New Delhi, Jan 3 (IANS): Edtech company Unacademy's losses decreased by about 40 per cent in FY23, as its revenue grew at 26 per cent in the fiscal year ending March 2023.

To reduce losses, Unacademy also laid off about 1,500-2,000 employees in several restructuring exercises.

The Peak XV Partners-backed edtech platform reduced its loss to Rs 1,678 cr in FY23 from Rs 2,847 crore in the previous fiscal year.

Unacademy's operating revenue grew to Rs 907 crore in FY23 from Rs 719 crore in FY22, reports Entrackr.

The edtech company cut its advertising cost by 32.6 per cent during FY23.

In December, company's Founder and CEO Gaurav Munjal 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.