IPL 2023 will not be associated with Unacademy, according to co-founder and CEO Gaurav Munjal. The educational technology startup won’t be continuing its collaboration with the Indian Premier League (IPL) in 2023.
As said by Munjal in a tweet. “The IPL’s last three seasons were incredible. Our brand reached new heights. I advise all new brands to collaborate with the IPL. Our focus has turned. As a result, the decision to skip IPL next year has been made. ” he wrote in his post.
Munjal had already urged employees in an internal email that to become cash flow positive, the company “must embrace frugality as a basic principle.” Within the following two years, the company intends to go for an initial public offering (IPO) .
This move to frugal living occurs at a time when funding for startups is tight. In May, Munjal announced that the business would concentrate on organic growth rather than spending on advertising due to the prospect of a “financial winter.” The ed-tech unicorn fired approximately 1,000 employees in April, according to The Economic Times.
Munjal noted in Monday’s mail “Even though we have more than Rs 2,800 crore in the bank (as of this morning), we are not at all efficient. We invest millions of dollars in instructor and employee travel. It’s necessary at times. Occasionally, it’s not. We incur numerous unneeded expenses. All of these costs need to be reduced. Our primary business is robust. We need to start making money right away,” he allegedly wrote in the correspondence.
Unacademy, the edtech unicorn, has joined the list of startups preparing for a fundraising winter by closing a worldwide business unit, reducing compensation for founders and top executives, and ending free meals and snacks.
In an internal email titled ‘Frugality,’ founder Gaurav Munjal mentioned the organization’s lack of efficiency and the need to minimize expenditures.
Munjal emphasized that the founders and management had previously agreed to salary cuts and that they would close any companies that did not achieve their goals. “We will be closing certain businesses that have failed to establish the product-market fit (PMF), such as Global Test Prep.”
Follow and connect with us on Facebook, LinkedIn & Twitter
