Market Leader is nearly 3x the size of next largest edtech player
Financial Highlights
FY23 (Jul’22 to Jun’23) period
- Revenue as per IFRS audited financials grew from Rs. 1,900 Crores in FY22 to Rs. 3,320 in FY23 representing a growth rate of 75% YoY.
- Total expenses (excluding finance cost and taxes) reduced by 17% in FY23 over FY22.
o Marketing expenses as a percentage of revenue reduced from 56% to 29% o Employee expenses (excluding non-cash share appreciation expense) as a percentage of revenue reduced from 46% to 27%
o Other operating expenses as a percentage of revenue reduced from 13% to 9%
- Adjusted EBITDA (EBITDA excluding non-cash expenses such as depreciation, amortization, expense for share appreciation rights etc.) stood at -13% in FY23.
Eruditus FY 23 Financials: Rs. Crore.
(FY 23 is 1 Jul 2022 to 30th Jun 2023)
| Rs. Crore | % | |
| Revenue | 3,322 | 100% |
| Gross Margin | 1,734 | 52% |
| Marketing Expenses | 956 | 29% |
| Employee expenses (excluding non-cash share appreciation expense) | 889 | 27% |
| Other operating expenses | 310 | 9% |
| Adjusted EBITDA | -422 | -13% |
The above figures are taken from the audited financials statements (please see Directors statement for easy reference).
Exchange rate for USD to INR conversion taken at 82 for FY23 and 77 for FY22, wherever applicable
Business Highlights
- Eruditus is the largest edtech player in India based on published financials FY23 Revenue of top edtech players:
| FY 23 (Rs. In crores) | Revenue |
| Eruditus | 3,322 |
| Upgrad | 1,194 |
| Unacademy | 907 |
| Great Learning | 801 |
| Physicswalla | 798 |
| Simplilearn | 701 |
FY23 audited financials for Byju’s unavailable
- Eruditus served 250,000 students across 80+ countries in FY23.
- Company works with 80+ world class university partners globally and offers 1,000+ courses in topics such as Artificial Intelligence, Data Science, Coding, Finance, Business, Leadership etc.
- Signed new world-class partners to global portfolio, including Johns Hopkins Carey Business School, Stanford Med School, Nanyang Technological University (NTU) and Sasin School of Management.
- In partnership with GSV Ventures, launched the preeminent Education and Workforce Leadership Summit in India, bringing together policy makers, investors, educators, entrepreneurs and industry leaders to shape the future of learning, with notable speakers including Smriti Irani, Nandan Nilekani and organizations including The Gates Foundation, CZI, Harvard, MIT, ASU, Blackstone and Accel.
- The Eruditus team was recognized for exemplary work by the GSV 150, the EdTech Leadership Awards, the Think Global Awards and the IIA Leadership Awards.
About Eruditus
Eruditus is committed to teaching the skills of the future by making high-quality education accessible and affordable to individuals, companies and governments around the world. It does this by collaborating with more than 80+ top-tier universities across the United States, Europe, Latin America, Southeast Asia, India and China. The company’s short courses, degree programs, professional certificates and senior executive programs help individuals learn new skills and transform their lives, companies and organizations. Its unique model of state-of-the-art technology, curriculum innovation and hands-on instruction from senior faculty, mentors and coaches has educated more than 500,000 individuals across 80+ countries. Eruditus is backed by marquee investors such as Accel, PeakXV, Softbank, Prosus, CPPIB, Bertlesmann and Chan Zuckerberg Initiative. The company has raised US$585M in primary capital till date.
Appendix
Reconciliation from Adjusted EBITDA to Net Loss
| Rs. Crore | |
| Adjusted EBITDA | -422 |
| Less: share appreciation expense (non cash) | -88 |
| Less: Interest expense | -93 |
| Less: Depreciation, Amortization and Impairment (non-cash) | -426 |
| Add: Tax credit | +20 |
| Net Loss | -1,049 |
