Blackstone-owned edtech startup Simplilearn’s revenue growth slipped to barely touch double digits in the financial year through March 2024, but the company managed to significantly cut its operating losses and even forecst operational profitability in the current fiscal.
Simplilearn’s revenue for FY24 stood at Rs 773 crore, up nearly 10% from Rs 700 crore in the fiscal before. In comparison, its revenue grew at over 50% for FY23 and around 34% in the financial year ended March 2022.
The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) loss for FY24 came down by 75%. Although the exact figure wasn’t disclosed, based on an EBITDA loss of Rs 201.1 crore in FY23, the operating loss for FY24 is estimated to be around Rs 50 crore.
Simplilearn said in a release that the company is now well-positioned to reach EBITDA profitability within the current financial year.
The company, which provides training for professional certification courses in India, US, Europe and MENA regions, was aiming to grow at about 35-40% in the current financial year, while also aiming for operational profitability, the company’s co-founder and chief operating officer Kashyap Dalal had told VCCircle in an interaction earlier this year.
“As we work toward profitability, we’re focused on strengthening our products to meet industry needs, driving growth in the US and worldwide, and, above all, delivering an outstanding customer experience,” said Kumar.
Founded in 2010 and based in Plano, Texas and Bengaluru, Simplilearn provides digital upskilling courses to learners across the globe. It provides over 1,500 live online classes each month across 150 countries.
The startup, last valued at about $600 million, raised $45 million in a Series E funding round from a consortium led by GSV Ventures. Blackstone had invested $250 million in the firm in 2021.
