New Delhi, Dec 18
Gaurav Munjal-led edtech platform Unacademy recorded a loss of Rs 285 crore in FY24 compared to Rs 1,592 crore in FY23.
The loss was narrowed due to the reduction in the company's expenses.
The total expenditure of the company in FY24 was Rs 1,149 crore, which is 53.29 per cent less than the FY23 figure of Rs 2,460 crore.
In FY24, Unacademy's expenditure on employees decreased 69.47 per cent year-on-year to Rs 340 crore, compared to Rs 1,114 crore in FY23.
The reason for the reduction in the company's employee expenses was the layoff of 250 employees in July and restructuring excise.
Apart from this, the company's advertising expenditure declined by 33 per cent year-on-year (YoY) to Rs 201.3 crore from Rs 293.4 crore in FY23.