Edtech Unicorn Bhanzu Reports 3.7X Revenue Surge, Losses Trimmed 42% to ₹79 Crore

Bhanzu, a Hyderabad-based edtech platform specialising in math education, witnessed significant growth in the fiscal year ending March 2025. The company's revenue from operations increased to ₹109.5 crore, marking a 3.7X rise from the previous year, while losses were reduced by 42% to ₹79 crore. 

Revenue Surge and Market Contributions 

Bhanzu's operating revenue soared to ₹109.5 crore in FY25 from ₹29.4 crore in FY24, according to its consolidated financial statements filed with the Registrar of Companies. The company, founded in 2020, offers experiential math learning courses for children aged 5 to 16 years. The sale of these courses was the sole source of its operating revenue in FY25. 

International markets played a crucial role, contributing over 69% of total revenue at ₹75.7 crore, a 4.3X increase compared to FY24. Meanwhile, the Indian market contributed ₹33.9 crore, reflecting nearly 3X year-on-year growth. 

Cost Management and Expense Breakdown 

Despite the revenue growth, Bhanzu managed to keep its expenses stable. Employee benefits formed the largest cost head, accounting for 50% of total expenditure. This cost fell 17% to ₹96.3 crore in FY25 from ₹115.4 crore in FY24, largely due to a reduction in ESOP costs, which dropped to ₹11.7 crore from ₹25.8 crore. 

Sales and marketing expenses increased by 46% year-on-year to ₹40.8 crore. Training and recruitment expenses also surged 2.4X to ₹28.6 crore. IT expenses, legal and professional fees, rent, and other overheads added ₹27.9 crore to the overall expenditure. 

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Financial Performance and Cash Position 

Bhanzu's total expenses rose 11% to ₹193.6 crore in FY25, compared to ₹174.4 crore in FY24. The company's EBITDA margin improved to -75.8%, with an EBITDA loss of ₹83 crore. At the unit level, Bhanzu spent ₹1.77 to earn every rupee of operating revenue in FY25. 

The firm reported current assets of ₹179.5 crore as of March 2025, including cash and bank balances of ₹167.5 crore. This strong cash position followed a $16.5 million Series B round led by Epiq Capital during the financial year. 

Conclusion 

Bhanzu's impressive revenue growth and reduced losses in FY25 highlight its effective cost management and strategic expansion into international markets. The company's strong cash position further supports its operational stability and growth trajectory. 

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