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Unacademy Losses Shrinks by 40% and Revenue Increase by 26% in FY23

Unacademy, the Indian edtech startup led by Gaurav Munjal, Roman Saini, and Hemesh Singh in 2015, it claims to have a network of over 91,000 registered educators and more than 99 million learners, offering education in over 14 Indian languages across 10,000 cities.

It has reported a significant fall in its consolidated net loss for the financial year ended March 31, 2023.Its net loss drop down to INR 1,678.1 Cr in FY23 from INR 2,847.9 Cr in the previous fiscal which is fall of almost 40% completely due to its reduction in its overall expense. The total income, including interest income from current investments amounting to Rs 122.4 crore, reached Rs 1,044.3 crore in the financial year that ended this March 23 as compared to Rs 844.7 crore in the previous fiscal year. The sale of course subscriptions forms a 97% of the total operating revenue which zoom by 27% to Rs 884 crore in FY23. The rest of the income accrued from educational products and advertising services. The edtech firm has witnessed a increase in revenue through sharp growth in its offline business while the Core business from online test preparation has seen a downfall.

The Gaurav Munjal-led that they have tighten up the expenses—with overall expenditure down 26.2%. Its total expenses fell to Rs 2,734.2 crore in FY23, compared to Rs 3,702.8 crore in FY22.

The edtech company has made a drastic change to its largest expense category i.e Employee Cost which includes multiple rounds of layoffs, salary reductions among senior leadership, and a wave of senior-level departures from the company from the Rs 1,771.6 crore to Rs 1,281.2 crore in FY23 a downfall of 27.7% The firm also reduce its other expenses, such as advertising promotional expenses, from Rs 548.7 crore to Rs 370.2 crore in FY23 reduce by 32.5% in the previous fiscal year.

The edtech unicorn has raised a total of $811 million in overall 13 round and it continues to focus on its growth and expansion in the competitive edtech market.


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