Unacademy Cash Burn Down 60% In 2023, Says Co-Founder Gaurav Munjal
Edtech company Unacademy's cash burn has been slashed by about 60% in the calendar year 2023, according to Chief Executive Officer and co-founder Gaurav Munjal.
The startup has a runway of more than four years with its current cash reserves, Munjal said in a post on social media platform X, without disclosing the amount.
In a memo in July 2022, Munjal said Unacademy has Rs 2,800 crore in the bank.
According to him, 2023 was a good year for the company, and its April-June quarter was also cash flow positive. "Online business degrew by 30% but Ebitda improved by 87%," he wrote.
Unacademy-owned Graphy also grew by 30% and is "very close" to profitability, Munjal said.
The year 2023 saw Unacademy also lay off about 12% of its workforce, or about 380 employees, as it strived for profitability. It hasn't yet reported numbers for FY23, but it posted revenue from operations of about Rs 719 crore in FY22, alongside a loss of nearly Rs 2,850 crore
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