Chennai-based Veranda Learning Solutions posted a nearly four-fold jump in its consolidated net loss for the first quarter at ₹20.06 crore. The edtech platform’s net loss for the same quarter of the previous fiscal stood at ₹5.15 crore.
While the total revenue of the company swelled by 489 per cent year-on-year to ₹28.63 crore (₹4.86 crore) during the latest quarter, the expenses also jumped 345 per cent during this period to ₹41.97 crore (₹9.43 crore) driven by employee benefit expenses, advertisement and business promotion expenses and other costs.
‘Focus on brand building and investments’
“This quarter was another period of building on the growth momentum. We signed three new partners for Veranda Race and also marked our entry into Andhra Pradesh in this quarter. We signed 46 new offline centres for Veranda Acacia and have expanded our presence to 10 States across India, in line with our strategy to expand the geographical footprints of our offline and hybrid offerings,” Kalpathi S Suresh, Executive Director and Chairman, Veranda Learning Solutions, commented in an earnings release.
“On the financial front, we had a consolidated revenue of ₹286.3 million largely driven by Edureka. Our focus on brand building and investments in the technology platform continues unabated,” he added.