Subramanian Ramachandran, the chief financial officer of Unacademy, is the most recent to leave the company, continuing the trend of high-ranking departures from the edtech unicorn, according to sources that spoke to Moneycontrol.
The corporation experienced several high-level departures in September of this year, including the departure of Abhyudaya Rana, the chief of staff, and Vivek Sinha, the chief operational officer.
Karan Shroff, the company's CMO, also left around the same time last year.
Unacademy has not yet submitted its FY23 financial statements to the Ministry of Corporate Affairs (MCA), coinciding with the CFO's departure from the company. The company experienced an 85 per cent increase in total losses from Rs 1537 crore in FY21 to Rs 2848 crore in FY22.
Unacademy started off as an online resource for students getting ready for entrance exams for engineering and medical schools, among other exams.
In 2015, Munjal, a second-time entrepreneur, founded it alongside Hemesh Singh and Roman Saini. Since 2010, Munjal has managed the Unacademy YouTube channel.
The corporation has fired at least 1,200 workers since 2022 in an effort to reduce expenses and turn a profit. The company most recently let go of roughly thirty workers from Graphy, one of the group companies of Unacademy. Graphy is a SaaS (software-as-a-service) platform that allows artists to monetize their abilities, expand their audience, and offer live sessions and cohort-based courses.
This occurs one year after Unacademy CEO Gaurav Munjal placed a wager on Graphy, at which point two of Unacademy's expansion verticals—the NEET PG learning platform PrepLadder and the employment guarantee vertical Relevel—came under scrutiny.
The edtech startup funded by Softbank, which was last valued at $3.14 billion, has raised around $881 million to date. The company's investors are Blume Ventures, General Atlantic, and Peak XV.