Consulting Startup Co-founded by Flipkart’s Founder Records Threefold Revenue Growth in FYE March 2023

Xto10x, the software and consulting firm established by Binny Bansal, one of the co-founders of Flipkart, has revealed impressive financial growth for its Singapore-listed entity. According to Alternatives.pe, which tracks regulatory filings in Singapore, the company reported a revenue of S$18.9 million (US$14 million) for the period spanning January 2022 to March 2023. This figure marks a substantial surge compared to the revenue of US$4.7 million recorded in the fiscal year ending 2021, reflecting nearly three times the growth.

The significant increase in revenue underscores Xto10x’s rapid expansion and success in providing software solutions and consulting services. As a trusted name in the industry, the firm has likely attracted a growing client base seeking innovative solutions for business growth and transformation.

The bulk of Xto10x’s revenue was generated from its consultancy services, which saw a remarkable increase from US$4.3 million in 2021 to US$13.2 million for the fiscal year ending March 2023. This substantial growth underscores the growing demand for the company’s expertise in driving business transformation and growth strategies.Xto10x’s impressive client portfolio includes over 200 companies spanning various industries. Notable clients include hospitality startup RedDoorz, food delivery giant Swiggy, and fintech firm Cred. By collaborating with these leading companies, Xto10x has established itself as a trusted partner in enabling business success and innovation across diverse sectors.

During the reported period, Xto10x had substantial resources at its disposal, having secured a significant investment of US$25 million in a funding round led by its co-founder, Binny Bansal. This infusion of capital provided the company with the financial firepower needed to fuel its expansion efforts and strengthen its position in the market.Binny Bansal’s personal investment underscores his confidence in Xto10x’s business model and growth potential. As a co-founder of the company, Bansal’s continued support further solidifies Xto10x’s position as a key player in the consulting and software services industry, poised for continued success and innovation.

In addition to its financial investments, Xto10x strategically bolstered its capabilities through the acquisition of HR SaaS firm Dockabl in September 2021. This strategic move allowed Xto10x to expand its offerings and enhance its suite of employee engagement and strategy execution platforms.By integrating Dockabl’s technology and expertise, Xto10x was able to strengthen its 10xPeople and 10xGoals platforms, empowering organizations to optimize their employee engagement initiatives and streamline their strategy execution processes. This acquisition not only expanded Xto10x’s market reach but also positioned the company as a comprehensive solution provider in the HR and strategy consulting space.

The integration of Dockabl’s capabilities underscores Xto10x’s commitment to innovation and its dedication to delivering value-added solutions to its clients. This strategic acquisition played a pivotal role in Xto10x’s growth trajectory during the reported period, further solidifying its position as a leader in the consulting and software services industry.

Despite achieving a gross profit of US$7.3 million during the 15-month period ending March 2023, Xto10x faced challenges as its administrative expenses surged from US$0.8 million in 2021 to US$12.6 million in FYE 2023. This increase in expenses, primarily driven by a rise in share-based payment expenses to employees, resulted in the company doubling its losses to US$5.3 million from US$2.7 million in FYE 2021.However, it’s worth noting that Xto10x remained cash-flow positive during this period, with US$1.5 million in cash reserves. Despite the financial setback, the company continued to focus on its mission of helping startups scale by leveraging its expertise in business design, organizational leadership, people and culture, as well as growth and product strategies.

Founded in India in 2019, Xto10x has established itself as a trusted partner for startups seeking to navigate the complexities of scaling their operations and achieving sustainable growth. Despite the challenges posed by escalating administrative expenses, Xto10x remains committed to supporting its clients and driving positive outcomes in the startup ecosystem.⬤