Coding Ninjas, an edtech company backed by Info Edge, has shown promising growth in its revenue from operations during FY22, increasing by 55.3% to reach Rs 27.96 crore. The company provides coding courses in Java, Python, and C++ that prepare students for competitive programming, interview preparation, and data science. However, its heavy investments in IT infrastructure and promotions resulted in a 106% increase in losses, reaching Rs 17 crore in FY22. The company’s largest expenditure was employee benefits, accounting for 55.3% of total expenditures, which rose by 59% to reach Rs 25.8 crore in FY22. The advertising and business-promotional expenses and IT costs also increased significantly during the year. Overall, the company’s expenditure increased by 62.3% to Rs 46.66 crore during FY22. In October 2022, Info Edge increased its stake in Coding Ninjas to 51% by investing around $17 million. Coding Ninjas competes with other coding-focused edtech companies like WhiteHat Jr, Toppr, Vedantu, Cuemath, Camp K12, and Uable.
Advertising & business-promotional expenses inclined 45% to Rs 9.82 crore during the year while IT costs (payment gateway, software usage, server & software maintenance) jumped around 3X to Rs 2.94 crore. Payments to influencers and tele counseling charges stood at Rs 2.86 crore and Rs 95 lakh during FY22.