Math-focused edtech platform Bhanzu posted strong growth in the fiscal year ended March 2025, as its operating revenue jumped nearly fourfold.
Despite the sharp rise in scale, the company kept expenses stable, which helped its losses reduce by 42% during the period.
Hyderabad-based Bhanzu's revenue from operations jumped over 3.7X year-on-year to Rs 109.5 crore in FY25 from Rs 29.4 crore in FY24, according to its consolidated financial statements filed with the Registrar of Companies (RoC).
Founded in 2020, Bhanzu provides experiential math learning courses that enable cognitive abilities among children aged between 5 to 16 years. According to its website, the compnay has trained over 50,000 students through its bouquet of courses. The sale of these courses was the sole source of its operating revenue in FY25.
The company also has a presence in the US, the UK, and the Middle East. According to the filing, international markets contributed over 69% of total revenue at Rs 75.7 crore, a 4.3X jump compared to FY24. Meanwhile, the Indian market contribution stood at Rs 33.9 crore, with nearly 3X year-on-year growth.
For the edtech firm, employee benefits formed the largest cost head, with 50% share of total expenditure. This cost fell 17% to Rs 96.3 crore in FY25 from Rs 115.4 crore in FY24. The decline came largely due to lower ESOP cost (non-cash), which dropped to Rs 11.7 crore from Rs 25.8 crore in the previous fiscal.
The Lightspeed-backed company also spent heavily on sales and marketing expenses, which formed over 20% of the total expenditure. This cost rose 46% year-on-year to Rs 40.8 crore in the last fiscal year. Training and recruitment expenses also surged 2.4X to Rs 28.6 crore.
IT expenses, legal and professional fees, rent, and other overheads added Rs 27.9 crore to the overall expenditure. As a result, total expenses rose 11% to Rs 193.6 crore in FY25, compared to Rs 174.4 crore in FY24.
In the end, the 3.7X growth led the company to cut its losses by 42% to Rs 79 crore in FY25, compared to Rs 135.5 crore in FY24. Its EBITDA margin improved to -75.8%, while EBITDA (loss) stood at Rs 83 crore in the previous fiscal.
At the unit level, Bhanzu spent Rs 1.77 to earn every rupee of operating revenue in FY25. As of March 2025, the firm reported current assets of Rs 179.5 crore, including cash and bank balances of Rs 167.5 crore. The strong cash position followed the $16.5 million Series B round led by Epiq Capital during the financial year.