SoftBank-backed Indian edtech unicorn Eruditus, which offers online- and classroom-based management education programmes in collaboration with business schools, trimmed its annual loss by 67% for the year ended June 30, 2023.
The Singapore-domiciled company’s losses narrowed to $127.2 million in the year from $386.8 million in the preceding year, show its filings to the Accounting and Corporate Regulatory Authority of India (ACRA).
The improved bottom line was mostly on account of a 65% increase in its revenue to $405.2 million from $245.3 million in the same period.
Revenue from customers geographically
Eruditus also managed to put a cap on its expenses in the financial year.
Its employee benefits expenses dropped to $119.2 million from $262.2 million, while goodwill impairment fell to $22.9 million from $115.8 million.
In a press release issued on Monday, Eruditus said it has become the largest edtech player in India based on revenue.
As of June 30, 2023, Eruditus reported cash and cash equivalents of $78.5 million, versus $107.3 million,a yar ago.
While its net assets stood at $583.7 million on June 30, 2023, the edtech firm had total liabilities of $532.8 million.
During the year, the firm entered into agreements with its former employees to surrender the vested Share Appreciati0n Rights (SARs), upon cessation of employment. Its SAR expenses dropped to $10.7 million in 2023 from $149.2 million.
Established in 2010 by Chaitanya Kalipatnapu and Damera, Eruditus offers management programmes and short courses, in addition to an online curriculum. The Mumbai-headquartered company became the sixth Indian startup to bag the unicorn tag in August 2021 after securing $650 million in a Series E funding round led by Accel US and SoftBank Vision Fund II at $3.2 billion valuation.
Eruditus’ total funding stands at close to $814 million, as of May 29, 2023, as per Tracxn. Its valuation is estimated at $2.9 billion.
Headquartered in Singapore, Eruditus is now planning to shift its domicile back to India, according to media reports, as the firm aims to list in the country.
