Ed-tech platform Extramarks plans to launch Common University Entrance Test (CUET) preparation courses in November 2022, Extramarks CEO Ritvik Kulshrestha told FE Education. Additionally, the company aims to expand its presence in the United Arab Emirates (UAE) in FY23. “We had started operations in the UAE in 2021 with a single office. This fiscal year, we aim to expand our content and our sales team,” he added. In FY23, the company aims to achieve net revenue of Rs 1,000 crore. “We expect to break even by the end of FY23,” Kulshrestha said.
Regulatory files viewed by business intelligence platform Tofler revealed that the company’s operating revenue fell 29.71% in FY21 to Rs 227.49 crore from Rs 323 .69 crore in FY20. In FY21, the company recorded a net loss of Rs 104.89 crore, while in FY20, Extramarks recorded a profit net of Rs 4.5 crore. “In FY22, we had a monthly run rate of Rs 40 crore,” Kulshrestha said. However, the company refused to provide financial statements for FY22. “We are covering the loss we incurred in January and February. By the end of this fiscal year, we will break even,” explained Kulshrestha.
Further, to explain the CUET preparation courses, Kulshrestha added that as a business-to-consumer (B2C) product, the program is designed for one year with a course fee of Rs 35,000. However, the Course duration may change according to schools needs. “For example, if a school wants crash courses, teacher training or study materials, the duration and fee structure will be different,” he said. Apart from this, the company claims to offer Joint Entrance Examination (JEE) and National Eligibility Entrance Test (NEET) courses at an average cost of Rs 25,000. Currently, the company claims to have collaborated with 15,000 schools. In FY23, the company aims to work with an additional 10,000 schools.
In February 2022, Extramarks launched Teacher App, an application for teachers to get up to speed. “The Teacher App is a free platform for teachers,” Kulshrestha said. The company launched Extramarks Experience, an interactive session for students by industry experts, in January 2022. Additionally, the company aims to launch a fundraiser in FY23. “We have started talking to investors and aim to close it by December 2022,” Kulshrestha noted.
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