Edtech company Simplilearn’s losses swell 29% in FY23, revenue up 50%

New Delhi (IANS) Digital upskilling platform Simplilearn saw its losses grow 29 per cent to Rs 244 crore during FY23 as compared to Rs 179 crore in FY22.

Various overheads resulted in its overall expenditure reaching Rs 944 crore in FY23 as compared to Rs 643 crore in FY22, reports Entrackr.

With nearly 47 per cent surge in the total expenditure, the losses for the edtech firm also increased in FY23.

The edtech company saw its operating revenue grow to Rs 684 crore in FY23 from Rs 341 crore in FY21, a 50.33 per cent growth, according to its financial statements from the Registrar of Companies (RoC).

The edtech startup had raised about $45 million in FY22. The employee benefits costs increased by 42.4 per cent during the last fiscal year.

The company has raised over $80 million to date and was last valued at around $601 million in its Series E round led by GSV Ventures.

In November 2022, Simplilearn acquired a US-based bootcamp education company, Fullstack Academy, for an all-cash transaction.

The company, however, did not disclose the acquisition amount. The company had said that the acquisition would help it drive revenue growth to $200 million by FY24, of which 70 per cent was likely to come from global markets.

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