Edtech platform Unacademy, led by Gaurav Munjal, reported a loss of Rs 285 crore in FY24 as against Rs 1,592 crore in FY23.
The company managed to narrow down the losses since the reduction in its expense has brought relief.
For the FY24, total expenses of the company stood at Rs 1,149 crore, which is down by 53.29 per cent from the previous fiscal's figure of Rs 2,460 crore.
Employee cost at Unacademy declined 69.47% year-on-year to Rs 340 crore in FY24, as against Rs 1,114 crore in FY23.
The company had cut 250 employees in July and done some restructuring excise, which led to a decline in employee expenses for the company.
Advertising cost at the company declined by 33% YoY to Rs 201.3 crore, as against Rs 293.4 crore in FY23.
Other costs like teaching fee, offline partners, payment gateway fees, and property, plant, and equipment write-off has been at Rs 762.5 crore for FY24 from Rs 1,282.9 in the last financial year.
Technical services expenditure has, however, gone up to Rs 297.7 crore from Rs 283.6 crore in FY23.
Operating income of Unacademy dropped by 2.31 per cent to Rs 716 crore in FY24 from Rs 733 crore in FY23.
The total income of the company including other income was Rs 864 crore in the previous fiscal year. It was Rs 869 crore in FY23. However, its other income rose to Rs 148 crore in FY24 from Rs 136 crore in the previous fiscal year.
Unacademy was started in 2015 by Gaurav Munjal, Roman Saini and Hemesh Singh.
The edtech firm believes it has 91,000 registered teachers within the network. It supports the educative needs of over 14 Indian languages' users. Other than Unacademy, the list also houses subsidiaries like Graphy and UnacademyX for Nextlevel and PrepLadder.
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