Hemesh Singh, cofounder and chief technology officer of Unacademy, has decided to step back from his executive role after more than eight years with the edtech startup. Singh announced his transition to an advisory role via a post on social media platform X.
“After almost a decade of building Unacademy with @gauravmunjal and @romansaini, I have decided to move from an executive role to an advisory role,” Singh stated. “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.”
Before cofounding Unacademy, Singh worked with Gaurav Munjal at Flatchat, a mobile platform assisting students and bachelors in finding accommodation and flatmates. Reflecting on their journey, Munjal remarked, “Hemesh and I started working together 11 years ago when we were building Flatchat. It has been a crazy ride, and I am grateful to have a cofounder like you.”
Founding and Growth of Unacademy
Founded in 2015 by Hemesh Singh, Gaurav Munjal, and Roman Saini, Unacademy has grown into a significant player in the edtech industry. The Bengaluru-based company boasts a network of 91,000 registered educators and over 99 million learners.
In January, Unacademy appointed Pratik Dalal, formerly the head of finance at CRED, as the chief finance officer of its offline business, Unacademy Centres. This move was part of the company’s ongoing efforts to strengthen its financial management and expand its educational services.
Challenges and Market Conditions
Indian startups, including Unacademy, have faced significant challenges due to extended funding winters, macroeconomic pressures, tightening business margins, and challenging unit economics. These factors have led to widespread business restructuring, layoffs, and leadership changes.
For instance, in May, Paytm’s chief operating officer Bhavesh Gupta and Delhivery’s chief business officer Sandeep Kumar Barasia both resigned, citing personal reasons. Similarly, Karthik Gupta, CFO of Ola Cabs’ parent ANI Technologies, also stepped down from his role.
In response to these pressures, many startups are innovating and launching new products and services to attract investment and maintain their valuation. Unacademy has recently ventured into language learning, launching an application to teach Spanish in June. The company plans to add French and other global and Indian languages to the app in the future.
Financial Performance
Unacademy has made significant strides in improving its financial performance. The Peak XV Partners-backed edtech startup reduced its consolidated net loss by nearly 40% to INR 1,678.1 crore in the financial year 2022-23 (FY23), down from INR 2,847.9 crore the previous year. This improvement was largely due to a sharp reduction in costs.
