Cakap Ungkap Records Net Profit for the Last Four Years

Startups EdTech Cakap reported that it had recorded net profits for four consecutive years. All core business lines in the Language, Upskill and Business segments were said to have grown positively last year. The Language segment is the main contributor to Cakap's revenue.

In the official statement, the total number of students was recorded to have increased by 50% (YoY) to 4,5 million in December 2023. The number of active teachers at Cakap increased by 27,78% to 2.300. Then, Upskilling, Business and Management learning has the highest occupancy of the total existing vocational classes which are supported by more than 1.175 course materials and 19.500 modules.

Contacted DailySocial.id Separately, Cakap Co-Founder & CEO Tomy Yunus revealed that this profit achievement was realized thanks to expenditure discipline so that the company was able to save costs at the expected level.

"Positive unit economicsc is always our target when launching new products. We are optimistic, and we feel we have enough room for growth. "We are confident that this year's [performance] can be better than the previous year," he said, contacted via short message.

The company will also continue to anticipate changes in market behavior so that its services can continue to be relevant for users. One of its efforts to keep up with market dynamics is to present Cakap Kids Academy (CKA), facilities blended learning for school children which now has two branches.

Then, Cakap English Standardized Test (CEST), which has served more than 50 educational institutions with more than 13.000 students registered to take the exam. For the Link and Match platform, Cakap launched the Cakap Career Hub where its 30 corporate partners connect with tens of thousands of potential applicants.

Last year, Cakap obtained series C pendanaan funding from MDI Venture, Heritas Capital, and other investors. The value obtained reached $7,5 million (around Rp. 117 billion).

This funding is used for business expansion of new business units outside Jabodetabek, such as mixed learning facilities (blended learning) as well as career platforms (Career Link and Match). This expansion is in line with the market need to increase skills (upskilling) and the company's efforts to produce quality workers.

“Awareness will increase upskilling increasingly higher, starting from school age students, fresh graduates, to professional circles. "Cakap seeks to accommodate this need through access to quality and certified educational content for the Indonesian people," he said.

Referring to the report e-Conomy SEA by Google, Temasek, Bain & Company, funding to the edtech sector in Southeast Asia decreased in mid-2022 to $100 million from 2021 funding of $500 million. Research shows that economic recovery after the pandemic has driven high churn rates for edtech services. This is different from the initial period of the pandemic where students were required to study from home, forcing them to adopt based learning online.