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Tiger Global-backed unicorn Apna’s revenue falls by nearly a third, losses halved in FY24

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Tiger Global Management-backed unicorn Apna saw its operating revenue drop by nearly a third in FY 2023-24, driven by a slowdown in its core revenue stream—software development support services.

The Bengaluru-based company, however, managed to reduce its losses by more than half, while cutting expenses by just over a third compared with the last fiscal year.

The job and professional networking platform reported an operating revenue of Rs 127.6 crore in FY24, marking a 29.2% decline from the Rs 180.3 crore posted in the previous fiscal year.

The bulk of Apna’s income is generated from software development support services to its holding company, followed by revenue from recruitment solutions via its web platform and mobile app.

The firm’s total revenue, including Rs 11.3 crore from interest income on fixed deposits and current investments, reached Rs 139.8 crore.

Meanwhile, the company’s expenses dropped by 38.1%, down to Rs 191 crore in FY24 compared with Rs 308.4 crore in FY23, according to its standalone financial statements.

The reduction in expenses enabled the platform to substantially narrow its losses to Rs 51.3 crore in FY24, down from Rs 120.3 crore incurred in the previous financial year.

The narrowing of losses is primarily due to reduced spending on employee benefits, which, despite being the firm’s largest expense, fell to Rs 123 crore—a 39.7% year-on-year decrease. This includes Rs 9.5 crore in costs related to the employee stock option scheme and employee stock purchase plan, down from Rs 41.6 crore in the previous year.

Moreover, Apna also reduced its advertising and promotional expenses by 39.9%, although these still accounted for the company’s second-largest expense, totalling Rs 37.3 crore in FY24 compared with Rs 62.1 crore in FY23.

Founded in 2019, Apna.co is a job and professional networking platform which connects the workforce with professional networking and upskilling prospects. With a user base exceeding 50 million across over 825 cities and over 600,000 employers, the platform utilises an advanced algorithm for skill-based matching between candidates and employers, considering their skills, experience, and preferences.

Apna entered the unicorn club in 2021 after raising $100 million in Series C funding led by Tiger Global. To date, the company has raised over $190 million in investments from investors including Owl Ventures, Insight Partners, Lightspeed India, Sequoia Capital India, Maverick Ventures, GSV Ventures, Greenoaks Capital, and Rocketship.vc.





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Thesys secures $4M funding led by Together Fund

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AI startup Thesys bags $4 million funding in a round led by Together Fund. The round also saw participation from 8VC, the company said in a statement.

The startup will use the funding to bridge the gap of user experience with AI agents. As a visual collaboration tool, the company will also provide a platform that will enable businesses to ideate, visualise, and ship intelligent experiences at scale.

“The way we engage with technology is changing faster than ever. Static interfaces simply don’t meet the demands of today’s AI-capabilities…At Thesys, we’re building tools that make it possible for businesses to adapt and thrive in this new era,” said Parikshit Deshmukh, Co-founder, Thesys. 

This evolution is about unlocking the full potential of AI-driven interactions and delivering unparalleled user experiences, he added.

“The future of AI relies as much on intuitive, adaptive interfaces as it does on backend capabilities. Thesys’ vision for Generative UI aligns perfectly with Together Fund’s commitment to enabling founders who are redefining the user experience,” said Manav Garg, Co-founder and managing partner of Together Fund.

“By empowering teams to create real-time, personalized interactions, Thesys is setting a new standard for AI-driven interfaces. We’re excited to support their journey in transforming the role of design and development tools for the next generation of AI applications,” he added.

The company, founded by Rabi Shanker Guha and Parikshit Deshmukh this year, emerged from the understanding of the need to provide support in the shift towards AI-driven interfaces, it said.

“Thesys envisions a future where all interfaces dynamically adjust to each user’s behavior, preferences, and needs—driven by what the company calls “Generative UI”. Unlike traditional static interfaces that rely on predefined paths, Generative UI uses AI to create unique, adaptive user interfaces on-the-fly, allowing businesses to provide truly personalized digital experiences,” the company added.

The company plans to launch a UI SDK that is set to enable developers to seamlessly integrate Generative UI into their applications. Additionally, post its closed beta launch, the company plans a general availability (GA) with its product within the next quarter positioning itself as the go-to product toolkit for businesses looking to stay ahead in the AI revolution.

“Thesys is pioneering a transformative shift in UI design workflows by integrating AI-driven adaptability… Their Generative UI approach aligns with our commitment to investing in technologies that drive innovation in user experiences,” said Bhaskar Ghosh, partner at 8VC.





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BrowserStack launches AI-driven Low Code Automation tool

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Software testing platform BrowserStack has rolled out Low Code Automation, a solution to simplify test automation for quality assurance teams, developers, and non-technical users. 

The newly launched solution will address challenges faced by software teams, including manual testing delays and complex automation frameworks, BrowserStack said in a statement. 

While traditional test automation requires coding expertise by often limiting non-technical testers to contribute, this tool allows user—irrespective of their technical background—to create and manage AI-driven automated tests without writing code. Users can also use BrowserStack’s cloud infrastructure for reliable test execution.

“(The AI-powered Low-Code Automation (LCA) simplifies the process of building and maintaining test automation suites compared to traditional tools like Selenium. It reduces the steep learning curve and complexity often associated with automation projects, leading to a quicker return on investment (ROI),” Chintan Doshi, Director of Product Management at BrowserStack, told YourStory

To support development teams worldwide, Low Code Automation speeds up testing cycles, boosts product quality, and enhances user experience by reducing technical barriers. 

“Citizen testers—such as business analysts, product managers, and customer support teams—can easily add validations and create automated tests with the test recorder, without requiring coding skills. This reduces their dependency on developers and QAs and empowers them to actively contribute to testing efforts,” Doshi explained.

Founded in 2011 by Ritesh Arora and Nakul Aggarwal, BrowserStack provides a cloud-based platform for developers to test websites and mobile apps across devices, operating systems, and browsers on demand.

With headquarters in San Francisco and Mumbai, the company has expanded its product line to include over 15 products, of which 10 were launched in the past 18 months.

In August, the Accel-backed firm acquired Berlin-based Bird Eats Bug, an advanced bug-reporting tool. The acquisition aims to address the existing gaps in bug reporting and streamline fragmented testing workflows.





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Flipkart’s delivery arm Instakart reports widening losses, lower revenue in FY24

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Flipkart’s delivery service arm Instakart’s FY24 losses increased multifold to Rs 1718.4 crore, from Rs 324.6 crore in the previous year, hurt by higher expenses and marginally lower revenues. 

The company, which is in the logistics, warehouse, courier and allied services business, clocked an operating revenue of Rs 12,115.3 crore in FY24, 5% lower than Rs 12,787.4 crore it posted a year ago, according to filings made with Toefler. 

During the period, the company’s total expenses increased 6% to Rs 14,149.4 crore, mainly driven by employee benefit and other expenses. 

Logistics services accounted for the majority (about 78%) of Instakart’s total operating revenues, with Rs 9,429.8 crore, marginally lower than what it collected in the previous year.

Warehousing services, which accounted for about 10% of total operating revenues, witnessed a 28.4% drop in revenue, while collection services, which accounted for 12%, remained stable. 

Just a week ago, Flipkart Internet reported a 21% rise in FY24 revenue at Rs 17,907.3 crore helped by rising income from its advertising services.

Flipkart India Ltd, which is Flipkart’s business-to-business (B2B) arm, reported a 26.4% rise in revenue from operations at Rs 70,541.9 crore in FY24. 





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