Conversational automation unicorn Uniphore’s net profit jumped over 4X in the financial year ended March 31, 2023. The California headquartered unicorn reported a profit of INR 142.7 Cr in FY23, a 327% increase over INR 33.4 Cr in FY22.
This is the second consecutive profitable year for the startup after it reported a net loss of INR 281.8 Cr in FY21.
Founded by Ravi Saraogi and Umesh Sachdev in 2008, Uniphore is a SaaS startup that combines conversational AI, workflow automation, and RPA (Robotic Process Automation) in a single integrated platform to transform customer experience across industries.
The startup entered the unicorn club in 2022 after bagging $400 Mn in a funding round led by NEA at a valuation of $2.5 Bn.
Though Uniphore widened its profit, it saw a noticeable dip in its operating revenue during the year under review. Revenue from operations dropped 28% to INR 488.4 Cr in FY23 from INR 674.6 Cr in the previous fiscal year.
The startup earns revenue primarily from SaaS subscriptions and on-premises term software licences associated with maintenance. Apart from these, it offers services which help businesses with training and configuration. It also has managed services offerings for enterprises.
The startup seems to have shifted its focus from the US to India in the previous year.
- Revenue from India surged 272X to INR 215.9 Cr in FY23 from INR 79 Lakh in FY22.
- The US, which continues to be the biggest revenue contributor for Uniphore, saw a 58% decline in sales to INR 271.8 Cr in FY23 from INR 642.8 Cr in FY22.
- The Singapore region saw the biggest dip in revenue, as it reported sales of a meagre INR 66.7 Lakh as against INR 30.9 Cr in FY22.
Expenses Decline
The startup’s expenditure declined in line with the dip in its revenue. Total expenses stood at INR 492.7 Cr during the year under review, a decline of 29% from INR 694.1 Cr in FY22.
- Employee Benefit Expenses Dip: Employee costs stood at INR 143.9 Cr in FY23, a decline of 56% from INR 330.6 Cr in the previous year. The decrease came despite the unicorn seeing a 2% growth in employee count on an annual basis. As per LinkedIn, it currently has 880 employees.
- Legal Professional Charges Decline: Legal professional charges shrank 50% to INR 66.7 Cr in FY23 from INR 134.3 Cr in the previous year.
- Software Subscription Fees Drop: Software subscription fees fell to INR 46.9 Cr in FY23 from INR 57.6 Cr in FY22.
The only expense that increased was agency cost, which more than doubled to INR 114.9 Cr in FY23 from INR 54.9 Cr in the previous year.
Last year, Uniphore acquired Colabo, an AI-powered knowledge automation solution provider, for an undisclosed amount.
Uniphore, which competes against the likes of Yellow. ai, Skit. ai, and Reliance-acquired Haptik, has raised $600 Mn in funding till date. It counts March Capital, Chiratae Ventures, and IIFL Finance among its investors.