~Acquisition of Fedena results in positive revenue growth for Practically; To increase its headcount by 66% this year
~50% growth in total school count with a growing international presence
~Records 3X growth in ARR during January to May 2022; aiming to close gross revenues of $10 million in FY23
Mumbai, July 6th, 2022: Against the current market sentiment around edtech, with a strong eLearning innovative product, Practically, India’s first experiential learning app designed to make learning immersive for students of classes 6-12, has achieved a promising ARR (Average Revenue Run Rate) growth of over 3X from January to May 2022. The company is aiming to ensure stronger growth momentum by expanding its operations to more geographies in the domestic as well as international markets such as SEA and MENA. Practically is set to launch its K-5 product later this year and also extend its offering to Social Sciences and English apart from STEM, gearing up to become an end-to-end learning solutions provider in the K-12 category across the globe.
To fuel the growth momentum, the company has recently opened offices in Mumbai and Mohali and is looking to increase its headcount by 66% in the next one year. Currently Practically operates with a team of 300 employees.
Post Fedena’s (School ERP) acquisition, Practically’s comprehensive end-to-end product suite, Practically School Solution, has been widely accepted by schools. This has resulted in 50% overall growth for the brand inclusive of key international schools. At the back of all efforts, Practically now reaches 21.5 Million users, 40,000+ schools and institutions partnered in over 180 countries across the globe.
Practically was also featured in the top ten educational apps on Google PlayStore in Oct 2021 and has been recognized as a ‘Minicorn’ by Tracxn. Testament to the fact that the brand has carved a niche for itself in the experiential learning space using Artificial Intelligence (AI).
While commenting on the future growth drivers, Ms. Charu Noheria, Co-Founder and COO, Practically said, “In a short span, Practically has witnessed strong growth numbers as we are moving towards achieving gross revenues of $10 million in FY23. We are expecting 40% revenue from Indian markets and the rest internationally. We have launched many industry-first revolutionary features that showcase the power of AI and AR in learning. We are confident that we will continue to hold the momentum in the upcoming six months leading to our Series B funding,” added Ms. Noheria.