High growth keeps edtech major on track for Rs 1200 Crore annual run rate for FY21.
Higher edtech leader upGrad released the Q2 business performance results, which reports a 50% growth in their gross revenue, thus keeping the company on track for its forecasted Rs 1200 crore annual run rate.
The growth has been multifaceted this quarter:
- 20 new programs were added in Q2 in the areas of Marketing, Finance, Operations, HR, Law, Strategy & Leadership, Analytics, Big Data, IoT, Cyber Security, AI & Data Science
- Start date of programs, which used to be once a quarter till the last fiscal, had to be tripled this quarter to meet the growing demand
- This has led to reaching a cumulative of 0.9 million learners, which will gain further momentum in the subsequent months
- Career transition to other jobs for learners increased by 25% in this quarter, which had previously contracted by 60% as compared to pre-COVID levels
- The upGrad team size grew by over 800 during this Quarter to a total of 1800 employees spread over 1000 cities
Sharing the financial result, Arjun Mohan, CEO - India, upGrad, said, “With the burgeoning interest in online education and commitment to lifelong learning, upGrad is perhaps the only one, who has been able to translate the intent into business at an ARPU of over INR 2.5 Lacs, especially in a market more frugal than ever before. The new quarter looks much stronger given our pipeline of 50+ new program launches with top national & international universities, coupled with our aggressive entry in the online degree space.”
Mayank Kumar, Co-Founder & MD, upGrad, added, “upGrad talent pool achieved tremendous outcomes in the last quarter. We enabled around 1000+ job transitions in 2020, to date. The COVID period did impact the transition rate, but the quality of outcomes stands unwavering. One of our learners securing a package of INR 73 Lacs with a 43% hike in a COVID-stricken market, bears testimony to the robustness of our business model.”
While the reported Q2 business growth has been largely from the domestic markets, the edtech leader, in parallel, is amping up its global outreach by branching into the APAC, Middle East, Europe, UK, and North African markets. It is also expected to open non-linear business growth avenues by closing in on some strategic mergers & acquisitions that will support its exponential growth track record in the coming quarters.