Unacademy spent Rs 393 crore on advertising in FY21

The company’s revenue surged 5.2 times to Rs 337 crore as against Rs 65 crore in the previous fiscal

e4m by exchange4media Staff
Published: Jun 28, 2022 8:34 AM  | 1 min read
unacademy

Sorting HAT Technologies-owned ed-tech platform Unacademy’s advertising promotional expenses had jumped 248% to Rs 393 crore in FY21 compared to Rs 113 crore in FY20, as per the financial data shared by Tofler.

The company’s revenue surged 5.2 times to Rs 337 crore as against Rs 65 crore in the previous fiscal. Net loss widened by almost 5.6 times to Rs 1474 crore from Rs 259 crore in FY20.

Total employee expenses rose 6% to Rs 658 crore from Rs 621 crore.

The company was in the news recently for laying off 2.6% of employees due to poor performance.

In an internal letter to employees, Unacademy Co-founder and CEO Gaurav Munjal had said that the company has significantly reduced its brand marketing budget as part of its cost-cutting exercise.

The company has taken a slew of measures to conserve cash in the wake of investment rollback by private equity (PE) and venture capital (VC) firms due to swelling losses.

"Tech stocks globally are crashing and burning due to tighter monetary policies and rising interest rates. We are looking at a time where Funding will dry up for at least 12-18 months. Some people are predicting that this might last 24 months," Munjal had stated.

 

 

Read more news about (ad news, latest advertising news India, internet advertising, ad agencies updates, media advertising India)

For more updates, be socially connected with us on
Instagram, LinkedIn, Twitter, Facebook & Youtube