Edtech startup Unacademy’s CFO Subramanian Ramachandran is reportedly exiting the startup.
A source aware of the development told The Morning Context that Ramachandran has put down his papers and is currently serving his notice period.
Unacademy declined to comment on the development.
Ramachandran, who has been with Unacademy since 2019, was reportedly the CFO of Medi Assist Healthcare Services earlier.
Ramachandran’s exit comes months after the edtech unicorn’s chief operating officer (COO), Vivek Sinha, resigned in August.
Meanwhile, Unacademy recently appointed Anurag Tiwari as the National Academic Director for its physical classes division. Tiwari earlier served in a similar position at BYJU’S-owned Aakash Educational Institute.
The development comes at a time when the edtech ecosystem has been in turmoil for more than a year as the high-growth experienced during the pandemic died down following daily life returning to normalcy. To add to the woes, the ongoing funding winter seems to have hit the edtech sector the hardest.
Earlier this month, BYJU’S India CFO Ajay Goel resigned from his role in the company within six months of joining.
Meanwhile, with profitability becoming the focus across the Indian startup ecosystem, Unacademy has also taken a number of steps to improve its bottom line.
Inc42 exclusively reported last week that Unacademy’s software-as-a-service platform Graphy recently laid off 20-30% of its workforce, or nearly 50 employees. However, the company said that the job cuts happened on the basis of performance and had nothing to do with layoffs or revenue growth plan.
Overall, Unacademy has let go of over 2,000 employees since last year, as per Inc42’s layoff tracker.
The edtech major reported a net loss of INR 2,848 Cr in FY22, up 85% year-on-year (YoY). In July this year, Unacademy cofounder and CEO Gaurav Munjal said in a social media post that June 2023 was Unacademy Group’s first-ever cash flow positive month.
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