Unacademy: Unacademy’s FY23 revenue rises 26% to Rs 907 crore, loss shrinks

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Test preparation startup Unacademy said its losses narrowed by 41% to Rs 1,678 crore in FY23, a period riddled with incessant layoffs at the firm.

The Bengaluru-based startup’s revenue rose 26% during the year to Rs 907 crore, as per regulatory filings sourced by PrivateCircle.

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Employee-related expenses went down 28% to Rs 1,281 crore in FY23.

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

The reserves let the company command over four years of cash runway, Munjal had told employees in an internal memo last month. The runway will further extend to eight years because the startup continues to lower its cash burn, which is currently down 60%, he had said, without giving any specifics. He added that Unacademy’s offline centres business also grew from 6,000 learners in 2022 to 32,000 learners in 2023.

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In June, Munjal had said the company had reduced its monthly cash burn to Rs 1.9 crore, and clocked revenues worth Rs 130 crore in May.

The startup, like its peers in the test prep and K-12 segment, is currently undergoing a shift in strategy after multiple rounds of layoffs to prioritise the unit economics to put it on a path to profitability.

In April 2022, it had fired around 1,000 contractual and full-time employees. In November 2022, the company culled as many as 350 roles, impacting about 10% of employees across the group.

In January 2023, its Relevel business unit laid off 40 employees, or 20% of its workforce. In March 2023, Unacademy cut 12% of its workforce in a round of layoffs.

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