SoftBank-backed edtech unicorn Eruditus’ revenue crossed INR 3,000 Cr mark in the financial year 2022-23 (FY23). For the Singapore-based startup, the financial year FY23 began on July 1, 2022 to June 30, 2023.
Eruditus has logged a total revenue of INR 3,320 Cr in FY23, a 75% increase from INR 1,900 Cr it reported in the previous fiscal year.
It is pertinent to note that these financial numbers are shared by the startup itself.
This makes Eruditus the biggest edtech startup in terms of revenue generation in FY23. Ronnie Screwvala-led upGrad is the second largest startup in terms of revenue with INR 1,194 Cr in FY23.
The startup said its gross margin improved on an year-on-year (YoY) basis to INR 1,734 Cr, while expenditure (excluding finance cost and taxes) reduced by 17%. However, the startup hasn’t revealed its total expenditure.
Eruditus highlighted that the reduction in its total expenditure was due to the decrease in its marketing expenditure and employee benefit expenditure. In FY23, the startup claimed that its marketing expenditure dropped by 29% YoY to INR 956 Cr, while its employee benefit expenditure decreased by 27% to INR 889 Cr. It must be noted, in the beginning of the year under review, Eruditus laid off around 40 employees.
In an edtech startup, marketing and employee benefit expenditure are the biggest contributor to its growing expenditure.
The startup reported a net loss of INR 1,049 Cr, which is almost half of INR 2,680 Cr of loss it had incurred in the previous fiscal year.
Founded in 2010 by Ashwin Damera and Chaitanya Kalipatnapu, Eruditus offers executive education programmes with global business schools such as Columbia, MIT, London Business School, Harvard Business School, INSEAD, Tuck at Dartmouth, among others.
Besides international courses, the startup offers courses from Indian institutions such as IIT Kozhikode, IIM Lucknow among others.
It claims to have served over 250K students across 80 countries in the year under review. The startup also has signed new partners to its global portfolio, including Johns Hopkins Carey Business School, Stanford Med School, Nanyang Technological University (NTU) and Sasin School of Management.
The edtech startup which is mulling to shift its domicile back to India ahead of IPO plans has to date raised $585 Mn in primary capital from Accel, PeakXV Partners, Softbank, Prosus, CPPIB, Bertlesmann and Chan Zuckerberg Initiative.
The post Edtech Startup Eruditus’ FY23 Revenue Crosses INR 3,000 Cr Mark appeared first on Inc42 Media.
