🧠 Food for thought

Implications, context, and why it matters.

The road to profitability ran through deep losses

• Recent profits mark a sharp swing after a net loss of ₹240 crore in FY25 and ₹1,127 crore in FY24 1.
• Spending climbed after a major funding round, with expansion into offline coaching centers plus multiple acquisitions 2.
• The offline push lifted revenue, yet it requires heavy upfront cash, and each new center can take about three years to turn profitable 3.
• These results look more like an early payoff from a costly strategic shift than proof of a stable, long-running profit engine.

Affordability goals meet market pressure

• Offline enrollment is growing fast, which helps scale while raising questions about what the brand stands for.
• The model depends on an average revenue per offline student of ₹40,405 in FY25 4.
• That pricing clashes with founder Alakh Pandey’s public pledge to keep course prices below ₹5,000, a promise that helped build a large user base with low customer acquisition costs 2.
• The trajectory suggests that scalable profit in Indian edtech can push even mission-led players toward higher-cost hybrid models that resemble established competitors 3.