We have significantly reduced our brand marketing budget: Gaurav Munjal from Unacademy

Start-up Edtech Unacademy urged its employees to buckle up and focus on profitability. In an email to employees, company co-founder and CEO Gaurav Munjal said they needed to come together to survive these difficult times.

The letter begins by saying, “We thrived in an environment where resources and capital were abundant. There were times in 2018-19 when we struggled to raise funds, but the business was unaffected because, as always, we had 30 months of runaways and then after 18 rejections we increased our D-series tower.

Explaining the current situation, he adds: “Winter is here. Tech stocks globally are crashing and burning due to tighter monetary policies and rising interest rates. We envision a period where funding will dry up for at least 12 to 18 months. Some people predict it could last 24 months. You have to adapt. »

He further outlined the steps the company has taken to ensure profitability and said it has reduced its marketing budget. “We have significantly reduced our brand marketing budget. Instead, we will focus on organic growth channels,” Munjal said.

He added that funding will dry up for “at least 12 to 18 months. Some people predict it could last 24 months. We have to adapt. This is a test for all of us. You have to learn to work under pressure. We must focus on profitability at all costs.

Along with other measures, the email also states that all incentives for educators that are not income-related have been removed or are in the process of being removed. Along with this, he added that “Unacademy centers should be profitable in FY23. Travel only if absolutely necessary. Meetings that save travel costs and can take place on Zoom should take place on Zoom.

Munjal also said that their companies such as Relevel and Graphy, which are in lightning scaling mode, should be extremely careful about burning and reduce it significantly.

It should be noted that the company had recently launched an IPL brand anthem, titled “Focus”. The film features former cricketer and captain of Indian team MS Dhoni and incorporates memorable match moments from IPL 2022.

Apart from that, the brand is also one of the official sponsors of IPL 2022 among other startups like Dream11, Upstox and Cred.

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