Arnab Dutta has taken on the role of Chief Operating Officer (COO) at Vedantu, transitioning from his nearly two-year stint at another edtech unicorn, Unacademy. The announcement of his move was made through a LinkedIn post on Tuesday. Having commenced his tenure as COO at Vedantu in September, Dutta’s professional journey includes a significant leadership role at Unacademy, where he served as Senior Vice President until June.
Bringing over 15 years of experience in leadership roles, Dutta has managed teams comprising more than 500 individuals, as stated on his LinkedIn profile. His career encompasses positions at prominent companies such as OYO, Jio, and Airtel. The decision to leave Unacademy coincided with a series of high-profile departures, including Chief Financial Officer Subramanian Ramachandran, Chief Operating Officer Vivek Sinha in August, and Abhyudaya Rana, Vice President and Chief of Staff at the CTO’s Office at Unacademy, in September.
These leadership changes align with a challenging period for various edtech startups, including unicorns, navigating losses, staff layoffs, and financial conservation efforts amid a funding downturn. On Tuesday, Unacademy’s CEO and Co-founder Gaurav Munjal asserted that the company has reduced its cash burn by 60%, ensuring a runway of over four years with its existing cash reserves. Both Unacademy and Vedantu are yet to submit their annual financial reports for FY22-23.
Unacademy reported an increased loss of Rs 2,848 crore for FY22, an 85% rise from the Rs 1,537.4 crore loss in the previous fiscal year. Vedantu incurred a loss of Rs 696 crore in FY22, compared to Rs 616 crore in FY21. Vedantu, like its edtech peers, has faced challenges, leading to layoffs of over 1,000 employees. The company, led by Vamsi Krishna, recently acquired a majority stake in Deeksha (Ace Creative Learning) with a deal size of $40 million to bolster its offline presence.
According to Vedantu’s new COO, the edtech firm is actively hiring across key roles as part of its expansion plans. Vedantu achieved unicorn status in 2021 after securing $100 million in its Series E round led by Singapore-based ABC World Asia. The edtech unicorn has raised a total of $328 million in over 20 funding rounds, according to Tracxn.
