Peak XV-backed EdTech unicorn Eruditus said it reported a 75 per cent jump in revenue to ₹3,320 crore in FY23, from ₹1,900 crore in the same period last year. With that increase in the topline, the EdTechstart-up said it is is among the top two revenue-making online EdTechfirms in India, along with Byju’s.

The company reported a net loss of ₹1,049 crore for FY23, compared to ₹2,950 crore in the year-ago period. Adjusted EBITDA loss shrank to ₹422 crore from ₹1,288 crore.

While Eruditus’ revenue was higher than that of Unacademy, Vedantu, upGradand others individually in FY23, its performance cannot be compared to all players in the industry.

Byju’s, the most-funded start-up in the EdTechsegment, is yet to file its audited FY23 results. The company reported a revenue of more than ₹5,000 crore in FY22, according to media reports. Its core business, excluding acquisitions, stood at ₹3,569 crore in FY22 as reported in November last year.

Founded by 2010 by Ashwin Damera and Chaitanya Kalipatnapu in 2010, Eruditus offers management education courses, degree programmes and professional certificates in collaboration with business schools.

Eruditus follows a July-June financial year as it is incorporated in Singapore.

“Marketing expenses as a percentage of revenue reduced from 56 per cent to 29 per cent in FY23 while employee expenses, excluding non-cash share appreciation expense, reduced from 46 per cent to 27 per cent,” said the firm in a release.

The EdTechhas raised $585 million in primary capital from Accel, PeakXV, Prosus, CPPIB, Bertlesmann, The Chan Zuckerberg Initiative and others.

The firm, which plans to foray into the study abroad category, is aiming for profitability in FY24 (July-June 2023-24) on a bookings basis, as it is witnessing strong growth in its revenue with working professionals increasingly opting for upskilling.

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