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Edtech is here to stay: Unacademy CEO as cash flow turns positive
Twitter
·
1y ago
Medial
Unacademy has turned cash flow positive in the April-June quarter, CEO Gaurav Munjal said, adding, "Edtech is f**king awesome and here to stay". Munjal said that the startup has reduced cash burn by 60% and has a runway of four years with the current cash reserves. "Online Business degrew by 30% but EBITDA improved by 87%," Munjal added.
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Unacademy COO Vivek Sinha Resigns After Three-Year Stint
Inc42
·
1y ago
Medial
Vivek Sinha, the Chief Operating Officer (COO) of edtech unicorn Unacademy, has resigned from his position. Sinha announced his departure via an X post, expressing gratitude for his time at Unacademy. He did not specify his next move. Sinha, an alumnus of NIT Jamshedpur and ISB, joined Unacademy in August 2020 and managed various verticals. His departure follows Unacademy's recent hiring of Anurag Tiwari from Aakash Educational Institute to lead its offline vertical and the elevation of Graphy CEO Sumit Jain to a partner role. Unacademy has implemented cost-cutting measures and achieved a cash flow positive month in June 2023.
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Unacademy moved fast to break things. It ended up with a fracture
Livemint
·
1y ago
Medial
Indian edtech company, Unacademy, has faced challenges in the ever-growing online education market and has made several acquisitions and launched numerous products, most of which have failed or are operating in the periphery, according to former and current employees. Recognising this, Unacademy CEO, Gaurav Munjal, has shifted focus to profitability and is working on fewer products. However, the company still faces hurdles such as high attrition and losses, and justifying its steep valuation amid a funding decline in the startup space. Some of its acquisitions, like Prepladder and Graphy, have turned cash flow positive, providing some hope for the company.
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Unacademy now ‘default alive’, to cut cash burn to Rs 200 crore in 2025: CEO Gaurav Munjal
Economic Times
·
3m ago
Medial
Unacademy, an edtech startup, aims to reduce cash burn to under Rs 200 crore by 2025, reflecting financial stability termed as "default alive," with Rs 1,200 crore in the bank. CEO Gaurav Munjal highlights improvements in core business financials, with Graphy and PrepLadder now generating monthly cash. Despite a 7% drop in operating revenue in FY24, the company has narrowed its net loss. Unacademy focuses on profitability, avoiding growth through multiple acquisitions.
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Cult.fit’s fitness services business turns cash-flow positive, eyes 50% growth in FY24
VCCircle
·
1y ago
Medial
Tata Digital-backed health and wellness platform Cult.fit's fitness services business has achieved positive operating cash flow, indicating it generates sufficient revenue to cover its operational expenses. Cult.fit, which operates gym centers and partnerships, is now focusing on achieving 50% growth in FY24. The company aims to further expand its presence and capitalize on the growing demand in the fitness industry.
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Indian fintech Jar turns cash-flow positive
TechCrunch
·
6m ago
Medial
Indian fintech startup Jar has become cash-flow positive, confirmed by a company executive. The three-year-old firm, backed by Tiger Global, achieved this milestone while expanding significantly last year. This shift towards profitability aligns with a trend among Indian startups preparing for IPOs by improving financials and reducing expenses. Jar has diversified its services by adding lending and online jewelry sales, the latter generating annualized sales of $13 million. The startup is also reportedly seeking $50 million in new funding.
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Exclusive: Unacademy founders Munjal, Saini set to exit, shift focus to AirLearn
Economic Times
·
2m ago
Medial
Unacademy cofounders Gaurav Munjal and Roman Saini are stepping down from active roles amid strategic shifts at the edtech company. Munjal will focus on AirLearn, a language-learning app spinout, as Unacademy pivots from online test prep to offline coaching centers. Sumit Jain takes over as CEO. The company, facing a challenging post-pandemic edtech landscape, sees declining revenues and restructuring. Unacademy raised $880 million in funding, with major stakeholders including SoftBank and General Atlantic.
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Former Unacademy executive Vivek Sinha nets $11 Mn for his new Edtech Venture
Inc42
·
1y ago
Medial
Former Unacademy executive Vivek Sinha has raised $11 million in funding for his new edtech startup. The funding round included participation from Lightspeed Venture Partners, Matrix Partners, and angel investors such as OYO CEO Ritesh Agarwal and Unacademy CEO Gaurav Munjal. Sinha's startup, focused on the upskilling sector and supporting the healthcare industry, remains undisclosed in its name. Sinha left his position as COO of Unacademy in August and is actively seeking more angel investors for the funding round.
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Unacademy CEO Gaurav Munjal Defends Physics Wallah Amid IPO Buzz
Economic Times
·
3m ago
Medial
Unacademy CEO Gaurav Munjal defended Physics Wallah as it approaches an IPO, countering criticism from investor Aniruddha Malpani. Malpani likened Physics Wallah to a "poor cousin of Byju's" and criticized the coaching culture. Munjal refuted this by highlighting Physics Wallah's positive impact on economic mobility, contrasting it with the troubles faced by Byju's. Physics Wallah, a prominent edtech platform, recently confidentially filed for an IPO, serving millions across India.
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Longer talktimes, lower incentives: edtech turns up the heat on its employees
Livemint
·
1y ago
Medial
As India's edtech sector faces a slowdown, sales executives in online tutoring startups are being burdened with higher targets and longer hours. The situation has worsened for employees and the sector in general. Sales executives at edtech firms, such as upGrad, Unacademy, and Scaler, have reported policy changes that require increased talktime on phone calls without additional pay. The edtech industry has been criticized for mis-selling and unethical sales practices, forcing companies to alter their approaches. The struggling sector has also faced challenges in converting customers due to a lack of differentiation and reduced investments.
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Unacademy cofounder and CTO Hemesh Singh quits
Economic Times
·
1y ago
Medial
Hemesh Singh, co-founder of edtech platform Unacademy, has announced his decision to step down as Chief Technology Officer and transition to an advisory role. Singh, who helped build the platform alongside Gaurav Munjal and Roman Saini, expressed gratitude for the journey and the positive impact they made on the test prep industry. Unacademy, which began as a YouTube channel and became an influential edtech unicorn, recently changed its goals for Munjal and Singh to access additional voting rights ahead of a potential IPO. The company raised $440 million in a funding round last year, valuing it at $3.4 billion.
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