MathCo revenue up 23.7% to ₹621cr while PAT drops 94%
Business
MathCo, the AI and machine learning company, pulled in 23.7% more revenue this year: ₹621 crore compared to ₹502 crore last year.
But here's the twist: despite making more money, their profit after tax crashed by 94%, dropping to just ₹3.83 crore as costs soared.
Employee costs dominate, MathCo raises $53 million
Most of MathCo's spending went toward employee benefits, which made up nearly 80% of its total expenses and rose by a hefty 33%.
Other costs like technology and travel also climbed.
Even with these challenges, MathCo managed to raise $53 million from major investors like Brighton Park Capital and Patni Wealth Advisors, showing there's still faith in their future despite tight profit margins.