June 8th 2024.
In an announcement shared on social media platform X, Hemesh Singh, co-founder and Chief Technology Officer of the popular edtech company Unacademy, revealed that he will be transitioning to an advisory role. After nearly a decade of working alongside Gaurav Munjal and Roman Saini to build Unacademy, Singh has decided to step away from his executive duties.
Expressing his gratitude for the journey thus far, Singh wrote, "It has been a wonderful ride and I am extremely grateful to have been a part of this journey. We did change the Test Prep Industry for good." His words speak volumes about the impact that Unacademy has had in revolutionizing the education landscape.
Munjal, the CEO of Unacademy, also shared a heartfelt message for his co-founder. He reminisced about how they first joined forces 11 years ago while working on Flatchat. "It has been a crazy ride and I have been grateful to have a Co-Founder like you. Unacademy will miss you," Munjal wrote on X social media platform.
Despite the changing roles within the company, Unacademy's growth continues to soar. In the last fiscal year, the edtech platform saw a remarkable increase in operating revenue, from Rs 719 crore to Rs 907 crore. Additionally, they were able to reduce their losses by a significant amount, from Rs 2,847 crore to Rs 1,678 crore in FY23.
Munjal also shared some impressive financial news in December, stating that the company has managed to decrease cash burn by 60 per cent. With their current "cash reserves", they have a runway of more than four years. This speaks to the strength and stability of Unacademy as a company.
Unacademy was founded in 2015 by Munjal, Singh, and Saini, and has since become a household name in the education sector. As Singh moves on to his new role, the company will undoubtedly continue to thrive and make a positive impact on the lives of students across the country.
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