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Few takers, teacher exits force Unacademy to defer offline NEET PG institute launch
SoftBank-backed Unacademy, India’s second-most valued edtech unicorn, has delayed the launch of its offline NEET PG institute called Prepladder Neuros as the company is struggling to enroll students across cities amid a mass exodus of star teachers from its platform. These teachers are very popular among NEET PG circles. After these teachers resigned, PrepLadder’s monthly subscriptions have been down to almost a third, according to sources. According to the second person quoted above, PrepLadder Neuros has witnessed an “extremely low” response in some major cities like Kolkata, Lucknow, Bengaluru and Hyderabad, and so the company might not go ahead with opening its centres in these cities at all. A company has an option to file for temporary GST in a new city, if it is expecting an annual turnover of as much as Rs 20 lakh from the city, for a maximum period of 90 days, a CA told Moneycontrol requesting anonymity, explaining the matter on background. PrepLadder is Unacademy’s biggest acquisition to date and is important to the growth of the edtech unicorn’s growth as it contributes to nearly a fifth of the company’s consolidated revenue. Source - Money Control
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