New Delhi, NFAPost: 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.
Founded in 2010, Emeritus offers professional courses and certification programmes from top universities and institutes in India. Emeritus’ short courses, degree programs, professional certificates, and senior executive programs help individuals learn new skills and transform their lives, companies and organisations.
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 unique model of state-of-the-art technology, curriculum innovation, and hands-on instruction from senior faculty, mentors and coaches has educated more than 250,000 individuals across 80 countries.
Emeritus, part of the Eruditus Group has more than 2300+ team members globally and offices in Mumbai, New Delhi, Shanghai, Singapore, Palo Alto, Mexico City, New York, Boston, London, and Dubai.
