Bengaluru-based xto10x, a scaling platform for growth-stage startups, reported that its profits rose by 3.2 times and revenue was up 2.3 times for FY21-22.
The Binny Bansal-led company posted a profit of Rs 8.95 crore against Rs 2.77 crore from the previous year. Its revenue from the sale of services (consultancy services) was at Rs 43.72 crore compared to Rs 19.08 crore, as per the Ministry of Corporate Affairs filings.
Founded in 2018 by Binny Bansal, Neeraj Aggarwal, and Saikiran Krishnamurthy, xto10x Technologies helps startups scale by bringing in the right knowledge and capabilities across several key areas, including a strategy to execution, hyper-growth, operations, design, data science, HR, and strategic business finance, and putting in place operating systems for effective governance.
The company provides management support or makes available consulting services, helps firms run operations and designs, builds, and provides products and technologies in and outside of India, covering all branches of services and products towards managing business processes, technologies, and people to build world-class companies.
The majority of its revenue from services came from Singapore at Rs 39.11 crore, while the India revenue was at Rs 4.61 crore for the fiscal. The Bengaluru-based company also reported other income of Rs 1.66 lakh, of which the sale of investments was at Rs 1.16 lakh.
“The company recorded significant growth and aims to continue to grow in a robust manner going forward,” it said in the MCA filings.
The company had a total expense of Rs 31.67 crore, which increased by 2.1 times from the previous year at Rs 15.03 crore. Employee benefit expense, the biggest cost of the company, was at Rs 26.66 crore as compared to the previous year at Rs 12.68 crore, up 2.1 times.
The second biggest cost was advertising promotional expenses at Rs 1.40 crore as against Rs 4.64 lakh in the previous year. It also incurred a legal professional fee of Rs 1.05 crore and a subscription membership fee of Rs 97.72 lakh. The company’s rent expenses were down from Rs 76.29 lakh to Rs 23.85 lakh.
In February last year, xto10x raised $25 million in a Series A funding round led by Binny Bansal. The round also saw participation from 28 founders and senior leaders from the startup ecosystem in India and Southeast Asia.
