Apna became India’s fastest unicorn when its valuation surpassed $1 billion just 22 months after its inception. It was also an almost twofold increase in the company’s worth in only three months (it was valued at $570 million in June), owing to its rapid rise in scale.
The employment portal for blue-collar employees boasts 16 million users on its Android-only app, with 150K recruiters spread across 42 cities. While these figures were reported for the current fiscal year (FY22), the company had a strong financial success in its first full fiscal year of operations: FY21.
While it claims to be in the pre-revenue stage, Apna’s operational revenue increased by 3.24X over the previous fiscal year. According to the company’s annual financial statement submitted with RoC, sales increased to Rs 16.95 crore in FY21 from Rs 5.22 crore in FY20.
Apna has published the whole collection of technical support services that the company provides to recruiters on its platform.
Growth in companies is typically expensive, and Apna is no exception. The company’s costs increased 9.22X to 45.40 crore in FY21, up from 4.92 crore the previous fiscal year (FY20). Salaries and other employee benefit costs accounted for 57.15 percent of total expenses. From 2.62 crore in FY20 to 25.95 crore in FY21, this expense increased 9.90X to 25.95 crore. Apna has 373 workers and has witnessed a 57 percent increase in recruiting during the last six months, according to LinkedIn.