New Delhi, Dec 20 (SocialNews.XYZ) Edtech unicorn Vedantu has registered a loss of Rs 157 crore in FY24 compared to Rs 373 crore loss in FY23.
Vedantu's total expenditure in FY24 declined by 33.5 per cent year-on-year to Rs 368 crore from Rs 553 crore in FY23, as per its financials.
The biggest part of the company's cost was employee benefits. Their share of the total expenditure was 47 per cent in the last financial year. In FY24, it declined by 43.8 per cent to Rs 176 crore, due to layoffs by the company.
Meanwhile, Vedantu's advertising expenditure dropped by 70 per cent from Rs 76 crore in FY23 to Rs 23 crore in FY24.
Apart from this, other expenses of the company included outsourcing of teachers, internships, purchase of books, legal expenses and others.
Vedantu's total income from operations in FY24 surged by about 20 per cent year-on-year to Rs 185 crore as against Rs 153 crore in FY23.
At the same time, if other income of Rs 14 crore in FY24 is also included, then the company's total income in the last financial year was Rs 199 crore; it was Rs 175 crore in FY23.
Due to the loss in FY24, Vedantu's ROCE and EBITDA margins have been (-) 37 per cent and (-) 51.8 per cent. In FY24, the edtech startup spent Rs 1.99 to earn Rs 1 revenue.
The company's total assets in the last fiscal were Rs 174 crore. This includes cash and bank balance of Rs 54 crore.
Vedantu conducts online classes for classes 6 to 12. It also provides study material for classes 1 to 12 and classes to students for JEE preparation. Several offline coaching centres have also been launched by the company in recent years.
According to reports, Vedantu faced difficulty in securing external funding in recent years. The company raised Rs 19.25 crore (about $2.3 million) through a mix of debt and equity from Stride Ventures in September 2024, its first investment in three years.
Vedantu has so far raised over $300 million from prominent investors including Tiger Global, Coatue, GGV Capital and Westbridge.
Source: IANS
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