Higher education and training platform Eruditus has grown to become India’s second-largest revenue-generating edtech startup. The company’s financial records for the fiscal year ended June 2022 show that Erditas generated his $245.25 million operating profit, an 86% increase from his $131.19 million operating profit in the previous year. Did. Since Eruditus is incorporated in Singapore, he follows the fiscal year from July to June. The SoftBank-backed unicorn has yet to report its results for FY2022 (April to March), but revenue for FY2021 (April to March) was close to Rs 250 billion.
Eruditus’ operating profit is higher than the other four D2C edtech unicorns who collectively submitted their FY22 results. His upGrad in Ronnie Screwvala, his SoftBank-backed Unacademy, Tiger Global-backed Vedantu and India’s newest unicorn PhysicsWallah have combined sales of Rs 180 crore. Eruditus’ losses widened, with a cash-based loss of US$66 million in FY22. According to International Financial Reporting Standards (IFRS), Eruditus’ losses increased from US$265 million in FY21 to US$265 million in FY22. increased to $383 million. However, this includes non-cash special items of $241 million, including goodwill impairments of $92 million and ESOP (employee stock option plan) accruals of $149 million, recorded in the fiscal year. Excludes $77 million in unrecorded revenue.
Eruditus founders Ashwin Damera and Chaitanya Kalipatnapu said the company expects to generate about $430 million in revenue over 2022-2023. This is a bold prediction at a time when most edtech companies are anticipating slowing service demand growth. According to Damera and Kalipatnapu profitable on an accounting basis in fiscal year 24 as the company records strong revenue growth as professionals increasingly choose to upskill amid recession fears.
Eruditus, now known as Emeritus, offers leadership level programs for professionals. The majority of Eruditus’ revenue comes from outside India, with the country contributing only about one-fifth of total revenue. However, the company expects India to become its fastest growing market over the next 24 months.
“India will see fourfold growth in the next 24 months, driven by tailwinds and demand for incoming student numbers. Mohan Kanegal, CEO said: Eruditus has so far raised just over $814 million in equity funds, whose backers include his SoftBank, Prosus, Sequoia, Chan Zuckerberg Initiative and GSV Ventures. In August 2021, the company raised its $650 million funding round, its largest ever, taking the valuation above $3.2 billion.
Eruditus’ success highlights the growing demand for upskilling and reskilling in India, especially amid the COVID-19 pandemic. The pandemic has hit many industries hard, leading to a wave of layoffs and pay cuts. In such scenarios, many professionals turn to online learning platforms like his Eruditus to improve their skills and stay relevant in the job market.