Edtech Startup Vedantu Reports Rs 153 Crore Revenue in FY23
SUMMARY
Vedantu is an Edtech startup that has recently released its FY23 report. This edtech startup provides quality education with its cutting-edge technology. They have reported a 7.8% decrease in its FY23 revenue to Rs 153 crore from Rs 166 crore in FY22. Despite the decline, the company managed to control its losses by 46 percent in the same interval.
Founded by IIT alumni Vami Krishna, Pulkit Jain, Anand Prakash, and Saurabh Saxena, this startup offers an online tutoring platform that provides services to all students, including live coaching classes to grade 6th to 12th students. The startup uses cutting-edge technology to offer the best learning experience. The interactive tutoring platform is for students who want training in real-time. The profit for Vedantu in 2022- 23 stood out at Rs 153 crore. Entrackr reported that the startup had the most income from its offered courses with 94% of its total operating revenue.
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The company claims to offer the best solutions to its users by leveraging the new-age technologies. The startup had Rs 22 crore from interest and gain on its financial assets, this made the total income of Vendatu to be approximately Rs 175 crore in this Fiscal year. The total expenditure declined 35.8% to Rs 314 crore in FY23 due to the largest cost center of 56.7% emerging from its employee benefit. The promotion, advertising, and training pushed its overall expenditure to Rs 553 crore in FY23 from Rs 888 crore in FY22. The company had a 13.3% decline in total revenue to Rs 144 crore in FY23.
The startup was backed by Tiger Global during this time, helping Vendantu to decrease the loss by 46.4% to Rs 373 crore in FY23. Fintrackr predicted the enterprise value to revenue multiple to reach 50X. The startup bought Deeksha’s stake for $40 million. The company is planning to expand in the market by opening 30 offline centers for NEET and JEE courses in multiple cities across India. The startup competes with Byjus, Eruditus, and upGrad, among others.
Conclusion:
Edtech startup, Vendantu reported a revenue of Rs 153 crore in FY23. The technology used by this startup is to provide interactive and personalized learning experiences. The startup offers an online tutoring platform that provides services to all students, including live coaching classes for 6th to 12th students. The startup uses cutting-edge technology to offer the best learning experience. The company claims to offer the best solutions to its users by leveraging the new-age technologies. The startup had Rs 22 crore from interest and gain on its financial assets, this made the total income of Vendatu to be approximately Rs 175 crore in this Fiscal year. The company had a 13.3% decline in total revenue to Rs 144 crore in FY23. The company plans to expand in the market by opening 30 offline centers for NEET and JEE courses in multiple cities across India. The startup had the most income from its offered courses with 94% of its total operating revenue.
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