Edtech startup Unacademy has reflected growth in FY18 as the company’s revenue grew by 7X to Rs 5.23 crore FY18 from mere Rs 73 lakhs in the preceding fiscal. Meanwhile, the company’s expenses also grew over 7X to Rs 28.83 crore from Rs 3.94 crore.
Importantly, Unacademy operational revenue stood at a bare minimum of Rs 1.76 crore while Rs 3.46 crore came from interest income. The Sequoia and SAIF-backed venture has recorded a net loss of Rs 23.59 crore, over 7X increase from Rs 3.22 crore in the previous fiscal.
Founded by Gaurav Munjal, Roman Saini, Hemesh Singh, and Sachin Gupta as an educational YouTube channel – Unacademy claimed to have over 2 million subscribers on its YouTube channel and has a repository of over 50,000 online video lessons in July this year.
Recently, Munjal outlined that Unacademy had reached a million view in a single day. November witnessed the highest revenue churn for its paid subscription – Plus – he claimed via a tweet.
Four months ago, Unacademy had scooped up $21 million Series C round led by Sequoia Capital, Nexus Ventures, SAIF Partners.
So far, the company had raised six rounds of funding and amassed about $39 million in total. In September last year, it secured $11.5 million Series B round led by Sequoia and SAIF. Earlier this year, Unacademy had acquired Jaipur-based online exam preparation platform WiFiStudy. Entrackr was first to report about the acquisition in August.
Unacademy also began exploring overseas markets with Brazil and Indonesia in 2017. As per video analytics and marketing firm Vidooly, the firm is at the number three spot among Indian YouTube channels in the education category.
The Bengaluru based company competes with the likes of BYJU’s, Khan Academy, NeoStencil, Meritnation amongst a few others.