“After almost a decade of building Unacademy with Gaurav Munjal and Roman Saini, I have decided to move from an executive role to an advisory role… We did change the test prep industry for good. What a crazy journey it has been,” he said.
Started as a YouTube channel by Munjal, Singh and Saini, Unacademy became an edtech platform in 2015. Sharing Singh’s post, Munjal recollected their journey together.
“Hemesh and I started working together 11 years ago when we were building Flatchat. It has been a crazy ride and I have been grateful to have a co-founder like you. Unacademy will miss you,” Munjal posted.
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An Unacademy spokesperson did not immediately respond to ET’s request for comment on the reason for Singh’s exit.
The Bengaluru-headquartered company had reported a 41% reduction in net loss for fiscal 2023, a year when the test-preparation startup made several rounds of layoffs. Its loss for the year ended March 31 narrowed to Rs 1,678.15 crore from Rs 2,847.93 crore in FY22. Revenue rose 26% to Rs 907.01 crore.
The company last closed a $440 million funding round in August 2021, led by Singapore’s Temasek Holdings and valuing it at $3.4 billion.
Singh’s exit follows a string of high-profile exits from the edtech startup that focuses on test preparation as a segment, largely offline now.
In August 2023, Unacademy’s chief operating officer Vivek Sinha took to LinkedIn and X to announce his resignation from the company. In October 2023, CFO Subramanian Ramachandran had put down his papers at the test preparation startup.
Separately, ET reported on May 31 that the edtech unicorn changed the goals for Munjal and Singh to access additional voting rights through bonus shares issued to them in 2022.
According to Unacademy’s filings with the Registrar of Companies (RoC), Munjal and Singh will get access to additional voting rights if the company forms a committee by March 2025 to work on its initial public offering. According to Tracxn data, Munjal and Saini hold 3.4% of the company each, while Singh holds a 2.2% stake.
