Revenue from operations rose to Rs 337 crore in FY21 from Rs 65 crore in the previous fiscal year, according to regulatory documents sourced from business intelligence platform Tofler.
Total employee expenses stood at Rs 658 crore, compared to Rs 621 crore in FY20.
Peer Vedantu also reported a consolidated net loss of Rs 604.28 crore in FY21, against a net loss of Rs 150 crore in FY20, as total expenses jumped sharply.
India’s edtech firms are witnessing a slowdown in demand as offline continues to open up.
In April, Unacademy laid off around 1,000 employees, including on-roll and contractual staff to cut costs amid an impending slowdown in venture funding and tightening of the overall economic environment.
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This included employees at Unacademy group firm PrepLadder, which it acquired in 2020. The group comprises Unacademy, PrepLadder, CodeChef, Graphy and Relevel.
Unacademy was valued at $3.4 billion when it raised $440 million led by Singapore’s Temasek in August last year.
In an internal note, Unacademy’s founder Gaurav Munjal had warned employees of a ‘funding winter’.
“But now we must change our ways. Winter is here. Tech stocks globally are crashing and burning due to tighter monetary policies and rising interest rates. We are looking at a time where funding will dry up at least for 12-18 months. Some people are predicting that this might last for 24 months. We must adapt,” Munjal said in an email to staff in May.
Edtech firms are looking to open offline centres to cope with the transition of the post-Covid-19 world where offline institutions are opening up.
Unacdemy has said it would launch its first two offline learning Unacademy Centres and aims to enrol up to 15,000 learners in the first batch across all the upcoming Unacademy Centres in nine cities – Kota, Jaipur, Ahmedabad, Chandigarh, Patna, Pune, Bengaluru, Delhi, and Lucknow.
“The Unacademy Centres will facilitate the offline classes for learners and will extend access to top educators in the national eligibility and entrance test (NEET-UG), IT JEE, and Foundation (9-10) course categories,” the startup said in a statement on June 14.
The Unacademy centre will have a multi-functional cafe, a library and doubt solving zones along with several classrooms and functional zones located in the Talwandi Circle in Kota.
It is an 18,000 sq ft facility spread across four floors, it said.
In February, rival Byju’s had also announced aggressive plans to double down on its offline play through the launch of ‘Byju’s Tuition Centre’.
Recently PhysicsWallah also opened offline centres in Kota, Rajasthan.
