Highlights
upGrad Achieves Meaningful Revenue Milestone for FY24
upGrad, a leading platform dedicated to skill development, has reported an impressive gross revenue of ₹1,876 crore for its fiscal year ending in March 2024. When adjusted to align wiht ind-AS accounting standards, the total income stands at ₹1,547 crore. The Mumbai-based company also noted unrecognised advance revenue of ₹507 crore that will be reflected in future financial statements.
Financial Performance Overview
For FY24,upGrad recorded an ind-AS EBITDA loss of ₹202 crore after excluding one-time expenses. This marks a critically important improvement from last year’s loss of ₹558 crore.Key highlights include:
- Overall EBITDA Losses: Reduced by half compared to the previous year’s figures, totalling ₹285 crore (including one-time costs).
- Total Losses: Decreased by 50.6%, from ₹1,142 crore in FY23 to just ₹560 crore this fiscal year; this includes non-cash items estimated at approximately ₹243 crore.
UpGrad achieved this growth while maintaining minimal increases in employee benefits and marketing expenditures and continuing robust investments in technology and product innovation.Mayank Kumar, Co-founder of upGrad stated: “The past year has been transformative for us; we have optimised our core operations while integrating various entities for improved efficiency and scalability. We are optimistic about FY25 regarding enhanced growth prospects along with profitability ahead. Our financial position remains robust with zero net debt as we continue generating considerable returns on capital employed (ROCE).”
Broadening Learning Horizons
Founded in 2015, upGrad offers a wide range of online and hybrid educational programmes including certifications and bootcamps aimed at individuals seeking professional advancement alongside diploma through doctorate offerings developed collaboratively with esteemed universities.
Key statistics regarding learner engagement include:
- Engagement Increase: A remarkable 50% rise compared to last year.
- Career Transitions: Over 55,000 career transitions facilitated consecutively over two years.
Key hiring sectors primarily focus on marketing analytics and data science roles across major cities such as Mumbai, new Delhi, Bengaluru, and Chennai. Courses centred on artificial intelligence technologies contributed around 20% towards overall revenue.
Growth Within Corporate Sector
The enterprise division also saw substantial growth with nearly a 50% increase in its client base during the past fiscal period compared to previous years. Significant partnerships emerged across various industries including:
- Global Capability Centers (GCCs)
- The automotive sector
- The IT services (ITeS) sector
- The Banking Financial Services Insurance (BFSI) sector
- The manufacturing industry
In October alone, upGrad secured $60 million funding from Temasek which elevated its valuation to $2.25 billion—bringing total funds raised beyond $320 million thus far.According to sources from startup data intelligence platforms:
- Tamasek holds approximately a 20.5% stake.
- Co-founder Ronnie Screwvala along with his family retains ownership over about 45% shareholding within the company.
In contrast, Eruditus—a competitor within the higher education space—successfully garnered $150 million during their Series F funding round earlier this October.This extensive overview highlights how upGrad is making strides not only financially but also through expanding learning opportunities across diverse sectors while maintaining strong corporate partnerships throughout its journey towards success in skill development initiatives.
