Unacademy CFO Subramanian Ramachandran quits: Report
Unacademy has witnessed a series of senior-level departures in recent months, including the exit of COO Vivek Sinha in August and Abhyudaya Rana, Vice President and Chief of Staff at the CTO's Office, in September.
Bengaluru-basedchief financial officer (CFO) Subramanian Ramachandran has resigned, following other top-level departures from the edtech company, as per media reports.
In August, Chief Operating Officer Vivek Sinha left the company after a three-year stint, followed by Abhyudaya Rana, who served as the vice president and chief of staff at the CTO's Office at Unacademy, in September.
Ramachandran was previously the CFO at Medi Assist for more than three years before he joined the edtech company in 2019. His departure is notable given that Unacademy is yet to disclose its financial results for the fiscal year 2022-23.
YourStory has reached out to Unacademy for a comment. This story will be updated with the company’s response once it comes in.
The Morning Context was the first to report on this development.
In April, Unacademy had claimed it is on track to achieve group-level profitability for calendar year 2023, driven by a registered revenue of Rs 1,250 crore compared to Rs 992 crore in the previous year.
The edtech unicorn has implemented various cost-cutting measures, including multiple rounds of layoffs and senior leadership salary reductions, in its efforts to enhance the profitability of its operations.
Recently, an Inc42 report indicated that Unacademy’s Graphy—a platform catering to content creators—downsized its workforce by 20-30%. However, the company, in response to YourStory’s queries, stated, “We have not done any layoffs, and we remain focused on enhancing our team’s performance and overall productivity.”
The Bengaluru-based firm has witnessed a jump in revenue through growth in its offline business. However, the revenue from the online test preparation segment—its core business—has dropped.
Unacademy clocked a loss of Rs 2,848 crore for FY22. The unicorn’s losses widened by 85% since the previous fiscal year when it reported a loss of Rs 1,537.4 crore. BYJU’S, which is yet to file its FY22 numbers, reported a Rs 4,588 crore loss in FY21.
Edited by Suman Singh