Reflections on LawSikho’s last financial year performance and goals ahead
We successfully doubled our revenue in FY 2024. I can talk about this now finally because we have submitted our financials to the stock exchange. Last year our revenue was close to 33 cr, we reached ~65 cr this year. I thought we could do more, there were many missed opportunities. Still, I am grateful for what we could do. We also more than doubled our profits. We will continue to keep the momentum going in this financial year. All the misses last year are now getting converted into golden opportunities this year.
Here is what we got right:
1. We scaled up Skill Arbitrage, launched many new categories and reached product market fit. We have significantly increased our Total Addressable market now given this as well as our success in being able to sell courses in the North American and UK market.
2. It was very difficult to create so many high quality courses, teams of mentors, and placement systems. We cracked them.
3. We really finetuned our marketing, increased organic lead generation, reduced CAC despite rapid growth.
4. We managed our budget and costs very tightly, and didn’t allow costs to spiral out of control.
5. We more than doubled our engineering team, and they have been regularly shipping new features and products which either increase our revenue, reduce costs, or create a moat.
6. We weathered the edtech winter really well. While most edtechs have faced backlash and tough questions, it did not affect our business at all. Rather we did a very good IPO.
7. We were not able to give enough time to the business while IPO was happening - for about 3 months we were quite distracted. Still we managed to post a strong result.
8. Our test prep team has produced phenomenal results which we expect to influence our financial performance also going forward as we become a major player in legal test prep.
9. We have managed to start selling our courses in the US, in the UK and Canada. We have a nascent sales team focusing on these markets.
10. We managed to scale and operate efficiently while working remotely. We have a huge advantage when it comes to hiring top talent at a lower cost. Also the fact that our team can function remotely is a testament to the quality of the robust systems we have built.
11. We have successfully deployed AI across our business. It helped us to do more with less and keep our costs low.
12. We recreated most of our courses to be heavily AI focused. We are preparing the workforce of the future.
We launched and scaled LawSikho opportunities which rapidly became one of the top job platforms in the legal space, with close to 3000 visitors and 300 applicants per day. We would look to scale it 10x from here and also launch similar job boards in SkillArbitrage and Dataisgood.
13. Quality of our courses have improved, so has service delivery, while costs have reduced on this front.
14. In the last quarter, we rapidly scaled up our content creation, and launched many high value courses which has set us up for faster growth in the months ahead.
What we failed to do as well as we hoped to do:
1. We could not meaningfully scale our sales team as much as we wanted. We have had many learnings though, which are currently being deployed. We will aim to scale our sales team from the current 80 to 300 over the next year.
2. We have been trying to deploy autofunnels. While our autofunnels have started to produce results the scaling part is yet to come. We are still learning what works and what does not work.
3. Development of our referral portal has been delayed, but it can be launched over the next month. This will enable us to open a new sales channel - affiliate sales.
4. We have hired a team for product led sales growth. We will be launching several products - microlearning app, AI driven legal assistant tools, legal research database, job platform app and such other tools for our audience - which we expect would create product led revenue channels.
5. Our operations have further opportunity to be optimised, especially with AI tools, although we made great progress on that front in the last 3 months.
6. Our microlearning app for law has been delayed although the first level of development is complete. When it is launched we expect improved branding, more daily engagement with the community and better CAC due to more organic leads.
7. We have not succeeded with community marketing as much as we wanted, we have hired a new team and are working on it. This can majorly improve our CAC and better lead to conversion rate.
What would be our obsessive focus in the current financial year:
1. Scaling sales academy
2. Autofunnels
3. Launching more courses in US/UK/Canada market
4. Building and nurturing communities
5. Building autofunnels to onboard more clients in the US for increased work flow for our learners
Important long term projects:
1. Identify high quality acquisition targets and close the ones where discussions are ongoing
2. US lawyer tool and marketplace app
3. AI based legal assistant
4. Turning iPleaders blog into a services marketplace
Overall outlook: we will aim at doubling our revenue in the current year while improving PAT margins.