EdTech giant Unacademy's overall revenue in Financial Year (FY) 2024 was Rs 988.4 crore, down 5.33 per cent from Rs 1,044 crore in FY23. However, the SoftBank-backed firm reduced its losses by 62 per cent to Rs 631 crore in the fiscal year ended March 2024, down from Rs 1,678 crore in FY23.
According to Entrackr, Unacademy managed to reduce its losses through cost-cutting measures such as restructuring.
TheKredible reports that Unacademy's operating revenue increased by 26.15 per cent to Rs 907 crore in FY23, from Rs 719 crore in FY22. Unlike FY23 and FY24, the company's revenue is now heavily reliant on the offline model.
During the pandemic (FY21 and FY22), Unacademy's online business surged dramatically, but the broader EdTech market lost impetus as offline educational institutions, such as coaching centres and colleges, resumed operations.
The company's EBITDA (earnings before interest, taxes, depreciation, and amortisation) loss also improved, falling to Rs 489 crore in FY24 from Rs 1,553 crore in FY23. At the same time, the EdTech company has Rs 1,573 crore in cash and cash equivalents as of March 2024, reports Entrackr.
According to documents accessed by Entrackr, FY24 saw a considerable increase in cost efficiency, and the cost rationalisation initiatives implemented throughout the year are projected to provide favourable benefits in FY25 and beyond.
For reference, Unacademy declared in August 2024 that it would not provide employee appraisals in 2024. Founder Gaurav Munjal indicated that the company has a solid financial runway and is not in danger of failing.
To streamline operations and increase efficiency, the Bengaluru-based company laid off 250 staff in July.
Unacademy has not raised financing for more than three years. Its most recent equity transaction was a USD 440 million Series H in August 2021, valued at USD 3.44 billion, Entrackr reports.
