According to regulatory documents obtained from business intelligence platform Toffler, revenue from operations increased to Rs 337 crore in FY11 from Rs 65 crore in the previous financial year.
total employee expenses 658 crore as compared to Rs 621 crore in FY20.
Pir Vedantu also reported a consolidated net loss of Rs 604.28 crore in FY11, compared to a net loss of Rs 150 crore in FY10, as overall spending jumped sharply.
India’s edtech firms are witnessing a slowdown in demand as the offline business continues.
In April, Unacademy laid off about 1,000 employees, including on-roll and contractual employees, to cut costs amid an impending slowdown in venture funding and a tightening of the overall economic environment.
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This included employees of Unacademy Group firm PrepLadder, which it acquired in 2020. This group includes Unacademy, PrepLadder, CodeChef, Graphy and Relevel.
Unacademy was valued at $3.4 billion when it raised $440 million in August last year, led by Singapore’s Temasek.
Unacademy founder Gaurav Munjal in an internal note had warned employees of a ‘funding winter’.
“But now we have to change our ways. Winter has arrived. Tech stocks globally are crashing and burning due to tight monetary policies and rising interest rates. We are looking at a time where at least 12-18 months Some people are predicting that it could go on for 24 months. We must adapt,” Munjal said in an email to employees in May.
Edtech firms are looking to open offline centers to tackle the transition of the post-Covid-19 world, where offline institutions are opening up.
Unacdemy has said that it will launch its first two offline learning Unacademy centers and plans to enroll 15,000 learners in the first batch across all upcoming Unacademy centers in nine cities – Kota, Jaipur, Ahmedabad, Chandigarh, Patna, Pune, Bengaluru, Delhi. aims at. , and Lucknow.
“Unacademy centers will facilitate offline classes for learners and expand access to top teachers in the National Eligibility and Entrance Test (NEET-UG), IT JEE, and Foundation (9-10) course categories,” the startup said. statement on June 14
The Unacademy Center will have a multi-functional cafe, a library and doubt resolution areas with multiple classrooms and functional areas located at Talwandi Circle in Kota.
It is an 18,000 square foot facility spread over four floors.
In February, rival Byju’s also announced aggressive plans to double its offline play through the launch of ‘Byju’s Tuition Centre’.
Recently Physicswala has also opened offline centers in Kota, Rajasthan.