New Delhi: Eruditus becomes India’s second-largest revenue-grossing edtech firm after it reported an 87% increase in its operating revenue for FY22 at $245.2 million. This is higher than the FY22 revenues reported by edtech unicorns such as Unacademy, Physics Wallah, upGrad, and Vedantu. However, it is lower than the FY21 revenue reported by BYJU’S, which is yet to report its FY22 numbers.
However, Eruditus also posted higher losses—$348.95 million (Rs 2,645 crore) in FY22, up 32.1% from $264.2 million (~Rs 2,174 crore) in the previous year. The company follows a July-June financial year. The firm’s overall expenditure went up by 49.5% to $594.2 million (~Rs 4,504 crore) in FY22 from $397.4 million (~Rs 3,270 crore) in FY21.
The company spent $262.1 million (~Rs 2,157 crore) in FY22 on employee benefits—its largest expense, accounting for 44.1% of the overall cost. Its advertising and marketing expenses were $141.61 million (~Rs 1,166 crore) in the fiscal as against $67.09 million (~Rs 552 crore) in the year-ago period.
Eruditus offers executive-level courses from top universities. It has collaborated with universities across the US, Europe, Latin America, Southeast Asia, India, and China.
