Subramanian Ramachandran exits Unacademy after serving for almost 4 years
Unacademy reportedly finds itself in the midst of another notable leadership transition, with the departure of Chief Operating Officer Vivek Sinha in August and the impending retirement of Subramanian Ramachandran, who has served as the company’s Chief Financial Officer since 2019. Ramachandran will continue in his role until March 31, 2024.
According to a report by The Morning Context, “Ramachandran has put down his papers and is currently serving his notice period.”
The company had not issued a statement regarding the recent development, and this comes at a time when the online education technology sector in the country has been struggling with a significant downturn since the past year.
Past Exits
In November of the previous year, Unacademy made the difficult decision to terminate approximately 10 percent of its workforce, amounting to around 350 employees.
Turns out that Unacademy has been grappling with the exits of seniors since last year, as at the same time, during November last year, the company’s Chief Marketing Officer had resigned from its position and September marks the exit of Chief Operating Officer Vivek Sinha, and Chief Of Staff Abhyudayay Rana.
Ramachandran’s journey
Before he initiated a collaborative venture with Unacademy in 2019, he had brought with him a distinguished background as the Chief Financial Officer at Medi Assist Healthcare Services.
As the CFO of Unacademy, his instrumental role in navigating the financial landscape of the challenging edtech sector has been of prime importance. Following his resignation, Unacademy faces the intricate challenge of identifying a suitably qualified successor to assume the crucial responsibilities previously held by Ramachandran.
The CFO’s departure leaves the company deserted as it coincides with Unacademy’s submission of financial statements for the fiscal year 2023 to the Ministry of Corporate Affairs. In the fiscal year 2022, the company witnessed a substantial surge in its consolidated losses, reaching Rs 2848 crore. This marked an 85 percent escalation from the previous fiscal year, where losses stood at Rs 1537 crore, as stated in Moneycontrol reports.
This transition raises questions about the future trajectory of Unacademy and its implications for the broader educational technology industry.
