Ed-tech platform Unacademy operative revenue rose 77.13% to Rs 596.7 crore in FY22 from Rs 336.8 crore in FY21, as per regulatory filings accessed by business intelligence platform Tofler. Meanwhile, net loss widened 82.7% to Rs 2693 crore in FY22 from Rs 1473.5 crore, during the same period, in the corresponding year.
Furthermore, the firm’s Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) stood at Rs 2626.47 crore whereas the networth of the company was valued at Rs 2285.53 crore. The loss margin of the company increased nearly 375.31 % in FY22, as per Tofler.
As ed-tech continues to see a rough phase, this June, it sacked around 150 employees, nearly 2.6% of its workforce. The company at the time mostly laid off sales and operation departments. Interestingly, despite the layoffs the company’s employee benefit cost rose Rs 146% to Rs 1618.9 crore in FY22 from Rs 658.1 crore in FY21.
Interestingly, early this month, the ed-tech platform launched Unacademy Compete, a feature which allow students to go head-to-head against other learners to evaluate preparation in real-time. Furthermore, the firm claimed that Compete aims to instantly match learners from anywhere in India based on preparation and syllabus completion.
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