The Softbank-backed Indian edtech platform, Unacademy is currently going through a bad patch as the firm was compelled to cut down its employee bandwidth in 2022 and reduced the cost of operation. Despite the hard times, the online educational institution, which recently moved to the offline sector as well, managed to bag an 80.7 per cent increase in revenues, coming from operations.

The firm earned Rs 719 crore as operational revenue. A straight jump of 80 per cent from Rs 398 crore earned in FY 2021. However, with a surge in operational revenue, the firm also registered an increase in the number of net expenditures.

In 2021, the edtech start-up met with a net expenditure of Rs 2030 crore, whereas, in this financial year, the net expenditure of the Bengaluru-based start-up climbed to Rs 3,703 crore. An annual jump of 82 per cent in this segment.

In the previous fiscal, Unacademy registered a loss of Rs 1,537.4 crore. This year, despite cutting down operational costs and the number of workers, the firm witnessed a loss of Rs 2,848 crore, the annual financial statements of the company claimed.

In the financial year 2022, the Indian edtech sector is observing a difficult time. Most of the promising start-ups decided to chop the number of staff working for them. One of the leading edtech platforms in India, BYJU's announced to "rationalise" 5 per cent of its 50,000-strong workforce in a phased manner. Vedantu, another edtech platform, laid off 100 full-time workers in July. With the increase in losses and net expenditures, it is now to be seen whether Unacademy decides to hand over pink slips to its employees again.