In the competitive landscape of event technology startups, Spalba has distinguished itself by achieving substantial financial success. The SaaS-based event-tech platform has not only experienced a remarkable surge in revenue but has also managed to substantially increase profits, setting itself apart in the industry. This report delves into Spalba’s financial performance, shedding light on its revenue, expenditures, and overall growth trajectory.
About Spalba:
Founded in 2020, Spalba stands out as a SaaS-enabled event planning marketplace catering to enterprises. The platform operates in two primary segments – one for venues and another for event planners. For venues, Spalba provides a sales tool incorporating innovative features such as XR walkthroughs, remote property showcasing, and event mockup design. On the event planner side, Spalba offers comprehensive event planning software, including access to multiple venues, virtual recce, downloadable layouts, seating plans, collaboration tools, and drag-and-drop event planning features.
Spalba’s revenue from operations witnessed a remarkable growth of 184%, reaching Rs 18.2 crore in the fiscal year ending March 2023, compared to Rs 6.41 crore in FY22. This significant expansion highlights the platform’s ability to scale efficiently and generate profits amid a competitive landscape.
Expenditures and Profitability:
Despite experiencing a three-fold increase in overall expenditures, Spalba’s profits soared by 2.9 times to Rs 3.4 crore during FY23, a substantial leap from Rs 1.16 crore in FY22. Notably, the company, which faced losses of Rs 26 lakh in FY21, has demonstrated a remarkable turnaround in its financial performance.
Spalba strategically invested in key areas to fuel its growth. Venue and equipment rentals emerged as the largest cost element, forming 26.7% of total expenses. The company also allocated resources to hiring, resulting in a 2X increase in employee benefit expenses to Rs 2.55 crore in FY23. Additional expenses included event management and project consultancy charges.
Conclusion and Future Outlook:
Spalba’s impressive financial performance in FY23 positions it as a notable player in the event-tech space. The strategic utilization of funds, coupled with significant revenue growth and profitability, sets a promising trajectory for the company’s future. As Spalba continues to navigate the dynamic landscape of event technology, its commitment to innovation and financial sustainability remains a key driver of its success.
In terms of ownership, co-founders Naveen Gupta and Vishal Puri hold 40% shares each, while Jaya Pandey, another co-founder, commands a 20% stake, reflecting a well-distributed and committed leadership structure.
