ThinkerPlace records revenue of Rs 1.5 crore in FY22 as net loss widened by 45.5% to Rs 1.5 lakh
STEM (Science, Technology, Engineering, Mathematics)-based ed-tech startup ThinkerPlace is aiming to close FY23 with a 2x increase in net income to Rs three crore, Deepti Sharma, founder, ThinekrPlace told FE Education. The company further claims to have reported a net income of Rs 1.5 crore in FY22, owing to a net loss of Rs 1.5 lakh. “We expect earnings growth of 30-32% in FY23 as our number of partnerships has increased,” said Saurabh Tiwari, CEO of ThinkerPlace.
Regulatory files viewed by business intelligence platform Tofler revealed that in the first year of operation of FY21, the company’s operating revenue was Rs 17,991, while that it posted a net loss of 103,069 rupees.
As part of its expansion plan, the company aims to launch new products for preschool learners. Previously, the platform largely sold products aimed at children between the ages of 6 and 12. According to Sharma, preschool education is equally important for a child’s development, “that’s why we aim to launch our products in the preschool segments.”
In FY22, the company claims to have sold 7,500 units of products including subscription modules, STEM kits and children’s lab instruments with an average ticket price of Rs 2,360. The company claims to have a retention rate of 10%. According to the company, in the last financial year, it spent an average of Rs 12.50,000 on product development, marketing and recruitment. However, this does not include the fixed cost borne by the company. “In FY23, we aim to expand our sales team from 15 to 20 people,” Sharma noted.
ThinkerPlace claims to monitor by collaborating with schools and selling its products to customers on e-marketing platforms. “70% of total revenue comes from school partnerships and the remaining 30% comes from customer-based products,” Sharma said. Currently, the company claims to have worked with eight schools and has 4,000 active users. By the end of FY23, the platform aims to partner with more than 20 schools with a user base of 10,000.
In May 2022, the company partnered with Lexicon Schools Pune, Achievers Active High School and Modern School, Delhi to create STEM labs which include 3D printing, robotics, automation configuration, drone labs , among others. “Our goal is to collaborate with international schools. Initially, we started to focus on STEM-based education for school children based on CBSE, ICSE curriculum,” said Sharma.
Also read: Teacher-led technology has the potential to drive change