Unacademy on Track to Achieve Group-Level Profitability, Reports 26% Revenue Growth in CY23
- ByStartupStory | April 25, 2023
Edtech unicorn Unacademy is poised to achieve group-level profitability this year as it sees a 26% increase in group-level revenue for the year 2023, according to an internal message from Co-founder and CEO Gaurav Munjal. The company has been focusing on cost-cutting measures and offline business growth to achieve this milestone. Munjal announced that the company has a cash balance of over Rs 2,100 crore as of March 2023 and is expected to achieve its first-ever month of group-level EBITDA profitability in April 2023. Unacademy has also seen revenue growth in its subsidiary platforms PrepLadder and Graphy. Despite challenges, Munjal remains confident in the company’s future success.
In his internal message, Munjal stated, “This will be the best year for Unacademy since we started the company in 2015. We will be the largest edtech company soon. We will be the last ones standing. A few rough patches here or there won’t stop us.” Munjal also noted that the company has about 116 months of runway with a cash balance of Rs 1,977 crore from December 2023.
Unacademy has been conducting multiple rounds of layoffs and resorted to other cost-cutting measures to increase profitability. The company’s revenue from offline centers has grown to Rs 400 crore in CY23, up 655% from Rs 53 crore in CY22, while online test preparation revenue dropped 15% to Rs 620 crore in CY23 from Rs 732 crore in the year-ago period.
Unacademy is one of several edtech unicorns in India, with competitors such as BYJU’S and Physics Wallah. However, despite widening losses, Munjal remains optimistic about the company’s future. “We will be the last ones standing,” he said.
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