The company claims to have reported a 7X increase in its profit to Rs 2.8 crore in FY22 from Rs 34.6 lakh in FY21.
Ed-tech company STEMROBO plans to expand its operations in Nigeria and Cote D’Ivoire in West Africa in the next six months. “We further plan to launch our East Africa chapter in September this year, focused on the primary and secondary schools across Kenya and Rwanda,” Rajeev Tiwari, founder, STEMROBO technologies told FE Education online. The company launched its operations in West Africa in May 2022 and implemented its programmers across 50 primary and secondary schools across Ghana. Tiwari further added that the company aims to reach 250 schools in Ghana by FY23.
According to Tiwari, the company aims to close FY23 with the net revenue of Rs 70 crore on the back of net profit of Rs 10.5 crore. The company reported a 108.3% increase in the net revenue to Rs 30 crore in FY22 from Rs 14.4 in FY21, as per regulatory files accessed by business intelligence firm Tofler. It posted a 7X rise in net profit to Rs 2.8 crore in FY22 from Rs 34.6 lakh in FY21.
STEMROBO, which caters to the K-12 segment, claims to generate its revenue through annual subscriptions from schools at a minimum guarantee of 250 students. It claims to set up Science, Technology, Engineering, Mathematics (STEM) based tinkering labs in the schools backed by teacher training, DIY robotic kits, software’s such as ‘Artificial Intelligence (AI) Connect Coding Platform’ and ‘Tinker Learning’ LMS Platform, STEMROBO do-it-yourself (DIY) robotic kits. So far the company claims to have partnered with 2000 schools. “We plan to partner with 5000 schools across India and reach 2.5 million students by the end of next year,” Tiwari said.
Furthermore, the ed-tech firm has launched 30 offline centers pan India and plans to expand through franchise models. In the offline centers, the students can access STEMROBO’s offerings outside school through annual subscriptions of Rs 500.
STEMROBO Offers an Integrated STEAM Based Program based on Design Thinking Approach for K-12 Segment. The focus is on Real World Problem solving Techniques and Project Based Learning, thereby Offering Immersive Learning Experience that caters to 21st Century key skills.