New Delhi: While the embattled edtech unicorn Byju is facing myriad issues amid a severe cash crunch, its rival company's Founder and CEO Gaurav Munjal on Tuesday said that the firm reduced cash burn by 60 per cent and has a runway of more than four years with the current "cash reserves."
In a post on X, Munjal mentioned that Unacademy witnessed a 30 per cent decline in online classes but it has improved its EBITDA by 87 per cent.
Unacademy-owned Graphy, a software-as-a-service platform, grew by 30 per cent and is very close to profitability, he added.
He also stated that Unacademy Centres recorded 32,000 learners in 2023, a more than five-fold increase from 6,000 learners in 2022.
"On December 10, Unacademy will celebrate its eighth Anniversary. This year was a good year for us. And we have a lot to be happy about," Munjal wrote.
In April, the company stated that it is nearing group profitability. However, as of FY22, it was among the top loss-making startups.
The company has yet to release its annual report for FY23. Unacademy increased its revenue by 80.7 per cent to Rs 719 crore in FY22.
The company's losses climbed at the same rate, increasing by more than 85 per cent to Rs 2,848 crore from Rs 1,537 crore in FY21.
Meanwhile, Byju Raveendran has reportedly pledged his home, as well as those owned by his family members, to raise money for paying employees amid a cash crunch.
According to Bloomberg, citing sources, two homes owned by Raveendran’s family in Bengaluru, and his under-construction villa in the city -- were offered as collateral to borrow $12 million to pay salaries to employees.