Vedantu’s FY22 loss grows to INR 696 crore, with operating revenue of INR 169 crore
- ByStartupStory | February 1, 2023
Vedantu, the edtech unicorn, lost Rs 696 crore in FY22, compared to Rs 616 crore in the previous fiscal year.
According to the company’s yearly financial documents filed with the Registrar of Companies, the Bengaluru-based company spent Rs 489 crore on employee benefits, its greatest expense (RoC).
The Tiger Global-backed company’s total expenditure increased 19% to Rs 891 crore in FY22, up from Rs 748 crore in FY21. Its advertising and promotion costs increased slightly to Rs 183 crore. In FY22, the company recorded consolidated sales of Rs 194.3 crore, a 43% rise over the previous fiscal. Its operating revenue increased by 80% to Rs 169 crore in FY22 from Rs 94 crore in FY21.
Vedantu, which was launched in 2011 by Vamsi Krishna, Anand Prakash, and Pulkit Jain, will become a unicorn in 2021 after receiving $100 million in a Series E financing headed by Singapore-based ABC World Asia. According to Tracxn, the edtech unicorn has raised a total of $328 million in over 20 rounds. However, Vedantu, like its contemporaries in the edtech sector, has been experiencing difficulties.
Last year, the edtech company laid off nearly 1,000 staff. While the Vamsi Krishna-led company reduced its employees in 2022, it invested $40 million in Deeksha (Ace Creative Learning) to strengthen its offline presence.
Other edtech unicorns, like Tiger Global-backed Unacademy, reported a Rs 2,848 crore loss in FY22.
BYJU’s, which has yet to disclose its FY22 numbers, lost Rs 4,588 crore in FY21, while upGrad lost Rs 627 crore in the previous fiscal year.
Among the edtech unicorns, Physics Wallah was the only profitable company. Its net profit for fiscal year 2021-22 was Rs 97.8 crore, up 14-fold from Rs 6.93 crore the previous year.
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