Founded in 2020, Gurugram-based Uolo is transforming India’s EdTech landscape by partnering with private schools to bring the teacher-student-parent community online. With its mobile-first approach, Uolo enables K-12 students to access innovative programs in English communication, computational thinking, and life skills through an engaging online, social, and after-school setting. The platform currently serves over 3,000 schools and 1 million students across 200+ cities in India.
In the fiscal year 2023 (FY23), Uolo generated revenue of Rs 6.14 crore, which saw a significant jump to Rs 27.95 crore in FY24. However, expenses also increased from Rs 76.14 crore in FY23 to Rs 85.19 crore in FY24. As a result, the company reported a reduced loss of Rs 58.11 crore in FY24, compared to Rs 70 crore in FY23.
The EBITDA margin stood at -1022.94% in FY23, improving to -193.70% in FY24, while the Return on Capital Employed (ROCE) was -88.71% in FY23 and dropped further to -180.16% in FY24.
Its revenue from operations accounted for over 92% in FY24, up from over 78% in FY23. Its operating revenue streams include the sale of services, contributing over 23% to the operating revenue in FY24, and the sale of books, contributing over 76% to the operating revenue in FY24.
Employee benefit costs formed 56.56% of total expenses in FY24, down from 64.36% in FY23, indicating optimized workforce costs. Advertisement expenses slightly decreased to 2.18% in FY24 from 2.81% in FY23. Depreciation costs were significantly lower at 3.20% in FY24, compared to 9.45% in FY23. Other major expenses in FY24 included the cost of materials (10.03%), finance costs (0.43%), and other operational expenses (13.56%).
Uolo has raised a total of Rs 207.02 crore in funding across four rounds, with the latest Series A round completed in December, 2022. The company was co-founded by Pallav Pandey and Ankur Pandey, with Uolo Pte Ltd holding a majority stake. Key investors include Blume Ventures (11.32%) and Gauri Dikshit (2.91%).
As Uolo continues to expand its presence in the K-12 education sector, its focus remains on delivering accessible and high-quality learning experiences, bridging the digital divide for students across India.