NextBillion.ai posts 28% revenue growth in 2022, losses widen to $7.1m (update)

Photo credit: NextBillion.ai

NextBillion.ai, a Singapore-headquartered AI mapping startup founded by three former Grab executives, recorded US$1.1 million in revenue for 2022. This represents an increase of 28% from the previous year.

According to VentureCap Insights, which tracks regulatory filings in Singapore, NextBillion.ai’s losses almost doubled to US$7.1 million in 2022. Net cash flow used for operations also grew 100% year on year to roughly US$7 million.

Ajay Bulusu, co-founder of NextBillion.ai, told Tech in Asia that the startup’s revenue growth was mostly driven by expansion efforts in North America. “Our core focus has switched to the largest software market in the world while making steady progress in Asia,” he said.

However, the company added that its 2021 reported revenue did not come from its software-as-a-service (SaaS) business.

“Pure SaaS revenue was negligible in 2021 but as the product got built in 2022, our whole revenue of US$1.1 million was all software revenue which is a huge milestone,” Bulusu said.

Meanwhile, the co-founder added that the widening losses were due to “significant investment” in R&D, product, AI, and machine learning. 

“We are in the formative years so these are investments more than losses that will yield long term results,” he explained. 

Bulusu founded NextBillion.ai in 2020 alongside his former colleagues at Grab, Gaurav Bubna and Shaolin Zheng. It provides geospatial services to help enterprises develop, scale, and manage their mapping ecosystems.

According to Bulusu, the startup currently has about 150 enterprise clients and expects to hit profitability within the next two or three years. The company competes with GrabMaps and Google Maps in the Southeast Asian mapping market, which Grab sees as a US$1 billion opportunity.

In May 2022, NextBillion.ai raised US$21 million in a series B round led by Mirae Asset Venture Investments.

See also: NextBillion.ai looks to dethrone Google Maps in the enterprise space

Update (July 21, 6:30 pm): This article was updated to include details on NextBillion’s revenue mix.