Bengaluru-based Seekho's revenue from operations jumped 12.3X year-on-year to Rs 141.5 crore in FY25 from just Rs 11.5 crore in FY24, according to its financial statements filed with the Registrar of Companies (RoC).

Founded in 2020, Seekho is a short learning video platform offering educational content in English, Hindi and other regional languages on topics such as business skills, technology, government exams, personal growth, and app tutorials. It caters to students, professionals, and general learners.

Subscription income was the primary source of revenue for the firm in FY25, while a small portion came from advertisements.

Seekho also earned Rs 1.9 crore from non-operating sources, mainly from interest on bank deposits, which tallied its overall income to Rs 143.5 crore in FY25.

On the expense side, marketing expenses were the largest for the firm and accounted for 75% of total expenses at Rs 134.2 crore. This cost increased more than 11.5X from Rs 11.6 crore in FY24. Employee benefits expenses also rose to Rs 23.4 crore in the last fiscal year; notably, this included Stock Appreciation Rights (SARs) worth Rs 14.3 crore, which are non-cash in nature.

Content creation expenses also rose over 10 times to Rs 10.4 crore as the company expanded. Other overheads such as IT and software expenses, payment gateway charges, and legal and professional fees also added to overall expenditure, which rose over 9X to Rs 179.2 crore in FY25 from Rs 19.4 crore in FY24.

Despite strong revenue growth, the company reported a loss of Rs 38.8 crore in the previous fiscal year, largely pushed by aggressive marketing push to scale the platform. The company's ROCE and EBITDA margin stood at -63.62% and -26.55% respectively.

On a unit level, the Seekho-backed by Elevation Capital spent Rs 1.27 to earn a single rupee of operating revenue. As of March 2025, the company's cash and bank balance stood at Rs 40.2 crore, while its current assets totaled Rs 93.3 crore.

Seekho has raised around $40 million to date from investors including Lightspeed Venture Partners, Elevation Capital, and Bessemer Venture Partners. Following the allotment of its latest $28 million round, Elevation Capital holds the largest 22.73% stake, followed by Lightspeed Venture Partners with 13.26%. New investors Bessemer Venture Partners and Goodwater Capital hold 6.42% and 4.52%, respectively.

The company's promoters Rohit Choudhary, Keertay Agarwal, and Yash Banwani each retain a 10.39% stake in the company.

Seekho has variously referred to itself as India's number one edutainment app, or even 'Netflix for Learning'. Those descriptions, a desire to lead in both reach and perception are one reason investors have piled on, and the firm has invested so heavily in advertising. With content creation costs a small proportion of overall costs and revenues, the firm can certainly afford to go for broke, as it is clearly doing. But with such a wide plate of video offerings across topics, one has to wonder if the success is sustainable. Pressure will always exist from domain experts or even AI powered creators who can match the firm on ideas and costs. As the pressure to grab eyeballs mounts, we have usually seen firms flirt with ever more risky content, be it in terms of accuracy or seeking easy numbers. And few have managed to come out of it with a clean chit after a sustained period. Seekho seems to be at that inflection point, and going a year more without any major missteps would help a lot in building a long term case for dumbing down content. Will it go all the way to content for dummies? We don't know, but it's a question to think about, just what works for them, and why, for the answers it will provide on the evolution of the digital consumer today.