Unacademy Appoints Abhishek Pipara as CFO for Offline Centers
In a significant leadership change, EdTech startup Unacademy has announced the appointment of Abhishek Pipara as the Chief Financial Officer (CFO) for its offline centers business. The news was shared by company founder and CEO Gaurav Munjal in an internal email sent to employees on September 28, 2024. Pipara, who has been a long-standing member of the Unacademy team for six years, steps into this crucial role following the departure of Prateek Dalal, who joined the company earlier this year from CRED.
Leadership and Strategic Vision
Gaurav Munjal expressed his confidence in Pipara’s abilities in the email, stating, “I am pleased to announce that Abhishek Pipara has been promoted as CFO of Unacademy Centres. He has led our journey in financial efficiency and strategic development.” With a deep understanding of the company’s financial landscape, Pipara will focus on enhancing efficiency, unit economics, growth, and profitability at all offline centers.
Experience and Qualifications
Abhishek Pipara brings considerable expertise to his new position as a Chartered Accountant and Company Secretary. Over the past six years, he has played a critical role in various strategic initiatives, including fundraising, mergers and acquisitions, and establishing robust systems and processes. His promotion marks a continuation of Unacademy’s efforts to strengthen its financial leadership and operational excellence.
About Unacademy Centers
Unacademy Centers represent the company’s foray into offline education, adopting a hybrid learning model that emerged during the pandemic. These centers are dedicated to providing coaching and preparation for competitive examinations such as UPSC, IIT-JEE, and NEET, catering to a growing demand for personalized education.
Recent Company Developments
Unacademy has experienced a tumultuous year at the executive level, with several key leaders leaving the organization. Despite these changes, the company reported a revenue of ₹988 crore for the last financial year, indicating a slight decline of 5% compared to ₹1,044 crore the previous year. However, Unacademy managed to reduce its losses significantly, decreasing by approximately 62% from ₹1,678 crore to ₹631 crore.
Funding and Growth Prospects
In August 2021, Unacademy raised $440 million in funding, valuing the company at approximately $3.44 billion. This funding round was crucial in bolstering the company’s resources for expansion and innovation in a competitive market, highlighting Unacademy’s continuous efforts to enhance its offerings both online and offline.
Conclusion
As Unacademy continues to evolve and adapt to the changing educational landscape, the appointment of Abhishek Pipara as CFO of its offline centers is a strategic move aimed at driving financial efficiency and growth. With a robust leadership team and focus on quality education, Unacademy is poised to make a significant impact in the EdTech space.
