upGrad, a skilling and learning platform, reported gross revenue of Rs 1,876 crore for the fiscal year ending March 2024. After adjustments under Ind-AS accounting standards, the company’s total income stood at Rs 1,547 crore.
The Mumbai-based firm carried forward Rs 507 crore in unrecognized but collected advance revenue to future years, as per its press release.
The Ind-AS EBITDA loss, excluding one-time costs, stood at Rs 202 crore in FY24, compared to Rs 558 crore in the previous fiscal year.
upGrad has claimed to narrow down EBITDA losses (including one-time costs) by 50% year-on-year to Rs 285 crore. In the end, the company cut its losses by 50.6% to Rs 560 crore during the last fiscal year from Rs 1,142 crore in FY23.
As per the company, the loss figure includes Rs 243 crore non-cash items.
upGrad has claimed to manage this growth with modest increases in costs across employee benefits, marketing, and delivery, while investing toward technology and product development.
“It’s been a good consolidation year for us – we integrated core business operations and entities to drive efficient and scalable outcomes. We’re tracking FY25 very closely and expect stronger growth and profitability. We are well-capitalized, have zero net debt, and continue to generate a strong ROCE….,” said Mayank Kumar, Co-founder, upGrad.
Founded in 2015, upGrad offers online and hybrid skilling programs, certifications, and bootcamps for individuals, as well as diploma, master’s, and doctorate programs in partnership with top universities.
Learner enrollments in the consumer segment increased by 50% year-on-year, with over 55,000 career transitions facilitated for the second year in a row. Hiring domains included marketing, data, and technology, with placements primarily in Mumbai, New Delhi, Bengaluru, and Chennai. AI and technology courses accounted for 20% of the total revenue, as per the company.
The company’s enterprise business grew by almost 50% in clientele during the last fiscal year compared to the previous fiscal year, with major partners from industries including GCCs, automobiles, ITes, BFSI, manufacturing, and services.
In October, upGrad scooped up $60 million from Temasek at a valuation of $2.25 billion. The firm has raised more than $320 million to date. According to the startup data intelligence platform TheKredible, Temasek is the largest external stakeholder with 20.5% while upGrad’s co-founder and chairperson Ronnie Screwvala and family hold 45% of the company.
Eruditus, one of the competitors of upGrad in higher education and upskilling space, raised $150 million in a Series F round in October this year.
Source: Entrackr : Latest Posts