Unacademy's losses widen by 85% in FY22, revenue goes up
Over the past year, Unacademy has shut down its K12 business, laid off employees, taken cost-cutting measures, and entered the offline market. However, its bet on its job-hunting platform Relevel has borne fruit.
Edtech unicorn clocked a loss of Rs 2,848 crore for FY 2022. The startup’s losses have widened by 85% since the previous fiscal when it reported a loss of Rs 1,537.4 crore, according to the company’s annual financial statements with the Registrar of Companies (RoC).
Unacademy has reported a consolidated revenue of Rs 719.2 crore in FY22—an 80.8% rise compared to the previous fiscal when the startup recorded a revenue of Rs 397.6 crore.
During FY22, Unacademy spent Rs 1771.6 crore on employee benefits, which makes for the largest expense made by the startup. This cost has increased by 136.7% since FY21 when the startup spent Rs 748.4 crore on employee benefits.
Over the past year, Unacademy has shut down its K12 business, laid off employees, taken cost-cutting measures, and entered the offline market. However, India's second most-valued edtech startup's bet on its job-hunting platform Relevel has borne fruit as it has not only survived the gloomy macroeconomic conditions but thrived.
The second-largest cost centre for Unacademy is payments made to educators. In FY22, the edtech giant spent Rs 814 crore on teachers—up by 50.4% from FY21. The startup’s advertising cost also went up by 33.5% during FY22 to Rs 549 crore.
Unacademy’s rival BYJU’S recently filed its FY21 results wherein it reported widened losses of Rs 4,564.38 crore in FY21—14X more than the loss reported in FY20 which stood at Rs 305.5 crore.
Edited by Kanishk Singh