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NEW DELHI: Edtech unicorn Unacademy, which has laid off several hundred employees since the onset of the funding winter last year, claimed it has Rs 1,800 crore in the bank and has reduced cash burn by 60%.
In an internal note to employees on Tuesday, co-founder & CEO Gaurav Munjalsaid the company has a runway (the amount of time a business has before it runs out of cash) of more than four years, considering the current cash reserves.”April-June quarter was cash flow positive for us,” Munjal said in the note, which was reviewed by TOI. The edtech segment, which had cornered bulk of the startup funding through 2020 and 2021 on the back of Covid-led spurt in subscription of digital services, has been struggling to raise fresh capital, amid a tepid funding environment and drop in demand.
In an internal note to employees on Tuesday, co-founder & CEO Gaurav Munjalsaid the company has a runway (the amount of time a business has before it runs out of cash) of more than four years, considering the current cash reserves.”April-June quarter was cash flow positive for us,” Munjal said in the note, which was reviewed by TOI. The edtech segment, which had cornered bulk of the startup funding through 2020 and 2021 on the back of Covid-led spurt in subscription of digital services, has been struggling to raise fresh capital, amid a tepid funding environment and drop in demand.
#Cash #burn #crore #bank #Unacademy
