Unacademy CTO Hemesh Singh Quits Edtech Startup
Hemesh Singh, the co-founder and chief technology officer (CTO) of Unacademy, has announced his departure from the Bengaluru-based edtech firm after nearly a decade. Singh will now transition into an advisory role.
Singh made the announcement on the social media platform X (formerly Twitter), expressing his gratitude for the journey at Unacademy. “It has been a wonderful ride and I am extremely grateful to have been a part of this journey. We did change the Test Prep Industry for good,” Singh said.
Unacademy was co-founded by Singh, Gaurav Munjal, and Roman Saini. In August last year, the company elevated Sumit Jain to co-founder, who currently leads the Graphy division of Unacademy.
Recent High-Profile Exits
Singh’s departure marks the third high-profile exit for Unacademy in the past year. In August 2023, the company’s chief operating officer (COO) Vivek Sinha resigned, followed by chief financial officer (CFO) Subramanian Ramachandran in November. Sinha subsequently launched Beyond Odds Technologies and raised $11 million led by Matrix Partners India and Lightspeed in April 2024.
Leadership Changes
In January 2024, Unacademy appointed Pratik Dalal, former head of finance at CRED, as the CFO for its offline centers business, Unacademy Centres.
Financial Milestones
Unacademy last raised $440 million in equity funding in August 2021, led by Temasek, at a valuation of $3.44 billion. Other investors included General Atlantic, Tiger Global, and SoftBank Vision Fund. Since then, the company has undergone significant changes, including mass layoffs, shutting down acquired verticals, and launching several offline centers. Recently, Unacademy ventured into the language learning segment with a new app.
In December 2023, CEO Gaurav Munjal stated that the company had Rs 1,800 crore in the bank with a four-year runway, expecting this to extend to eight years with reduced spending. Financial statements from FY23 showed a 26% increase in operating revenue to Rs 907 crore and a nearly 40% reduction in losses to Rs 1,004 crore. The company claimed it was close to profitability at the group level at the beginning of FY24, although audited financial statements for FY24 have yet to be filed.
Background
Prior to Unacademy, Singh worked with Munjal as CTO of Flatchat for more than a year. Singh, an alumnus of Motilal Nehru National Institute of Technology (MNNIT), Allahabad, co-founded Unacademy with Munjal and Saini in 2015. Initially started as a YouTube initiative in 2010, Unacademy has grown into a leading edtech platform.
Reflecting on their journey, Munjal said on X, “Hemesh (Singh) and I started working together 11 years ago when we were building Flatchat. It had been a crazy ride and I have been grateful to have a co-founder like you. Unacademy will miss you.”
Ownership Stakes
According to data platform Tracxn, Munjal holds a 3.4% stake in Unacademy, while Singh and Saini each hold 2.2% and 3.4%, respectively
Hemesh and I started working together 11 years ago when we were building Flatchat. It had been a Crazy Ride and I have been grateful to have a Co-Founder like you 🙏
— Gaurav Munjal (@gauravmunjal) June 8, 2024
Unacademy will miss you ❤️ https://t.co/bCqn7r44MF
