt Jacobson, General Partner, Iconiq Growth says, "By aligning every data source and application to an enterprise use, they are enabling AI to understand and orchestrate work." Edtech unicorn PhysicsWallah clocked a revenue of 2000 during the fiscal year that concluded on March 31, 2024, but its loss significantly increased.Based in Noida, the edtech company's operating revenue grew from 744 crore in FY23 to 1,940 crore in FY24, indicating a noteworthy 160 percent increase.It is said that its net loss was further surged about 13.5 times, from 84 crore to 1,131 crore, in the previous year due to significant spending on manforce labor expenditure.While the same, the edtech unicorn had a sharp increase in miscellaneous expenses from 170 crore to 1,453 crore.It claims that non-cash costs associated with the revaluation of its preference shares are included in this increase. In fiscal 2024, this resulted in a one-time expense of 756 crore.Currently, it's alleged that the company has revised its financials to reflect a net loss of 84 crore for the year, as it had previously experienced a net profit of Rs 16 crore for FY23.For PhysicsWallah, the main source of funds appears to be garnered coaching sessions, hostel services, server revenues, and associated product sales of study aids, goods, tablets, and panel screens.The selling of educational services accounted for more than 90 percent of its revenue, with product sales making up the remaining portion.The competitive test preparation market is the edtech company's primary focus.On September 20, it concluded a $210 million funding round, with venture capital firm Lightspeed Venture Partners playing a major role and led by Asian hedge fund Hornbill Capital. The edtech major was valued at $2.8 billion in this round.It was founded by Alakh Pandey and Prateek Maheshwari, and while offline centers account for the remaining portion of its business, online sources account for 55 percent. In 2021, its offline locations opened, providing a curriculum for entrance exams in engineering and medicine. UNIFYAPPS RAISES $20 MILLION IN FUNDING ROUNDEDTECH UNICORN PHYSICSWALLAH CLOCKS REVENUE IN FY24
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