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Unacademy narrows down losses by 62% in FY24; revenue remains flat

EntrackrEntrackr · 9m ago
Unacademy narrows down losses by 62% in FY24; revenue remains flat
Medial

Unacademy recorded Rs 988.4 crore in total revenue during FY24, a 5.33% decline compared to Rs 1,044 crore in FY23. However, the SoftBank-backed firm cut its losses by 62%, reducing them to Rs 631 crore in the fiscal year ending March 2024 from Rs 1,678 crore in FY23. Unacademy managed to narrow its losses through cost-cutting measures, including restructuring, according to a document reviewed by Entrackr. According to TheKredible, Unacademy’s operating revenue grew by 26.15% to Rs 907 crore in FY23, up from Rs 719 crore in FY22. Unlike FY23 and FY24, the firm’s revenue has now been largely dependent on the offline model. Unacademy’s online business grew massively during the pandemic (FY21 and FY22), but the entire edtech space lost momentum after the reopening of offline educational institutions, including coaching centers and colleges. The company’s EBITDA loss also improved, decreasing to Rs 489 crore during FY24 from Rs 1,553 crore in FY23. At the same time, the edtech firm had Rs 1,573 crore in cash and cash equivalents as of March 2024. Unacademy connects educators and learners in various fields by offering a range of courses. The company generates revenue through subscriptions to both online and offline learning services. According to documents, FY24 marked a significant improvement in cost efficiency, and the cost rationalization initiatives undertaken during the year are expected to yield positive results in FY25 and beyond. For context, in August 2024, Unacademy announced it would not be providing appraisals for employees in 2024. Founder Gaurav Munjal stated that the company has a strong financial runway and is not at risk of survival. To streamline operations and improve efficiency, the Bengaluru-based company also laid off 250 employees. These financial developments come at a time when Unacademy is considering merger and acquisition opportunities. In June, Entrackr exclusively reported that the SoftBank-backed firm was in early talks to merge with K12 Techno, which runs the chain of Orchids International Schools. In terms of fundraising, Unacademy has not raised capital for over three years. Its last equity round was a $440 million Series H in August 2021, at a valuation of $3.44 billion.

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WheelsEye narrows losses by 71% to Rs 39 Cr in FY24

EntrackrEntrackr · 5m ago
WheelsEye narrows losses by 71% to Rs 39 Cr in FY24
Medial

WheelsEye narrows losses by 71% to Rs 39 Cr in FY24 Logistics SaaS firm WheelsEye experienced slower growth since FY22, with revenue growth flattening in FY24. The company reported a marginal 7% increase in revenue for the fiscal year ending March 2024 but successfully reduced its losses by 71% during the same period. WheelsEye’s revenue from operations grew to Rs 218.4 crore in the last fiscal year, from Rs 203.8 crore in FY23, according to its standalone financial statement sourced from the Registrar of Companies (RoC). WheelsEye provides trucking solutions for businesses and software, GPS tracking, and FASTag solutions for truck fleet operators. Revenue from the sale of services (trucking service) increased by 18.9% to Rs 129.6 crore, while revenue from the sale of products (software) grew by 7.85% to Rs 57.7 crore. Income from other sources added another Rs 31 crore. The company made an additional Rs 35 crore from interest income which pushed its total Income to Rs 253 crore in FY24. WheelsEye's largest cost component, employee benefit expenses, dropped by 28.72% to Rs 135 crore. The cost of materials increased slightly by 3.43% to Rs 93.6 crore, while commissions paid decreased by 9.64%, standing at Rs 7.5 crore. Miscellaneous expenses for the last fiscal year amounted to Rs 56.9 crore. In the end, WheelsEye managed to reduce its overall expenses by 17.23%, bringing them down to Rs 293 crore in FY24. This cost optimization contributed to a 71% reduction in net loss, with losses narrowing to Rs 39 crore in FY24. The company also reported improved financial ratios, with its ROCE improving to -44.85% and EBITDA margin rising to -13.76%. Cost efficiency improved as well, with the company spending Rs 1.34 to earn a rupee in FY24. On the asset side, WheelsEye recorded Rs 186 crore in current assets for FY24, which included Rs 142 crore in cash and bank balances. According to the startup data intelligence platform, TheKredible, Wheelseye's parent entity is situated in the USA holding 99.9% of the Indian entity with the name Wheelseye Technology INC. The reduction in losses would be a welcome development at WheelsEye, probably something that has caused the slowdown in growth as well. The effort indicates a push to seek public market access perhaps, even as the firm remains well placed to seek growth again soon. In the past year, seemingly improving efficiency in logistics has led to a slowdown in growth within many firms in the category, something that should correct soon for WheelsEye as well.

Eruditus clocks Rs 3,733 Cr revenue in FY24, narrows losses by 83%

EntrackrEntrackr · 3m ago
Eruditus clocks Rs 3,733 Cr revenue in FY24, narrows losses by 83%
Medial

Eruditus clocks Rs 3,733 Cr revenue in FY24, narrows losses by 83% Global edtech company Eruditus recorded modest year-on-year growth in its operating revenue, crossing the Rs 3,700 crore ($448 million) mark in the fiscal year ending June 2024. The Mumbai-based firm narrowed its losses by over 83% during the same period. Compared to FY23, the firm’s operating scale grew by 12% to Rs 3,733 crore, according to its annual financial statement sourced from Singapore. Eruditus follows a financial year that runs from July to June. The firm appears to be ahead of the leading edtechs, with revenue nearly 1.8 times that of PhysicsWallah and more than double that of upGrad. PhysicsWallah reported Rs 2,015 crore revenue in FY24 whereas upGrad registered Rs 1,487 crore revenue in the same period. Eruditus offers education across more than 80 countries to over a million learners. It partners with over 80 universities across the United States, Europe, Latin America, Southeast Asia, India, and China. The firm didn’t offer revenue break-up across geographies. The company deferred recognition of Rs 800 crore ($96 million) in collected revenue to the last fiscal year (FY25). Eruditus made progress in controlling its expenses as its marketing expenses dipped 18.85% year-on-year to Rs 1,007 crore in FY24 from Rs 1,241 crore in FY23. Other operating expenses were down by 32.16% year-on-year to Rs 1,045 crore in FY24 from Rs 1,541 crore in FY23. The cost optimizations led to a sharp improvement in the company’s bottom line. Eruditus narrowed its adjusted EBITDA losses by 83.45% to Rs 69 crore ($8.3 million) in FY24 from Rs 417 crore ($50 million) in FY23. With backing from investors such as TPG, the Chan Zuckerberg Initiative, SoftBank Vision Fund 2, Prosus Ventures, Accel, and Peak XV, Eruditus has the capital reserve to expand its presence and offerings across markets. In October 2024, it raised $150 million in the second-largest edtech deal of the year, after PhysicsWallah’s $210 million funding. With revenue approaching $500 million and an 83% reduction in losses, the company shows a path toward sustainable growth in the edtech industry. Heading into FY25 with deferred revenue, Eruditus is on track to achieve profitability while building on its revenue base.

Unacademy elevates Arooshi Singh as Head of HR

EntrackrEntrackr · 9m ago
Unacademy elevates Arooshi Singh as Head of HR
Medial

Edtech company Unacademy is undergoing several high-level appointments. In the latest development, Arooshi Singh has been promoted from Director of People Experience and Culture to Chief People Officer at the Bengaluru-based firm. “I’m thrilled to share that Arooshi Singh, who has been with us for over seven incredible years, is being promoted to Head of HR,” said Gaurav Munjal, CEO and co-founder of Unacademy, in a Slack message to employees on Monday, as reviewed by Entrackr. Singh will replace Sandhydeep Purri, who was appointed as Chief People Officer of the SoftBank-backed company in November 2023. Arooshi led multiple functions across HR functions at Unacademy. She joined the company as a junior staff member for employee wellness. This marks the third promotion announced by the Munjal-led company in 2024. In January, Jagnoor Singh was elevated to Chief Operating Officer (COO) for Unacademy Centres, and last month, Abhishek Pipara was promoted to Chief Financial Officer (CFO) for the offline business. In the past year, Unacademy has also seen several senior leadership exits, including a co-founder. In August 2023, Chief Operating Officer Vivek Sinha resigned, followed by Group CFO Subramanian Ramachandran in October, and co-founder and CTO Hemesh Singh in June. Last month, Unacademy also disclosed its financial numbers for the fiscal year ending March 2024. While the company’s revenue remained flat for the said fiscal year with Rs 988 crore, it managed to reduce its losses by a whopping 62%.

Ather Energy posts Rs 676 Cr revenue in Q4 FY25, narrows losses by 17%

EntrackrEntrackr · 2m ago
Ather Energy posts Rs 676 Cr revenue in Q4 FY25, narrows losses by 17%
Medial

Electric two-wheeler maker Ather Energy has announced its financial results for the fourth quarter of FY25. The company reported a 29% year-on-year jump in its operating revenue compared to Q4 FY24. Ather’s revenue from operations increased by 29% to Rs 676 crore in Q4 FY25, from Rs 523 crore in Q4 FY24, according to its consolidated quarterly report sourced from the National Stock Exchange (NSE). For the full fiscal year (FY25), Ather Energy’s operating revenue increased 29% to Rs 2,255 crore in FY25 from Rs 1,754 crore in FY24. The company’s cost of materials, driven primarily by battery and component procurement, increased by nearly 16% to Rs 564 crore in Q4 FY25 from Rs 488 crore in the same period last year. Employee benefit expenses saw a decline of 29% YoY to Rs 109 crore in Q4 FY25 compared to Rs 154 crore in Q4 FY24. Depreciation and amortization costs rose 18% to Rs 45 crore, while other operational costs jumped nearly 47% to Rs 204 crore. Overall, Ather’s total expenditure grew 13% to Rs 922 crore in Q4 FY25, up from Rs 819 crore in Q4 FY24. For the full financial year ending March 2025, total expenses rose to Rs 3,117 crore as against Rs 2,674 crore in FY24. As a result, the company’s net losses reduced by 17% to Rs 234 crore in Q4 FY25 from Rs 283 crore in Q4 FY24. On a fiscal basis, its net losses came down 23% to Rs 812 crore in FY25 from Rs 1,060 crore in FY24. Ather Energy made its stock market debut on May 6, 2025, listing at Rs 328 per share on the NSE—2.18% above its issue price of Rs 321. However, the stock closed the day at Rs 300. On Monday, it rose 2.8% to trade at Rs 308.7 before market close, bringing its total market capitalization to Rs 11,497 crore ($1.34 billion). Ather's competitor Ola Electric, which saw a nearly 20% decline in operating revenue during Q3 FY25, has yet to file Q4 results.

Unacademy slashes core biz cash burn to Rs 200 Cr in 2025: Gaurav Munjal

EntrackrEntrackr · 2m ago
Unacademy slashes core biz cash burn to Rs 200 Cr in 2025: Gaurav Munjal
Medial

Unacademy slashes core biz cash burn to Rs 200 Cr in 2025: Gaurav Munjal Unacademy CEO Gaurav Munjal has shared an update on the company’s financial and operational performance. According to Munjal, Unacademy has reduced its cash burn in the core business from over Rs 1,000 crore annually three years ago to under Rs 200 crore this calendar year. This is about half of what the company spent last year. In a thread on social media platform X, Munjal said the company currently has Rs 1,200 crore in the bank and is in a “default alive” state. He added that some of Unacademy’s businesses, including Graphy and PrepLadder, are generating cash on a monthly basis. For context, the SoftBank-backed edtech unicorn cut its losses by 62% to Rs 631 crore in FY24, while its revenue remained flat during the period. Reflecting on past decisions, Munjal said edtech companies that grow through multiple acquisitions are unlikely to succeed in the current market. He said Unacademy had made this mistake earlier and is now focusing on profitability without getting distracted by external developments. On the offline front, Munjal said that around 70% of Unacademy’s centers are expected to be profitable at the center level this year. These centers are showing outcomes in exam categories such as JEE, NEET, and UPSC. He also pointed to Airlearn as the fastest-growing product within the group. Airlearn has recorded nearly 70,000 daily active users and $2 million in annual recurring revenue over the last 12 months. Munjal outlined three focus areas for the company: making the core business profitable, building tech products such as Airlearn and Graphy, and staying focused on internal goals instead of market noise.

ShopKirana struggles to scale in FY24, narrows losses by 30%

EntrackrEntrackr · 6m ago
ShopKirana struggles to scale in FY24, narrows losses by 30%
Medial

B2B e-commerce platform ShopKirana has struggled to scale in the last fiscal year as the company's gross revenue fell by over 6%. However, the Info Edge-funded company reduced its losses by over 30% in FY24. Shopkirana's gross revenue decreased 6.26% to Rs 639.16 crore in FY24 from Rs 681.81 crore in FY23, according to its consolidated financial statement sourced from the Registrar of Companies (RoC). ShopKirana is a B2B e-commerce platform that connects retailers and brands directly through a mobile app and helps them in placing orders, maintaining inventory, optimising the delivery routes and making payments. Besides helping in procurement, the platform provides financial services such as banking and loan facilities. The company's revenue is predominantly derived from product sales, contributing Rs 637.32 crore (99.71% of operational revenue). The revenue from product sales declined 6.3% from Rs 680 crore in FY23. Revenue from services saw an 85.29% increase, reaching Rs 1.26 crore, while non-operating revenue added Rs 4.2 crore, bringing the total revenue to Rs 643.37 crore in the last fiscal year. On the expense side, cost of materials, its largest expense, decreased by 7.14% to Rs 627.3 crore, while employee benefit expenses fell by 17.65% to Rs 35 crore. Transportation costs and other expenses also declined by 23.57% and 24.95%, respectively. Overall, Shopkirana's total expenses dropped by 8.81% to Rs 698.63 crore in the last fiscal year. In the end, ShopKirana managed to reduce its losses by 30.5% to Rs 55.25 crore in FY24. Its ROCE and EBITDA margin stood at -69.6% and -7.85%, respectively. On a unit basis, the firm spent Rs 1.09 to earn a rupee in FY24. As of March 2024, the firm reported Rs 90.75 crore of current assets including Rs 27.8 crore of cash and bank balance. According to TheKredible, ShopKirana has raised a total of $50.46 million in funding till date. Its lead investors include Info Edge, Sixth Sense Ventures, Oman India Joint Investment fund. Shopkirana majorly competes with Jumbotail and Udaan. Lightspeed-backed Udaan is the largest player in this space which posted Rs 5,706.6 crore GMV in FY24. Jumbotail, which reported Rs 850 crore revenue in FY23, has yet to file its annual report for FY24. But with none of them close to breakeven, it remains a tough segment to be in. While the attraction is undeniable, we believe most firms have underestimated the margin pressure in the segment. B2B anywhere tends to offer a more organised market with consistent numbers, but margins are usually an issue. That has left these firms scrambling to cut losses even at the cost of growth, no surprise considering their backers are not really known to offer the kind of blank cheque funding from say, a Softbank or even a Tiger Global or Prosus. The usual recourse in the B2B segment, to offer financing solutions is also not an option here, leaving these firms to offer support to a segment that itself is under fire from quick commerce as well. All in all, a situation ripe for a major pivot or at least a search for more revenue streams.

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