Glossaread reports being profitable in 2023 with Klub's debt funding, envisions global footprint this year

Glossaread reports being profitable in 2023 with Klub's debt funding, envisions global footprint this year
Glossaread raises revenue based financing from Klub

Glossaread, a pioneering education technology company, is rapidly transforming the higher education landscape by bridging the accessibility gap for students in tier 2 and 3 colleges across India. Founded in 2018, Goseeko, under the parent company, Glossaread Technologies, entered the market in 2019 with a mission to provide high-quality study materials and resources to students who often face challenges due to limited access to educational resources compared to their counterparts in tier 1 cities.

Goseeko's unique approach sets it apart in the edtech space. The platform offers content curated by professors hailing from tier 2 and 3 cities, who understand the specific needs and challenges faced by students from these regions. This strategy has enabled Goseeko to create a comprehensive content repository that caters precisely to the requirements of students in 'Bharat', thereafter creating a social impact through education in this part of India.

Since its inception, Goseeko has experienced remarkable growth, achieving a year-on-year growth rate of 42%. The platform's user base has expanded significantly, with an 80% year-on-year increase in new users, now totaling an impressive 2 million unique visitors. This growth has been primarily driven by referrals, a testament to the platform's value and user satisfaction. The average user spends a substantial 25-30 minutes on the platform, reflecting the engaging and valuable content offered.

Chandrabhanu Pattajoshi, Founder Partner at Glossaread Technologies said, “Catering to the educational needs of students in tier 2 and 3 cities has always been at the heart of Goseeko's mission. With Klub’s flexible funding without any equity dilution, we've not only realised our financial goals but have also embarked on a journey toward global expansion."

Glossaread’s financial performance is equally impressive, with a top-line gross revenue of INR 7 crores. In a remarkable feat, the company has recorded a profit of close to INR 60 lakhs in the fiscal year 2023 and has ambitious plans to achieve cash positivity by the end of the FY 2023-24.

This success can be attributed to the company’s strategic choices, which include an intentional decision not to rely heavily on massive equity funding rounds during its initial years. Instead of focusing on widespread marketing campaigns, Goseeko adopted a zonal and on-field marketing approach, engaging directly with students and understanding their unique challenges. By doing so, the company managed to keep its Customer Acquisition Cost (CAC) under control while efficiently addressing user needs.

Sonam Choudhary, Founder Partner at Glossaread Technologies commented, “As we look ahead to further expand the company’s profitability route, our commitment to fostering accessible education remains unwavering, and we are excited to build a future where every student's potential can flourish, regardless of their geographical location.”

One of Glossaread’s remarkable achievements is the launch of SkillCamper, as an extended arm of Goseeko, a skill-building solution designed to enhance employment prospects for students and young professionals in India. With plans for international expansion in 2023, SkillCamper is set to make a substantial impact on employability both within and outside India's borders.

Throughout its journey, Goseeko has found a valuable partner in Klub, a financial growth partner that understands the company's challenges and provides debt funding through its capital platform. The collaborative partnership with Klub where funding is provided without any equity dilution has played a pivotal role in supporting Goseeko's expansion and profitability goals.

As Goseeko continues to grow and thrive, the company has its sights set on raising Series A funding in 2024 or a future listing on the BSE SME stock exchange. The focus remains on building an ecosystem that is not only educationally enriching but also sustainable and profitable, contributing meaningfully to the advancement of higher education in India.

Read more on Times of India and Indian Startup News.

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By techadmin