CRUSHED
The ads worked. The business didn't.
Unacademy became a household name and lost thousands of crores doing it.
76 paise
of ads per rupee earned
Rs 548.7 crore on advertising. Rs 719.2 crore of revenue.
Source: Unacademy FY22 consolidated financials
THE AWKWARD PART
It worked
Cricket is the closest thing India has to a shared religion. Everyone knew the name.
800,000
actually paid
Out of tens of millions on the free tier. Ads filled the stadium. Almost nobody bought a ticket.
Source: Reported active paid subscribers, April 2022
Rs 2,847.9 cr
lost in one year
Burning on every front at once, funded by cheap pandemic money.
Source: Unacademy FY22 consolidated financials
90%
wiped off the valuation
$3.44 billion in 2021. Under $500 million by 2025, per the founder.
Source: Founder statement; Forbes India on the upGrad deal
THE TELL
Cut 33%
and it got healthier
Ads cut to Rs 370.2 crore. Revenue still up 26%. Losses down 41%.
Source: Inc42, Unacademy FY23 results
THE VERDICT
Fame is not demand
Advertising can buy attention. It cannot buy a business model.
Tap below for the full breakdown.