Education technology firm Unacademy expects to earn annual recurring revenue of USD 250-300 million (around Rs 1,789 crore to Rs 2,146 crore) on the back of the rise in paid subscribers and expansion of its offerings, according to a senior company official. The company offers test series, personalised feedback and one-on-one interactions with educators for various competitive examinations, including UPSC.
"Right now, we have 90,000 active paid subscribers. My goal is to take this to a million in the next two years. That would make our revenue 10 times from here.
"We are looking to USD 250-300 million ARR (Annual Recurring Revenue) and for that we need capital, we need teachers and so on," Gaurav Munjal, CEO and Co-Founder, Unacademy told PTI.
Currently, it has more than 20,000 registered educators and over 18 million learners. As of February 1, Unacademy Plus had hit USD 30 million ARR.
Generally, ARR refers to the yearly value of a single subscription.
Munjal said the company is planning to offer online coaching for state service examinations in Kerala, Maharashtra, West Bengal, and other states.
"If we have to have 1 million (subscribers), we will have to launch a subscription for every single examination. We have 32 exams (services) right now, we have to launch at least 40 more," he said.
The platform is targeting a total of 72 examination services in the next two years, Munjal added.