₹1,250 crore in 2023 on a consolidated basis, up from ₹992 crore in 2022. The firm expects its core operating revenue to drop to ₹620 crore from ₹732 crore last year. According to a third person, the company is seeing its online business decelerating primarily in NEET and JEE segments by up to 20-25% from a year earlier.
“The under graduate and post graduate centres are losing over ₹45 crore- ₹50 crore a month," he added. In the last 18 months Unacademy has already held four rounds of layoffs to cut costs. In March, the company slashed 12% of its workforce or 380 employees, in the fourth round of retrenchment drive.
In its internal messaging platform, Munjal told his employees that despite taking every step in the right direction to make its core business profitable, it had failed to get the desired results. “We have to go further, we have to go deeper," he had said in a statement. The SoftBank-backed edtech unicorn, like most of its peers in the K12 segment, has seen growth slowing with the world moving back to physical classes post covid.Read more on livemint.com