15.1 C
Delhi

Unacademy to achieve group-level profitability

Unacademy‘s co-founder and CEO, Gaurav Munjal, stated in a Slack message that the company will achieve group-level profitability by the end of this month. The businessman offered updates on the company’s finances as well as the success of each vertical in a series of communications.

In the updates, Munjal also mentioned that the business anticipates revenue of ₹1,250 crores in CY23, which would represent a 26% increase over revenue of ₹992 crores in CY22. Additionally, the online test preparation sector has experienced a 15% fall while Unacademy’s sales from offline centers have increased by 655%.

Unacademy

All About Unacademy’s Profit!

In the Slack discussions, Munjal disclosed that the business is cash flow positive and would remain so for the upcoming 12 months. Additionally, the key player in edtech will have ₹1,977 crores in cash on hand by the end of 2023. He pointed out that they have at least 116 months of runaway given their current burn rate.

image 167 Unacademy to achieve group-level profitability

Munjal underlined his goal of becoming Unacademy the biggest edtech company in another Slack chat. He said, “I have stated this before and I will say it again. We soon will have the title of largest edtech firm. The last people standing will be us. We won’t be stopped by a few bumps in the road.” The edtech unicorn has been working to lower its costs and turn a profit for some time. The co-founder revealed internally last month that the executive team would get a permanent salary cut.

- Advertisement -TechnoSports-Ad
image 168 Unacademy to achieve group-level profitability

“The founders and executive team of Unacademy will all receive permanent payment cuts. The wage reduction will be based on the leaders’ present pay, their responsibilities, and their performance. Salary reductions may be up to 25%. These reductions are permanent, and they won’t be changed until April 2024”, according to Munjal’s Slack message. He also disclosed that the start-up is eliminating 12% of the employment in the same month. He explained that this action was being done to save expenses and increase profitability.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

TechnoSports-Ad

Popular

TechnoSports-Ad

Related Stories

More from author

NVIDIA RTX 1000 & RTX 500 Ada Laptop GPUs: Democratizing AI-Ready Performance, Outpacing NPUs & CPUs

NVIDIA has introduced two new entry-level Ada GPUs, the RTX 1000 and the RTX 500 to its laptop lineup, aiming to democratize AI-readiness across...

SpaceX Launches 24 Starlink Satellites from Florida

On the evening of February 25, 2024, SpaceX successfully launched its mission of the year from the Cape Canaveral Space Force Station, in Florida....

Top 10 Most Followed X Accounts in 2024: Influencers, Leaders, and Icons

Twitter, now known as X, has become a prominent platform for sharing thoughts and perspectives in the ever-changing world of social media. It has...

Top 10 Highest-Grossing Films in History as of 2024

The Top 10 Highest-Grossing Films in History - All You Need to Know Going to the movies is a unique experience that can transport people...