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Inside Gaurav Munjal’s Exit From Unacademy
After BYJU’S, it now seems that Unacademy is in the middle of an upheaval. The edtech giant’s cofounders Gaurav Munjal and Roman Saini have quit. Interestingly, nobody within their inner circle looks surprised.
A Long-Pending Move? The exit of the duo appears to have been in the making for a year now. Munjal is said to have signalled to the board that he could not “commit” to the company’s operationally complex offline model and wanted Unacademy to return to a tech-first edtech approach. Saini, too, seems to have lost interest in taking Unacademy forward.
What’s Next For Munjal? After helming Unacademy for nearly a decade, Munjal has made it clear that his focus will be on Airlearn, a language learning app. Last month, Munjal had claimed that the app was recording 70,000 daily active users and over 3 Lakh MAUs. He has also taken his confidant and TapChief cofounder Shashank Murali to build the new company, which locks horns with Duolingo.
Unacademy’s Many Fires: The exits came as Unacademy has been floundering for the past couple of years due to a slew of reasons, including the exits of key executives, a portfolio of failed companies, a funding crunch and two failed acquisition bids. What did not help the edtech’s case were losses and stagnant revenues. In FY24, Unacademy’s operating revenue declined 2.3% YoY to INR 716 Cr while losses narrowed by over 82% YoY to INR 285 Cr.
Munjal has now handed over the reins to board member Sumit Jain, who also led the company’s Graphy vertical. Jain has his work cut out — from cutting burn to salvaging relevance. But for Munjal, this marks a definitive close. The Unacademy chapter is over. Here’s what triggered Munjal’s departure and what’s now at stake for Unacademy.
From The Editor’s Desk
NEWME’s INR 180 Cr Revenue Run: The GenZ-focussed apparel brand claims to have crossed the INR 180 Cr mark in just three years and is well on its way to writing its next growth chapter. But its zero-to-one journey hasn’t been easy in a space cluttered with fashion brands.
Glance AI’s Shopping Revolution? InMobi’s AI-led ecommerce fashion platform had a soft launch in the US ahead of Google launching ‘Try On’ last week. Helping users create a virtual image in their dream outfit, can Glance AI change the face of online shopping?
Pronto Eyes $12 Mn: The home services startup is in advanced talks to raise fresh capital from Glade Brook Capital, General Catalyst and exiting investor Bain Capital Ventures. It plans to close the round in 3-4 weeks. The startup offers on-demand house help services in 10 minutes.
Lendingkart To Raise $11.7 Mn Debt: The board of the fintech major has passed a resolution to issue 10,000 NCDs at INR 1 Lakh each to raise the sum from InnoVen Capital. This comes after Lendingkart’s valuation dwindled to $100 Mn in March from its peak of $350 Mn.
NCLT Relief For Dunzo: The Bengaluru bench of the NCLT has quashed the insolvency petition filed by creditor Invoice Discounters against the hyperlocal delivery startup. The lender had dragged the company to the tribunal over undisclosed pending dues.
Captain Fresh Strengthens Board: The B2B meat and seafood startup has appointed Durgesh Kumar Singh, Anil Berera and Harita Gupta as independent directors. Captain Fresh is looking to raise $350 Mn to $400 Mn via its IPO in late-2025.
Dark Patterns On Govt’s Mind: Amid rising complaints about dark patterns being employed by online platforms, consumer affairs minister Pralhad Joshi has directed ecommerce companies to conduct self-audits to analyse and remove dark patterns.
IFC Backs L Catterton’s $600 Mn Fund: International Finance Corporation has proposed a $30 Mn infusion in India-focussed consumer fund launched by L Catterton Asia. The fund plans to back 7-9 companies, with average ticket sizes ranging from $25 Mn to $150 Mn.
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