Arnab Dutta Shifts to Vedantu as COO from Unacademy
Arnab Dutta, previously associated with the edtech unicorn Unacademy for almost two years, has assumed the position of Chief Operating Officer (COO) at Vedantu. The announcement regarding his transition was communicated via a LinkedIn post. Dutta commenced his role as COO at Vedantu in September, following his prior significant leadership position as Senior Vice President at Unacademy, which concluded in June.
Bringing a wealth of experience spanning more than 15 years in leadership capacities, Dutta has overseen teams comprising 500+ individuals, according to his LinkedIn profile. His professional journey includes tenures at notable companies like OYO, Jio, and Airtel. The decision to depart from Unacademy coincided with several other prominent exits, including Chief Financial Officer Subramanian Ramachandran, Chief Operating Officer Vivek Sinha in August, and Abhyudaya Rana, Vice President and Chief of Staff at the CTO’s Office at Unacademy, in September.
These shifts in leadership occur amid a challenging period for various edtech startups, including unicorns, navigating financial losses, staff reductions, and fiscal prudence efforts due to a downturn in funding. Unacademy's CEO and Co-founder Gaurav Munjal recently mentioned a reduction in cash burn by 60%, ensuring a runway of over four years based on existing cash reserves. However, financial reports for FY22-23 from both Unacademy and Vedantu are pending.
Unacademy reported an increased loss of Rs 2,848 crore for FY22, marking an 85% rise from the Rs 1,537.4 crore loss in the previous fiscal year. Vedantu, likewise, faced losses of Rs 696 crore in FY22, compared to Rs 616 crore in FY21. Vedantu, under the leadership of Vamsi Krishna, encountered challenges leading to layoffs affecting over 1,000 employees. Recently, the company acquired a majority stake in Deeksha (Ace Creative Learning) for $40 million, aiming to strengthen its offline presence.
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