Vedantu cuts losses by 46% to Rs 373 Cr in FY23
According to the company's annual financial statements filed with the Registrar of Companies (RoC), the Bengaluru-based firm reported a total income of Rs 175 crore in FY23, down from Rs 191 crore in FY22.
Edtech unicorn losses shrunk 46.4%, to ₹373 crore in FY23 from Rs 696 crore in FY22.
The company has reported a 7.8% decline in revenue from operations, falling to Rs 153 crore for the fiscal year ended March 2023 from Rs 166 crore a year ago.
According to the company's annual financial statements filed with the Registrar of Companies (RoC), the Bengaluru-based firm reported a total income of ₹175 crore in FY23, down from ₹191 crore in FY22.
The company’s employee benefits emerged as the largest cost centre with 56.7% of the total expenditure, which declined by 35.8% to Rs 314 crore in FY23.
The Tiger Global-backed firm witnessed a decrease in overall expenditure, dropping to Rs 553 crore in FY23 from Rs 888 crore in FY22. This was driven by expenditure on legal matters, advertising and promotions, and information technology. Its advertising and promotion expenses declined to Rs 76 crore in FY23 from Rs 182 crore in FY22, while information technology expenses amounted to Rs 21 crore in FY23.
Founded in 2011 by Vamsi Krishna, Anand Prakash, and Pulkit Jain, Vedantu became a unicorn in 2021 following a $100 million investment in its Series E round, spearheaded by Singapore-based ABC World Asia.
As per Tracxn, the edtech company has bagged a total funding of $328 million across 20 funding rounds. In 2022, Vedantu acquired (Ace Creative Learning), a Karnataka-based test prep platform, for about $40 million to fuel its offline operations.
Edited by Megha Reddy