Bengaluru based Sorting Hat Technologies, which runs edtech platform Unacademy, reported a 294% rise or a four fold increase in revenue at Rs 86 crore in financial year 2019-20 (FY20) from Rs 21.8 crore in FY19.
It also reported a 3.4 fold or 245% increase in its expenses to Rs 386.7 crore in FY20 against Rs 112 crore in FY19. Its net loss ballooned 233% at Rs 300 crore as against the Rs 90 crore net loss in FY19, according to data from VCCEdge.
Income from operations grew nearly six fold from Rs 11.6 crore to Rs 64.8 crore in the year. Other income doubled from Rs 10.2 crore in FY19 to Rs 21.1 crore in FY20.
In terms of expenses, Unacademy spent Rs 91.7 crore on employee benefits costs in FY20 and in the same period, it spent Rs 290 crore on other expenses in FY20.
Founded in 2015 by Gaurav Munjal, Hemesh Singh, Roman Saini and Sachin Gupta, Unacademy entered into the unicorn club in September 2020.
The six-year old startup focuses on the K12 segment and also offers lessons for competitive exams preparation. Recently, it forayed into skill development and chess.