New Delhi, Dec 18 (IANS): Gaurav Munjal-led edtech platform Unacademy recorded a loss of Rs 285 crore in FY24 compared to Rs 1,592 crore in FY23.

The loss was narrowed due to the reduction in the company's expenses.

The total expenditure of the company in FY24 was Rs 1,149 crore, which is 53.29 per cent less than the FY23 figure of Rs 2,460 crore.

In FY24, Unacademy's expenditure on employees decreased 69.47 per cent year-on-year to Rs 340 crore, compared to Rs 1,114 crore in FY23.

The reason for the reduction in the company's employee expenses was the layoff of 250 employees in July and restructuring excise.

Apart from this, the company's advertising expenditure declined by 33 per cent year-on-year (YoY) to Rs 201.3 crore from Rs 293.4 crore in FY23.

Other expenses including teacher fees, offline partner fees, payment gateway fees and write-off of property, plant and equipment stood at Rs 762.5 crore in FY24 from Rs 1,282.9 crore in the previous financial year.

However, the company's expenditure on technical services has increased to Rs 297.7 crore in FY24 from Rs 283.6 crore in FY23.

Unacademy's operating income fell by 2.31 per cent to Rs 716 crore in FY24 from Rs 733 crore in FY23.

The company's total income including other income was Rs 864 crore in the previous financial year. This was Rs 869 crore in FY23. However, its other income increased to Rs 148 crore in FY24 from Rs 136 crore in the previous fiscal year.

Unacademy was founded in 2015 by Gaurav Munjal, Roman Saini and Hemesh Singh.

The edtech company claims to have a network of 91,000 registered teachers. It serves students in over 14 Indian languages. Apart from Unacademy, the group includes subsidiaries such as Graphy, UnacademyX, Nextlevel and PrepLadder.