 "Metalbook targets $200 million ARR by FY24, plans IPO in 4-5 years")
B2B digital platform Metalbook expects to achieve an annual recurring revenue (ARR) of USD 200 million (about Rs 1,660 crore) by March 2024, the company said on Thursday.
ARR generally refers to the total revenue level that a company may achieve after 12 months.
Metalbook claims to have registered a revenue of USD 72 million in financial year 2023.
"Metalbook is anticipated to achieve an annualized revenue run rate of USD 200 million by the end of FY24, demonstrating a growth of over 15 times in the past two years," it said in a statement.
Metalbook is a digital supply chain platform for the metals industry. The company recently launched new categories across copper, aluminium, metal scrap and claims to have a global footprint of processing centres, recycling networks and over 1,000 suppliers spread across 80 geographies.
The expansion follows USD 15 million fundraise by the company in June 2023. The funding round was led by Rigel Capital, with participation from FJ Labs, as well as existing investors, Axilor Ventures, Stride Ventures, Trifecta Capital etc.
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"As we look to the future, we feel that our solid foundation of integrity, innovation, customer-centric approach and sustainability will enable us achieve growth and profitability at scale.
"We want to make sure that there is enough of a track record for market investors to look at before we plan for an Initial Public Offer (IPO) in 4-5 years," Metalbook Co-founder Raghavendra Pratap Singh said.