For the fiscal year that ended in March 2024, upGrad, a platform for learning and skill development, generated gross revenue of Rs 1,876 crore. The company's total revenue was Rs 1,547 crore after adjustments made in accordance with Ind-AS accounting rules.
According to its press notice, the Mumbai-based company gathered advance money for future years but carried forward Rs 507 crore in unrecognized revenue. Excluding one-time expenses, the Ind-AS EBITDA deficit for FY24 was Rs 202 crore, up from Rs 558 crore for the prior fiscal year.
According to upGrad, EBITDA losses (including one-time expenses) were reduced by 50% annually to Rs 285 crore. Ultimately, the business reduced its losses from Rs 1,142 crore in FY23 to Rs 560 crore in the most recent fiscal year, a 50.6% decrease.
The corporation claims that non-cash items of Rs 243 crore are included in the loss statement. According to upGrad, it can handle this expansion by investing in technology and product development while making small cost increases in marketing, employee benefits, and delivery.
Mayank Kumar, co-founder of upGrad, stated, "We've had a successful year of consolidation, integrating key company activities and entities to produce scalable and effective results. We're keeping a careful eye on FY25 and anticipate higher growth and profitability. We continue to generate a strong ROCE, have zero net debt, and are well-capitalized."
Established in 2015, upGrad provides individual boot camps, certificates, and online and hybrid skilling programs in addition to diploma, master's, and doctoral programs in collaboration with leading universities.
For the second consecutive year, more than 55,000 career changes were helped, and learner enrollments in the consumer market rose by 50% annually. Technology, data, and marketing were among the hiring domains; Mumbai, New Delhi, Bengaluru, and Chennai were the top locations for postings. According to the corporation, 20% of the entire revenue came from AI and technology courses.
With significant partners from sectors including the GCC, automotive, IT, BFSI, manufacturing, and services, the company's enterprise business had a nearly 50% increase in customers in the most recent fiscal year compared to the previous one.
Temasek sold USD 60 million to upGrad in October, with a USD 2.25 billion valuation. To date, the company has raised about $320 million. Temasek is the biggest external stakeholder with 20.5% of the company, while upGrad's co-founder and chairwoman Ronnie Screwvala and family own 45%, according to the startup data analytics platform TheKredible.
In October of this year, upGrad's rival in the higher education and upskilling industry, Eruditus, raised $150 million in a Series F Funding.
