Spalba, a SaaS-based event-tech platform, is one of the few startups that managed to scale up business without burning a lot of money. This is evident from its growth in its topline, which surged nearly 30X in the past two fiscal years (between FY21 and FY23) along with generating profits.
How Spalba Works
Spalba offers two main segments: one for venues and another for event planners. For venues, Spalba provides a sales tool to boost revenue through banquet sales, offering features like XR walkthroughs, remote property showcasing, and event mockup design. For event planners, Spalba offers event planning software with access to multiple event venues, virtual recce, downloadable layouts, seating plans, collaboration tools, and drag-and-drop event planning features.
Spalba was founded in 2020 by Naveen Gupta, Vishal Puri, and Jaya Pandey. The co-founders own 40% shares each in the company while another co-founder Jaya Pandey commands 20% stakes.
Spalba’s Financial Performance
Spalba’s revenue from operations grew 184% to Rs 18.2 crore during the fiscal year ending March 2023 in comparison to Rs 6.41 crore in FY22, as per data shared by the startup intelligence platform TheKredible. During the last fiscal year, Spalba’s spending on venue & equipment rentals emerged as the largest cost element forming 26.7% of the total expenses. This cost shot up multifold to Rs 4.1 crore during FY23.
To harness growth and grow scale, the company hired more resources, as a result, its employee benefit expenses soared over 2X to Rs 2.55 crore in FY23 from Rs 1.18 crore in FY22. Spalba also incurred event management and project consultancy charges worth Rs 2.1 crore and Rs 1.62 crore in FY23, respectively.
Overall, the company’s total expenditure ballooned 3X to Rs 15.37 crore in FY23 from Rs 4.98 crore in FY22. Despite a three-fold surge in expenses, Spabla’s profits jumped 2.9X to Rs 3.4 crore during FY23 as compared to Rs 1.16 crore in FY22. Importantly, the company was in losses of Rs 26 lakh in FY21.
On a unit level, the Gurgaon-based startup spent Re 0.84 to earn a rupee of operating revenue during FY23.
Spalba’s Future Prospects
Spalba is a promising startup that has demonstrated its ability to grow revenue and profits without burning cash. The company has leveraged the power of SaaS and event-tech to create a niche in the hospitality and event industry. Spalba’s platform helps venues and event planners to streamline their processes, reduce costs, and enhance customer satisfaction.
Spalba’s co-founder and CEO Naveen Gupta said that the company aims to become the leading event-tech platform in India and beyond. He said that the company is constantly innovating and adding new features to its platform to cater to the evolving needs of the customers. He also said that the company is looking to raise funds from strategic investors to fuel its growth and expansion plans.
Spalba is a SaaS startup that has scaled up without burning cash by offering a platform for venues and event planners to boost their revenue and efficiency.
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