Flipkart co-founder’s consulting startup grows revenue 3x in FYE March 2023

Xto10x’s team / Photo credit: Xto10x

Software and consulting firm Xto10x, a company established by Flipkart co-founder Binny Bansal, has reported a revenue of S$18.9 million (US$14 million) from January 2022 to March 2023 for its Singapore-listed entity, according to Alternatives.pe, which tracks regulatory filings in the city-state. This marks a nearly 3x rise from US$4.7 million in FYE 2021.

The majority of this revenue came from consultancy services, which rose from US$4.3 million in 2021 to US$13.2 million for FYE March 2023.

To date, the company has worked with over 200 companies, including hospitality startup RedDoorz, food delivery major Swiggy, and fintech firm Cred.

Tech in Asia has reached out to Xto10x for comment.

Xto10x had some firepower to work with for the reported period. It raised US$25 million in a round from Bansal himself, who is a co-founder at the company.

During the period, Xto10x also benefited from its September 2021 acquisition of HR SaaS firm Dockabl, which enabled it to scale its employee engagement and strategy execution platforms called 10xPeople and 10xGoals, respectively.

The company posted a gross profit of US$7.3 million during the 15 months ended March 2023, an improvement from a loss of US$1.8 million in 2021. It was also cash-flow positive, holding US$1.5 million in cash for the period.

But as administrative expenses ballooned from US$0.8 million in 2021 to US$12.6 million in FYE 2023, Xto10x doubled its losses in the 15-month period to US$5.3 million from US$2.7 million in FYE 2021. This rise in expenses mostly came from a jump in share-based payment expenses to employees in the period.

Since it was founded in India in 2019, Xto10x has been helping startups scale through its expertise in areas like business design, organizational leadership, people and culture, as well as growth and product.

The company also provides its services to Southeast Asian startups, with Singapore acting as its base in the region.

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Currency converted from Singapore dollar to US dollar: US$1 = S$1.35.