Unacademy Posts Rs 900 Crore In Revenue; Losses Shrink In FY23
Unacademy's revenues widened and losses narrowed for the full year ended March 2023 as the edtech unicorn strives to become profitable.
The Gaurav Munjal-led company registered as Sorting Hat Technologies Pvt.'s revenue from operations rose to Rs 907 crore from Rs 719.2 crore in FY23. Its loss decreased to Rs 1,678.1 crore from Rs 2,848 crore in the previous fiscal year, according to filings sourced via PrivateCircle Research.
If other income is considered, Unacademy's total revenue grew past the Rs 1,000 crore mark.
In December, Chief Executive Officer and Co-Founder Gaurav Munjal said Unacademy's cash burn has been slashed by about 60% for the calendar year 2023. He had said that Unacademy has a runway of more than four years with its current cash reserves.
The April-June quarter, or the first quarter of FY24, was also cash flow positive, Munjal said. "Online business degrew by 30%, but Ebitda improved by 87%," he wrote.
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