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Edtech unicorn LEAD narrows losses, revenue nearly doubles in FY23
Money Control
·
2y ago
Medial
Edtech unicorn Lead School has significantly reduced its losses while nearly doubling its revenue in the fiscal year 2022-23. The company's losses decreased by a considerable margin, and its revenue nearly doubled during this period. Lead School offers comprehensive educational solutions and has made significant strides in improving its financial performance.
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LEAD Schools’ FY23 Loss Narrows 18.5% to INR 322 Cr
Inc42
·
1y ago
Medial
Mumbai-based edtech startup LEAD School reported a net loss of INR 321.9 crore ($42.5 million) for the financial year 2022-23, an 18.5% decrease from the INR 395.3 crore loss it posted in the previous fiscal year. The company's operating revenue more than doubled to INR 273.1 crore from INR 132.3 crore. LEAD School, backed by WestBridge Capital, attributed the reduction in losses to cost-cutting measures, stating that it reduced its cash burn by 60-70% in FY23 compared to the previous year. Employee expenses continued to be the biggest expenditure for the startup, which laid off over 160 employees during the year.
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Eruditus clocks Rs 3,733 Cr revenue in FY24, narrows losses by 83%
Entrackr
·
4m ago
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.
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Edtech unicorn LEAD Group narrows losses, stabilises core business in FY25
YourStory
·
3d ago
Medial
LEAD Group, an edtech unicorn, reduced its net loss by 69.5% to Rs 42.76 crore in FY25 and achieved a positive operating EBITDA of Rs 4.03 crore before ESOP expenses, reversing the previous year's Rs 105.75 crore loss. The company reported a 30% increase in Annual Recurring Revenue (ARR) and aims for profitability by FY27. Cost reductions, improved retention, and innovation in AI and technology contributed to its financial turnaround.
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Amagi’s Loss Narrows 70% To INR 321 Cr In FY23
Inc42
·
1y ago
Medial
Amagi, a media-focused SaaS unicorn, has reported a 70% reduction in losses to INR 321.2 Cr in FY23, thanks to increased revenue and cost-cutting measures. Its operating revenue grew 58% to INR 680.6 Cr. The company managed to decrease total expenses by 29%, with employee benefit expenses increasing by 24%. Other expenses, including telephone and postage costs, legal fees, and advertising expenses, decreased significantly. Amagi raised $79 Mn in funding and announced the acquisition of UK-based Tellyo to enhance its offerings in live sports and news broadcast segments.
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Tencent-backed Practo narrows losses in FY23, aims to accelerate revenue growth
VCCircle
·
1y ago
Medial
Tencent-backed Practo aims to accelerate revenue growth as it narrows losses in FY23. The digital healthcare platform is looking to increase its revenue by up to 44% while focusing on positive cash flow. Practo, based in Bengaluru, saw flattish revenue growth in the previous financial year.
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Unacademy narrows down losses by 62% in FY24; revenue remains flat
Entrackr
·
10m ago
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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Lightrock-backed axio's FY23 revenue doubles but losses widen too
VCCircle
·
1y ago
Medial
Lightrock-backed axio's revenue for FY23 doubled, but the company also experienced wider losses during the period. Non-banking lender axio, with investors such as Lightrock, Amazon, Elevation Capital, Sequoia Capital, and Ribbit Capital, reported improved revenue despite increased losses. Capfloat Financial Services Pvt. Ltd, a subsidiary of axio, claims to have served 15 million customers.
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Google-backed Adda247’s revenue doubles, losses grow fourfolds in FY23
Money Control
·
1y ago
Medial
Adda247, a vernacular test prep platform backed by Google, reported a 2x increase in revenue for FY23, reaching Rs 129.65 crore. However, the company's losses also escalated, growing nearly fourfold to Rs 109.72 crore, primarily due to increased expenses in investing in its UPSC and vernacular segments. With a focus on test prep and skilling, Adda247 aims to achieve profitability by FY25 and is eyeing an IPO within the next two to three years. The company currently serves 50 million monthly active users and over 2 million paid users.
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Fintech unicorn Pine Labs grows its losses from Rs 22.6 crore to Rs 56 crore in FY23
IndianStartupNews
·
1y ago
Medial
Fintech unicorn Pine Labs reported a 37% increase in operating revenue to Rs 1,280.5 crore in FY23, up from Rs 932 crore the previous year. However, its losses also grew significantly, nearly 2.5 times, from Rs 22.6 crore to Rs 56 crore. Pine Labs generates revenue from transaction processing fees, aggregator services, installation fees, and Buy Now Pay Later (BNPL) services. Expenses for the year amounted to Rs 1,402 crore, with employee benefits and legal fees being major contributors. Pine Labs provides mobile point-of-sale solutions for accepting card payments.
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Byju’s-owned Great Learning nears Rs 400 Cr revenue in FY23, loses Rs 222 cr
Entrackr
·
1y ago
Medial
Great Learning, an edtech company acquired by Byju's, experienced a 24.9% growth in revenue in FY23, reaching Rs 391 crore. Income from digital content accounted for 48% of the total revenue. Employee benefits comprised 53% of the expenditure, which decreased to Rs 328 crore in FY23. The company reduced its losses by 27.7% to Rs 222 crore in FY23. Byju's reportedly put Great Learning on sale along with US-based Epic to clear its debt.
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