SoftBank-backed edtech firm Eruditus narrowed its losses in the financial year ended June 2023 while its revenue jumped, as per its consolidated financial statements by the group company in Singapore.
The company reported a net loss of Rs 1,049 crore for FY23, compared with a net loss of Rs 2,950 crore the year before. Adjusted EBITDA loss shrank to Rs 422 crore from a loss of Rs 1,288 crore. EBITDA is short for earnings before interest, taxes, depreciation, and amortisation.
In the current fiscal year 2023-24, Eruditus expects to generate about Rs 250 crore of EBITDA, in line with its plan to turn profitable, founder and CEO Ashwin Damera had previously told VCCircle.
Meanwhile, Eruditus grew its consolidated revenue by about 75% to Rs 3,332 crore in FY23 from Rs 1,900 crore in FY22.
The latest numbers make Eruditus, valued at $3.2 billion in 2021, among the top two edtech giants in terms of revenue, ahead of other unicorns in the field including Unacademy, upGrad, and PhysicsWallah.
Byju’s, once the most valued edtech company, has so far not shared its FY23 financial numbers, but said it registered revenue of Rs 3,569 crore in FY22.
Eruditus, which is raising a new funding round, expects to grow its revenue by 30% in the current fiscal year to about Rs 4,300 crore.
While bullish on the current revenue model, Damera said the company is foraying into newer areas. It is planning to target the study abroad market, launching courses that will allow students to pursue part of the education in the campuses outside India. The company is also planning to launch courses that focus on immersive education, providing a small experience at universities and companies to its students.
The firm, founded in 2010, caters to the higher-education market. It works with top universities around the world including MIT, Harvard, Wharton, Cambridge, and INSEAD to offer executive-level courses to students in over 80 nations. Apart from SoftBank, it counts Accel, CPPIB, Bertlesmann and the Chan Zuckerberg Initiative among its investors.