Edtech firm, Simplilearn narrows losses, improves operating margin in FY24

Bengaluru, 7 November: Edtech firm, Simplilearn narrowed its losses in the last financial year despite posting slower revenue growth rate during this period.

The Blackstone-backed platform posted a net loss of Rs 107 crore in FY24, which was 56 per cent lower than the previous fiscal year. Optimisation of its operations, exiting certain product lines and reducing marketing spends were the factors for reducing losses last fiscal year.

Revenue in FY24 was at Rs 773 crore, a rise of 10 per cent over FY23. The growth rate during the previous fiscal year was 50 per cent as per the company.

However, the company witnessed significant improvement in its EBITDA margin in FY24.

“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,” the company said in a release.

Commenting on the 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.”