Spalba, a startup in the event technology sector, records revenue of Rs 18 crore in fiscal year 2023, with profits increasing nearly threefold.

Established in 2020, Spalba is a software-as-a-service (SaaS) platform specializing in event planning for businesses. It comprises two main segments: one tailored for venues and the other for event planners. For venues, Spalba offers a sales tool aimed at increasing revenue through banquet sales, featuring XR walkthroughs, remote property showcasing, and event mockup design. For event planners, Spalba provides event planning software with access to multiple event venues, virtual reconnaissance, downloadable layouts, seating plans, collaboration tools, and intuitive drag-and-drop event planning features.

During the previous fiscal year, Spalba's largest expense category was venue and equipment rentals, constituting 26.7% of total expenses, which surged significantly to Rs 4.1 crore in FY23. To facilitate growth and scale, the company expanded its workforce, resulting in a more than two-fold increase in employee benefit expenses to Rs 2.55 crore in FY23 from Rs 1.18 crore in FY22. Additionally, Spalba incurred event management and project consultancy charges amounting to Rs 2.1 crore and Rs 1.62 crore, respectively, in FY23. Overall, the company's total expenditure rose three-fold to Rs 15.37 crore in FY23 from Rs 4.98 crore in FY22.

Despite the substantial increase in expenses, Spalba's profits surged by 2.9 times to Rs 3.4 crore in FY23 compared to Rs 1.16 crore in FY22. Notably, the company had incurred losses of Rs 26 lakh in FY21. On a unit level, the Gurgaon-based startup spent Rs 0.84 to earn a rupee of operating revenue during FY23.

Regarding the capital structure, co-founders Naveen Gupta and Vishal Puri each own 40% of the company's shares, while another co-founder, Jaya Pandey, holds a 20% stake.