Edtech unicorn Eruditus saw 87 per cent jump in its operational revenue to touch ₹1,859 crore ($245.26 million) in FY22, which is more than the revenue reported by all other edtech unicorns till now.
In FY22, Unacademy reported ₹719 crore ($87 million) operating revenue, Vedantu recorded ₹169 crore ($20.5 million), upGrad saw ₹679 crore ($82.5 million), and PhysicsWallah stood at ₹233 crore ($28 million). Whereas Byju’s has not reported its FY22 financials.
Employee benefit expenses
The revenue jump comes against a loss of ₹2,645 crore ($348.95 million). In terms of expenses, employee benefits contributed the most at 44.1 per cent of the total expenses. A major part of Eruditus’ employee benefit expense was stock appreciation rights (SARs), which comprised 57 per cent of total employee benefit expense.
The company’s revenue of $119.61 million came from Eruditus’ US operations, followed by Asia and Asia Pacific. The Eruditus group, consists of Eruditus Executive Education and Emeritus, which offers professional education courses in collaboration with multiple universities.
Eruditus enables working professionals who cannot enroll in full-time courses to access a top-tier, affordable education that will train them in the required skills. The group’s global team includes more than 1,400 employees and offices in Mumbai, New Delhi, Shanghai, Singapore, Palo Alto, Mexico City, Boston, New York, London, and Dubai.
In 2021, the Eruditus group acquired iD Tech, the world leader in youth STEM education, which marked their expansion into K12 education.
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Published on April 3, 2023
