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Edtech UpGrad’s net loss halves to Rs 131 crore in FY26, revenue rises 7.5%
Revenue from operations rose 7.5% to Rs 1,687 crore from Rs 1,569 crore a year earlier, according to the company's audited consolidated financial statements, filed with the Registrar of Companies (RoC). In FY25, UpGrad had reported a net loss of Rs 274 crore.
UpGrad completes Unacademy acquisition for over $200 million
The 100% share-swap transaction values Unacademy more than 90% below its $3.4-billion peak in 2021. ET first reported on May 4 that the acquisition was in its final stages.
Unacademy investors to get UpGrad board seat as Rs 1,955-crore merger nears close
UpGrad is acquiring Unacademy through an all-stock transaction. The Competition Commission of India cleared the merger on July 7, removing a key regulatory hurdle for the deal. Sources told ET that signing of the definitive agreements is nearly complete. Almost all the institutional investors have signed the share subscription agreement, while all the angel investors have executed their share purchase agreements.
Unacademy’s test prep CEO Sumit Jain quits ahead of upGrad acquisition
Sumit Jain has stepped down from his role in Unacademy, ahead of a potential merger with upGrad Education. Jain, who joined Unacademy in 2020, will continue as an advisor. His departure follows the companies filing for merger approval with the Competition Commission of India.
Unacademy now ‘default alive’, to cut cash burn to Rs 200 crore in 2025: CEO Gaurav Munjal
Unacademy aims to reduce cash burn to under Rs 200 crore in 2025, a sharp drop from Rs 1,000 crore in 2021. CEO Gaurav Munjal says the startup is now “default alive” with Rs 1,200 crore in reserves. Graphy and PrepLadder are generating cash, and 70% of offline centres may turn profitable. Despite a 7% dip in FY24 revenue to Rs 840 crore, net losses narrowed significantly.
Unacademy has runway of four years with Rs 1,800 crore, cash burn cut by 60%: Gaurav Munjal
The cash runway will further extend to eight years because the startup continues to lower its cash burn, which is currently down 60%, he said, without specifics.
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Major row over custodial death, family moves Calcutta High Court
The division bench of Calcutta High Court’s chief Justice T.S. Sivagnanam and Justice Hiranmay Bhattacharya have agreed to hear the plea. The family has alleged that Ashok Singh died due to police torture. The victim’s family members said that he was summoned to the Amherst Street police station after being accused of purchasing a stolen mobile phone.
Unacademy appoints Sandhydeep Purri as chief people officer
Prior to joining Unacademy, Purri was chief people officer at Sapphire Foods, overseeing HR strategies for brands such as Pizza Hut and KFC. Before that, she worked at Aditya Birla Group’s retail sector.
Unacademy CFO Subramanian Ramachandran resigns
This is the second exit among chief executive Gaurav Munjal's team of direct reportees since August, when the startup's chief operating officer Vivek Sinha took to LinkedIn and X (formerly Twitter) to announce his resignation.
Unacademy's Graphy slashes about 30% jobs amid restructuring: report
According to an Inc42 report, citing sources, Graphy, which provides learning management system services to edtech creators, has been struggling to meet revenue targets, prompting a restructuring within the company.
Edtech firm Unacademy’s COO Vivek Sinha resigns
Sinha had joined the company in 2020 after a decade with organisations such as Reliance Energy, Lodha, MobiKwik and Oyo.
Unacademy elevates Sumit Jain to cofounder status
Jain joined Unacademy in April 2020 and cofounded the firm’s Graphy division which allows educators and creators to launch their own online courses.
Unacademy’s Graphy acquires community-management platform Scenes
According to Graphy, the acquisition will allow it to enhance its offerings as well as expand its reach in the creator ecosystem. At present, the platform, which was launched by Unacademy in 2020, claims to have helped over 1,00,000 educators and creators launch their online courses.
Unacademy launches gamified app for UPSC aspirants
The new experiment at the Bengaluru-based startup comes at a time when the company is facing intense pressure to show profitability as Covid-led demand for digital learning drops.
Unacademy to be profitable at group level in April: CEO Gaurav Munjal
With a cash balance of Rs 1,977 crore and an average monthly burn of Rs 17 crore, the Unacademy group will have at least 116 months of runway, according to screenshots of an internal presentation made during a company board meeting held on April 14.
Unacademy’s Gaurav Munjal says rival Classplus ‘definitely overvalued’
Classplus competes directly with Unacademy’s Graphy, a software platform for course creators.
Unacademy monthly burn down to $7 million from $20 million: CEO Gaurav Munjal
Taking to Twitter on Friday (November 4), Munjal said, "Winter will get worse. Get to profitability asap. And then grow from there. Stop all unnecessary spends. Focus on building great Products and organic Traction Channels."
Unacademy CMO Karan Shroff quits firm
Shroff took to Linkedin to announce his departure after a three-year stint at the edtech startup.
Unacademy's PrepLadder lays off 2.6% of its workforce
Unacademy had acquired Chandigarh-based PrepLadder, a leading post-graduate medical entrance exam preparation platform, for $50 million in 2020.
Broadcast platform Rigi raises $10 million in funding led by Accel India, others
The company will use the funding for strengthening its technology, hiring, and expansion, company founders told ET. Rigi was part of the first cohort of Accel Atoms, a program by Accel India for pre-seed startups.
Unacademy’s Graphy acquires edtech startup Spayee for $25 million
The acquisition will strengthen Graphy’s position in the creator ecosystem, while increasing its reach and enabling it to optimise its product offerings.
Unacademy acquires live game streaming platform Rheo TV
The Bengaluru-based edtech startup will fully acquire Rheo TV, and enable the exit of all existing investors.
Proposed e-commerce rules explained
In today’s ETtech Top 5 newsletter: A two-minute explainer of India’s proposed e-commerce rules, European Union hands a win and loss to Google, and Unacademy’s Graphy announces Rs 100-crore fund for creators.
Unacademy’s Graphy launches Rs 100-crore grant for creators
Graphy Creator Grant, which will be deployed over the next two years, will be given to Graphers “who are highly ambitious in building an online school and learning community that they can be proud of”.
Creators get new tools to monetise their audience
Indian cos building paid-private communities, cohort-based platforms for creator economy
Unacademy plans to launch Rs 30 crore-ESOP buyback offer
The edutech space has seen strong growth globally with the COVID-19 pandemic serving as an inflection point, with rapid growth seen in the addition of learners and onboarding of teachers.
Doctors detect kidney stone in Assam Health Minister Himanta Biswa Sarma
Doctors in Guwahati Medical College and Hospital (GMCH) have said that the health minister is doing fine and has been advised to rest for a couple of days.
Geography isn't just about latitude
Balachandran holds a PhD in the subject from the Kent State University and taught at Bridge water State University before returning to Bengaluru in 2000.
Court accepts CBI's closure report in graft case
Special CBI judge Vinod Kumar agreed with CBI's conclusion that there was no evidence of any conspiracy between public servants and private parties.
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