Unacademy Reports a Loss of ₹285 Crore in FY24

New Delhi, Dec 18 (NationPress) The edtech platform Unacademy, led by Gaurav Munjal, has reported a loss of ₹285 crore in FY24, a notable improvement from the ₹1,592 crore loss recorded in FY23.

This reduction in loss can be attributed to a significant decrease in the company's overall expenses.

The total costs incurred by the company in FY24 amounted to ₹1,149 crore, reflecting a 53.29 per cent reduction compared to the ₹2,460 crore spent in FY23.

In FY24, Unacademy witnessed a remarkable 69.47 per cent year-on-year decline in employee expenses, which dropped to ₹340 crore from ₹1,114 crore in the previous year.

This decrease in employee costs was primarily due to the layoff of 250 employees in July and corporate restructuring.

Additionally, the company's advertising expenditure saw a decline of 33 per cent year-on-year, falling to ₹201.3 crore from ₹293.4 crore in FY23.

Other expenses, which include teacher payments, fees for offline partners, payment gateway charges, and write-offs of property and equipment, totaled ₹762.5 crore in FY24, down from ₹1,282.9 crore the previous year.

Nevertheless, expenditure on technical services increased to ₹297.7 crore in FY24, up from ₹283.6 crore in FY23.

Unacademy's operating income experienced a slight decrease of 2.31 per cent, falling to ₹716 crore in FY24 from ₹733 crore in FY23.

The total income of the company, including other revenue, was ₹864 crore in FY24, down from ₹869 crore in FY23. However, its other income improved, rising to ₹148 crore in FY24 from ₹136 crore in the previous fiscal year.

Founded in 2015 by Gaurav Munjal, Roman Saini, and Hemesh Singh, Unacademy boasts a network of 91,000 registered teachers and serves students across more than 14 Indian languages. The group also includes subsidiaries such as Graphy, UnacademyX, Nextlevel, and PrepLadder.