Unacademy owned ed-tech platform Prepladder aims to clock net revenue of Rs 200 crore in FY23, Deepanshu Goyal, co-founder, CEO, Prepladder told FE Education. “We expect to incur a 20-30% of loss in EBDITA in FY23,” Goyal said. Regulatory filings accessed by business intelligence platform Tofler revealed that the company’s revenue from operation increased 27.6% to Rs 114.6 crore in FY22 from Rs 89.9 crore in FY21. The company’s net loss widened 74.9% to Rs 144 crore in FY22 from Rs 82.3 crore in FY21.
As per several media reports, Prepladder fired nearly 150 employees until July 2022. When asked, Goyal replied, “growth at any cost is the primary motive for the layoffs.” The company further claimed that the lay off was part of a large exercise undertaken at a group level with the parent company. Reportedly, in November 2022, Unacademy had laid off 350 employees. Furthermore, in December 2022, a group of doctor-teachers filed a legal case against PrepLadder over non-payment of dues, as per media reports. A hearing on the same matter is scheduled on February 01, 2023 at The Delhi High Court.
As means of monetisation, the firm claims to sell its medical PG courses at an average cost of Rs 25,000 for six months, and Rs 35,000 for one year subscription. Last year, it claims to have started UPSC preparation courses at an average ticket price of Rs 15,000. “Currently we have 1.5 lakh subscribers for medical courses, and 7,000 subscribers in UPSC vertical,” Goyal said. In FY23, the company aims to enrol 80,000 new subscribers.
Further, it plans to start its brick-and-mortar centre in 10 cities including Kolkata, Bengaluru, Chennai, Delhi among others. The firm also plans to expand globally in countries including the United States, Philippines, and Canada. “In the next fiscal year, we plan to start USMLE courses. The monetisation of the course will start in February 2024,” Goyal said.