DBT Bureau
Bengaluru, 7 November 2024
Online certification training service provider, Simplilearn narrowed losses in FY24 though its revenue growth slowed down during the last financial year.
The Blackstone-owned edtech platform posted a net loss of Rs 107 crore in FY24, 56% lower from the previous fiscal year owing to optimisation of its operations, exiting certain product lines and reducing marketing spends.
Revenue during the last fiscal year was at Rs 773 crore, a growth of 10% over FY23. The growth rate during the previous fiscal year was 50%.
The company said that it has seen significant improvement in its EBITDA margin in FY24 without providing the specifics.
It also said that the company is focussed on scaling its commercial training operations.
“The commercial business at Simplilearn has consistently served as a vital growth pillar. With enterprises increasingly focused on digitization and a robust demand for skilled professionals, FY24 has marked an exciting phase for the commercial business. India’s GCCs and IT services companies have shown keen interest in its new hire onboarding programs, primarily in AI/ML, data, and cloud technologies. The company has further intensified its efforts in the commercial segment, particularly in the US, by forging strategic partnerships with leading platforms and collaborating with major government bodies in the EMEA region,” the company said in a release.
Commenting on the FY24 performance, Krishna Kumar, Founder and CEO of Simplilearn, said, “As we work toward profitability, we’re focused on strengthening our products to meet industry needs, driving growth in the US and worldwide, and, above all, delivering an outstanding customer experience. Our mission to transform lives through world-class education is always at the heart of what we do. Our steady growth reflects our commitment to building a profitable, sustainable business model that prioritizes growth and learner success in today’s changing digital world. We’re excited about the future and optimistic about reaching EBITDA profitability in FY25, showcasing our dedication to innovation and excellence in education.”
