Edtech unicorn Eruditus Executive Education Pvt. posted a 75% growth in revenue for FY23, alongside a significant narrowing in losses as startups focus on profitability amid a tighter funding environment.
The company's total revenue, inclusive of other income, has come in at Rs 3,320 crore, up from Rs 1,900 crore in FY22. "Total expenses (excluding finance cost and taxes) reduced by 17% in FY23 over FY22, as well as marketing expenses as a percentage of revenue reduced from 56% to 29%," it said in a statement.
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The company is domiciled in Singapore, where it follows a July-June fiscal year.
Its employee expenses as a percentage of revenue also reduced from 46% to 27%. The company posted its adjusted Ebitda figure, which came in at a negative Rs 422 crore, with a net loss of Rs 1,049 crore.
The company claimed to be the largest edtech player in India, based on published financials for FY23, with Upgrad coming in at a distant second, with a revenue of Rs 1,194 crore.
Eruditus is backed by marquee investors such as Accel, PeakXV, Softbank, Prosus, CPPIB, Bertlesmann and Chan Zuckerberg Initiative. The company has raised $585 million in primary capital till date.
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