SoftBank-backed edtech startup Unacademy has elevated company insider Abhishek Pipara as the CFO of its offline centres business, founder and CEO Gaurav Munjal told employees in an internal memo on 28th September, 2024.
Pipara will replace Pratik Dalal who joined Unacademy from CRED in January this year.
“I’m excited to announce that Abhishek Pipara who has been with Unacademy for over 6 years, is being elevated to the role of CFO for Unacademy Centres. Abhishek has been an instrumental part of our journey, driving financial efficiency and strategic growth,” per the message viewed by Moneycontrol.
Pipara will focus on driving efficiency, unit economics, growth and profitability at a Centre level. He is a Chartered Accountant and a Company Secretary by training. In the last six years at Unacademy, he has worked on fund raising, merger and acquisitions, setting up system and processes.
Unacademy Centres is the edtech’s offline initiative as online learning firms switched to a hybrid learning approach post pandemic. These physical centres offer coaching classes, test preparation for competitive exams such as UPSC, IIT-JEE and NEET.
Amid a tough operating and funding environment for edtechs, Unacademy has been working to bring down losses in the last year. It has also seen senior management churn with several executives departing in the last year.
During FY24, Unacademy reported Rs 988 crore of revenues in a five percent decline compared to Rs 1,044 crore in FY23. It slashed losses by 62% to Rs 631 crore from Rs 1,678 crore in the previous year. It last raised funding in August 2021, where it snagged $440 million at a valuation of $3.44 Billion.
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