Unacademy to face loss of Rs 285 crore in financial year 2024

By Sandy Verma On Dec 20, 2024

Mumbai Mumbai:Gaurav Munjal-led edtech platform Unacademy reported a loss of Rs 285 crore in FY2024, compared to Rs 1,592 crore in FY2023. Losses reduced due to reduction in company expenses. Advertisement The company's total expenditure in FY 2024 stood at Rs 1,149 crore, which is 53.29 percent less than the figure of Rs 2,460 crore in FY 2023. Advertisement Unacademy's expenditure on employees declined by 69.47 per cent year-on-year to Rs 340 crore in FY 2024, compared to Rs 1,114 crore in FY 2023. The decline in the company's employee expenses was due to layoff of 250 employees in July and restructuring of excise duty. Additionally, the company's advertising spend declined by 33 percent to Rs 201.3 crore in FY23 from Rs 293.4 crore.

Other expenses, including teacher fees, offline partner fees, payment gateway charges and write-off of property, plant and equipment, stood at Rs 762.5 crore in FY24, compared to Rs 1,282.9 crore in the previous fiscal. However, the company's expenditure on technical services increased to Rs 297.7 crore in FY2024 from Rs 283.6 crore in FY2023. Unacademy's operating income declined by 2.31 percent to Rs 716 crore in FY2024 from Rs 733 crore in FY2023. The company's total income including other income was Rs 864 crore in the last financial year.

In FY 2023 it was Rs 869 crore. However, its other income increased to Rs 148 crore in FY2024 from Rs 136 crore in the previous financial year. Unacademy was founded in 2015 by Gaurav Munjal, Roman Saini, and Hemesh Singh. The edtech company claims to have a network of 91,000 registered teachers. It provides services to students in more than 14 Indian languages. Apart from Unacademy, the group includes subsidiaries like Graphy, UnacademyX, NextLevel and Prepledger.