Hippocampus Learning Centers (HLC) plans to open 10 new schools in rural areas of Karnataka, including Channapatna, Devanahalli and Hunsur in FY23, Umesh Malhotra, CEO, Founder, Hippocampus Learning Centers told FE Education Online. Furthermore, the company is aiming for a turnover of Rs eight crore in FY23, with a total loss of Rs 1.5 crore. According to Malhotra, HLC aims to provide educational facilities to students between Kindergarten and 10th grade in the rural sectors of Karnataka.
Regulatory filings used by business intelligence platform Tofler revealed that the company’s total revenue fell 84.7% to Rs 1.48 crore in FY21 from Rs 9.53 crore in FY20. In FY21, HLC’s net loss increased 38.22% to Rs 3.4 crore in FY21 from Rs 2.4 crore in FY20. In FY22, the company claims to have clocked in revenue of Rs four crore out of a total loss of Rs 1.4 crore. “Compared to FY19, the company’s revenue declined nearly 50% during the Covid-19 pandemic due to massive outages,” Malhotra said.
Currently, Hippocampus Learning Centers claims to have 50 preschool centers and 10 schools for 1-10th grade. Of these, nine schools are affiliated with state boards and one school is affiliated with Indian Certificate of Secondary Education (ICSE) board. “We plan to open new schools under ICSE membership,” Malhotra said. Furthermore, the company claims to have enrolled 1,500 students this academic year (AY). In AY 23-24, HLC aims to enroll 4,000 students. Moreover, the average rate of the schools is Rs 16-18k.
According to Malhotra, Hippocampus Learning Centers provides activity-based learning to children. “In rural areas and in small towns, children often do not receive pre-school education. Our aim is to provide such children with quality educational facilities,” noted Malhotra. In addition, the company plans to expand its centers to other states in the next fiscal year.
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