Unacademy: Unacademy elevates CBO Jagnoor Singh as COO of offline centres business

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Edtech startup Unacademy has elevated Jagnoor Singh as chief operating officer (COO) of its offline centres business, CEO Gaurav Munjal told employees in an internal memo on Wednesday night.

Singh was Unacademy group’s chief business officer for a little over two years. The reorganisation comes in a series of top-deck changes at the Bengaluru-based startup that focuses on test preparation as a segment, largely offline now.

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“In the last two years, Jagnoor and his team have built centres into one of the largest Businesses of Unacademy Group. Amazing growth coupled with obsession towards quality and outcomes,” Munjal told employees over a Slack messaging channel.

In August, Unacademy’s chief operating officer Vivek Sinha took to LinkedIn and X, formerly Twitter, to announce his resignation from the company.

Last week, the company had appointed Pratik Dalal as chief financial officer (CFO) of the offline centres business, again via an announcement from Munjal on Slack to employees.

In October, ET had reported, CFO Subramanian Ramachandran had put down his papers at the test preparation startup and will be serving a notice period till March 31, 2024.

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Ramachandran has been with the company since 2019. An Unacademy spokesperson did not immediately respond to ET’s request for comment on the latest appointment.

Founded as a YouTube channel in 2016 by Munjal, Roman Saini, Hemesh Singh and Sachin Gupta, Unacademy recently claimed to have reserves of Rs 1,800 crore in the bank.

These reserves were enough to run the company for over four years without further fundraising, Munjal had told employees in a memo last month. The cash runway will further extend to eight years because the startup continues to lower its cash burn, he had said, without giving specifics.

Online business shrank 30% but earnings before interest, tax, depreciation and amortisation (ebitda) improved by 87%, he said. Business at Unacademy’s offline centres grew from 6,000 learners in 2022 to 32,000 learners in 2023, he had said.

The company had reported a 41% reduction in net loss for fiscal 2023, a year when the test-preparation startup made several rounds of layoffs. Its FY23 loss narrowed to Rs 1,678.15 crore from Rs 2,847.93 crore in FY22. Revenue rose 26% to Rs 907.01 crore.

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