The SaaS startup LeadSquared, reported a slight increase in its net loss in the fiscal year 2023–24 (FY24) to 162.24 crore from 161.06 crore the year before.

Operating revenue increased 9.12% to 279.29 crore in the reviewed year from 255.93 crore in FY23, according to LeadSquared's ministry of corporate affairs filings.

LeadSquared is a 2011 startup that provides vertical SaaS solutions to businesses in edtech, healthcare, BFSI, and hospitality.

Leadsquared's total expenses for FY24 increased to Rs 486.45 crore from Rs 456.2 crore in FY23, a 6.6% year-over-year increase. Employee benefits costs accounted for a sizeable amount of this increase, totaling Rs 306.2 crore, up 12.7% from Rs 271.8 crore the year before.

After raising $153 million at a $1 billion valuation in June 2022 for Series C funding, Singh acknowledged that LeadSquared's attention turned to the US market. He clarified, "Investments were required to penetrate new markets and develop new products, while our frugal ethos remained intact."

The company intends to maximize expenses, especially those related to cloud computing, which account for a sizeable amount of its spending. By combining AI capabilities with core products like lead management and help desk solutions, it hopes to increase revenue at the same time.

Geographically, LeadSquared will keep giving the US and Indian markets top priority, concentrating on the healthcare and education sectors. It also provides services to the Middle East, Indonesia, and South Africa. Singh stated that there is ‘significant growth potential’ in these markets, particularly for SaaS companies.