Scaler Academy, headquartered in Bengaluru, has witnessed an impressive surge in its operational revenue, reaching Rs 316.7 crore in the financial year concluding in March 2023. This remarkable figure marks a nearly fivefold increase compared to the previous year’s revenue of Rs 65.6 crore. However, alongside this substantial revenue growth, the company has faced a corresponding rise in losses, which have nearly doubled to Rs 330.3 crore.
This surge in losses can be attributed primarily to a significant escalation in expenses, particularly in employee costs and other operational expenditures. In a strategic maneuver to enhance its educational offerings, Scaler Academy unveiled the Scaler School of Technology in April 2023. This pioneering initiative introduces a four-year residential undergraduate computer science program, aimed at cultivating the next generation of software professionals in India.
Augmenting its ecosystem further, Scaler Academy completed the acquisition of Delhi-based education platform Pepcoding in May 2023. This marks the fourth acquisition by Scaler Academy in the past two years, following AppliedRoots, Coding Minutes, and Coding Elements. Despite the financial hurdles, Scaler Academy managed to achieve positive cash flow and reported profitability during the July-September quarter of the previous year.
With the recent appointment of Tapan Jindal as chief financial officer in January 2024, the company is laser-focused on sustaining profitability in the upcoming quarters, with the aim of achieving annual profitability by the end of 2024. Additionally, Scaler has forged a partnership with the National Skill Development Corporation, aligning its efforts with the Skill India mission to meet the burgeoning demand for skilled software development engineers, data scientists, and machine learning specialists in the country.
Since its inception in 2019 by Anshuman Singh and Abhimanyu Saxena, Scaler Academy has experienced meteoric growth, particularly during the pandemic, with revenue soaring by 200% over pre-Covid levels. The startup, dedicated to empowering college students and tech professionals to elevate their skills, recently secured $55 million in a Series B funding round. Led by Lightrock India, this funding round propelled Scaler Academy’s valuation to $710 million and saw participation from Peak XV Partners (formerly Sequoia Capital India) and Tiger Global.
