Unacademy’s monthly burn decreased from $20 million to $7 million, according to CEO Gaurav Munjal
- ByStartupStory | November 5, 2022
Unacademy’s monthly burn has decreased from $20 million to $7 million, according to co-founder and CEO Gaurav Munjal. Munjal declared on Twitter on Friday, November 4: “Winter will grow worse. Quickly achieve profitability. then develop from there. All wasteful spending must halt. Build amazing products and natural traction channels as your main priorities.
User Parth Dhebar responded by writing: “Oh, the irony. Is Unacademy not wasting millions? Burn has decreased from $20 million per month to $7 million each month, Munjal retorted. will decrease even more.
In April, Unacademy laid off over 1,000 workers across the organisation as part of cost-cutting efforts. These included personnel from the 2020 acquisition of the group company PrepLadder. Unacademy, PrepLadder, CodeChef, Graphy, and Relevel make up the group.
Even though the company had Rs 2,800 crore in the bank, Munjal had stated back then that the moves were intended to severely cut expenses and hurt profitability. The startup has also disclosed salary reductions for the founders and top executives.
The Bengaluru-based business, which has Roman Saini, Hemesh Singh, and Munjal as cofounders, was valued at $3.4 billion last year following a $440 million financial infusion spearheaded by Singapore’s Temasek.SoftBank, General Atlantic, and Meta are a few of the investors in Unacademy.
According to a tweet from Munjal in July, the firm had reduced its performance marketing expenditures from Rs 18 crore per month to Rs 2 crore and claimed the change had had no effect on the company’s growth.
Munjal had also tweeted that starting in the following year, Unacademy would stop investing in IPL marketing. Many businesses have turned to layoffs as the tech winter drags on in an effort to cut costs. Recently, Vedantu, among other companies, as well as Byju’s and its group companies sacked staff members.
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