Edtech startup Unacademy has recently introduced UnacademyX, a specialized platform designed for UPSC aspirants. Unveiling the new offering, Unacademy CEO Gaurav Munjal took to Twitter on Tuesday (May 30) to announce that the platform aims to provide gamified and immersive learning experiences for UPSC exam preparation.
Currently, UnacademyX is offering a 14-day free trial period for users to explore the platform’s features. After the trial period, users can subscribe to the INR 499 plan, which offers unlimited access to content. However, once the introductory offer expires, the subscription fee will increase to INR 1,499.
UnacademyX is expected to provide in-depth coverage of all subjects, immersive lessons with audio explanations, and practice questions. However, the content is not yet available on the app, with the message “coming soon” displayed instead.
In the previous year, Unacademy acquired Gate Academy, a test prep startup, to expand its presence in the graduate aptitude test in engineering (GATE) category.
Despite its growth, Unacademy reported an 85% year-on-year rise in consolidated net loss, reaching INR 2,848 Cr in FY22. However, its consolidated revenue from operations increased by 80% to INR 719 Cr.
Over the past 12 months, Unacademy has conducted four rounds of layoffs, resulting in the termination of more than 1,500 employees since March 2022. To navigate the funding winter and business slowdown, the leadership team at Unacademy announced multiple rounds of layoffs and a 25% pay cut for the financial year 2023-24.
However, in a recent statement, Munjal expressed optimism and stated that Unacademy has significantly reduced its burn rate and is on track to almost generate a profit at the group level in April.
The edtech industry as a whole has faced challenges following the return of physical classes and the reopening of academic institutes post-pandemic. Even edtech giants such as BYJU’S and Vedantu reported losses in their financial performance for FY22. On the other hand, PhysicsWallah managed to achieve a profit of INR 97.8 Cr in FY22 but faces its own set of challenges.
According to Inc42’s layoff tracker, edtech startups including BYJU’S, Vedantu, and Unacademy have collectively laid off more than 8,500 employees since 2022. Despite the challenges, Unacademy remains optimistic about its future prospects in 2023, asserting that it will be the best year for the platform since its establishment in 2015.