Hemesh Singh, one of the co-founders and Chief Technology Officer (CTO) at the educational technology firm Unacademy, took to a social media platform, X (formerly Twitter), on Saturday to share that he decided to move on from his role in the edtech firm.
In his post, Singh shared his decision to transition from his current executive position within the company to an advisory role. This shift comes after a substantial tenure of nearly a decade dedicated to the collaborative efforts alongside fellow co-founders Gaurav Munjal and Roman Saini in the relentless pursuit of advancing Unacademy's mission and vision.
“After almost a decade of building Unacademy with @gauravmunjal and @romansaini, I have decided to move from an Executive Role to an Advisory Role. 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. What a crazy journey it has been! Thanks a lot, @gauravmunjal, for everything,” he wrote in his post.
Resharing Hemesh’s post, Munjal wrote on X, “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. Unacademy will miss you.”
During the fiscal year 2022-2023, Unacademy saw a notable increase in its operating revenue, which surged from Rs 719 crore to Rs 907 crore. Concurrently, the edtech platform also substantially reduced its losses, with figures dropping from Rs 2,847 crore in the preceding fiscal year to Rs 1,678 crore in FY23.
In December, Munjal made a statement indicating that the company had reduced its cash burn rate by 60 per cent, highlighting the sustainability of its operations. He further mentioned that based on the current "cash reserves," Unacademy has a runway extending beyond four years. It's worth noting that Unacademy, established in 2015, was founded by Munjal, Singh, and Saini.
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