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BrowserStack Software Private Limited, the Indian entity of BrowserStack, saw over 50% growth in revenue from operations as well as profits in FY22 compared to the previous fiscal.

The software-as-a-service (SaaS) company’s operating revenue increased by 58.9% from Rs 263.3 crore in FY21 to Rs 418.4 crore in FY22—crossing the $5 million threshold. Its profit jumped 57.2% from Rs 47.9 crore to Rs 75.3 crore in the same period, according to a report by Entrackr.

The Indian cloud web and mobile testing platform has doubled in size between 2019-20 and 2021-22. Its operating revenue and profit for FY20 were Rs 150.5 crore and Rs 27.8 crore respectively.

According to the report, BrowserStack’s Indian entity generated its revenue by providing services to the holding company and is shown as expenditure in the latter’s financial statements. Therefore, these numbers do not reveal the true health of the company.

In line with its rapid growth, its expenses also tripled from Rs 114 crore in the financial year of 2020-21 to Rs 321.4 crore in 2021-22. Employee benefit expenditure accounted for 83.3% of its total expenses in FY22. This was nearly five times higher than all the other expenditures combined.

BrowserStack’s cash flows, which were at Rs 44.9 crore in FY20 dipped to Rs 14.4 crore in FY21. However, in FY22, the number got back to being positive at Rs 67.5 crore.

The Mumbai-based firm, which was founded in 2011 by Ritesh Arora and Nakul Aggarwal, was bootstrapped until early 2018 when it raised $50 million in Series A from Accel Partners. In June 2021, the software testing platform raised $200 million in Series B led by BOND, with participation from Insight Partners and existing investor Accel. This valued the firm at $4 billion, making it India’s 15th unicorn.

The SaaS firm, which has offices in Mumbai, San Francisco, New York and Dublin, announced the implementation of an employee stock ownership plan buyback worth $50 million (Rs 365 crore) about three months after it raised its Series B funding.

According to the company website, BrowserStack has around 1,000 employees globally.