Operational revenue in the reported period was up 80% at Rs 168.91 crore. The remaining ‘other income’ – that accounts for interest income and gain on sale of current investment – went down 38% at Rs 25.74 crore, taking the total revenue from Rs 134.93 crore to Rs 194.64 crore.
Total expenses, which was led by people costs, went up 19% in the reported period of FY22, at Rs 890.93 crore. People costs, a growing concern for the company over the years increased 20% to Rs 489.29 crore.
To correct these costs, Vedantu has been laying off its staffers across four rounds starting early 2022. It culled roles of 385 employees in December last year.
In total, the company has laid off over 1,100 employees last year, as a covid-led growth tapered off and the slump in late-stage funding has made it harder for Indian edtech firms to raise fresh funds.
The second largest costhead in FY22 was advertisements and promotional costs that went up 3% to Rs 181.89 crore.
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Founded by Vamsi Krishna, Anand Prakash, Saurabh Saxena and Pulkit Jain in 2011, Vedantu became a unicorn in September 2021, when it raised $100 million in a funding round led by Temasek-backed impact investing fund ABC World Asia. Its other backers include Coatue Management, Tiger Global, GGV Capital and WestBridge Capital.
