upGrad records an Annual Revenue Run Rate of USD 165 Million
PR88845
BANGALORE, India, April 6, 2021 /PRNewswire=KYODO JBN/ --
Forecasts 25% revenue growth & profitability in the next Quarter
upGrad, South Asia's largest higher edtech, today announced that it has crossed
the milestone of USD 14 Million a month and achieved an Annual Revenue Run rate
(ARR) of USD 165 Million. The edtech major now targets 25% revenue growth in
the next quarter (April-May-June) with profitability in sight.
Ronnie Screwvala said, "It's been a tough Covid year. I know many have said
2020 was a break-out year for edtech, but on the contrary, I can clearly see
Higher Education hitting its massive inflection point once the pandemic settles
down. Most of us are wondering what will 'change' post the pandemic, but at
upGrad we are building on what will not change for the next many decades - the
future of online and LifeLongLearning. And that allows us to build a global
company, at scale."
upGrad Co-founder & Chairman Ronnie Screwvala is one of Asia's most successful
entrepreneurs, having ranked amongst the 100 most influential people in the
world by Time 100 and amongst 25 Asia's Most Powerful people by Fortune
Magazine. He founded media conglomerate UTV which was listed in India, and on
the AIM/London Stock Exchange, before divesting it to Walt Disney at an
enterprise value of USD 1.4 billion in 2013. Screwvala, along with his
co-founders in his second innings is committing to building upGrad as a global
leader in online education.
2020 was the year where upGrad grew by 100% in revenues, tripled its course
offerings, hit the ball out of the park on global MBAs, scaled university
partnerships, put together a crack global team, crossed 1 Million learners
across 50+ countries, delivered 10 Million hours of Learning experiences, and
closed 3 acquisitions.
upGrad's success can be seen through it beefing up its leadership team with the
hiring of ex-Grab leader Saranjit Sangar as CEO - EMEA, ex-Disney chief Zubin
Gandevia as CEO - APAC, followed by developing the four-member board comprising
of distinguished leaders for its UK operations and appointment of more leaders
to drive business & university partnership across the US & Indonesia.
"For us to get to our USD 2 Billion Revenue goal by 2026, we are well placed in
all our building blocks. In 2021 & 2022, we will be linking all the dots in
LifeLongLearning - from anyone entering college, to all the way to retirement,
and everything in between. The consolidation of our international expansion and
strategic acquisitions will further fuel non-linear revenue growth in 2021.
upGrad's differentiator of deep learning, record 85% course completion ratio,
along with meeting career goals of learners, will keep us a market leader and a
partner of choice for our learners and academia alliances around the world,"
concluded Screwvala, Co-founder & Chairman, upGrad.
Visit www.upgrad.com and learn more about its online programs.
About upGrad
upGrad is an international online higher education leader offering 100+ courses
in collaboration with top-notch global universities like Deakin Business School
(Australia), Duke CE (US), Michigan State University (US), Liverpool Business
School (UK), IIT Madras (India), IIM Kozhikode (India) and others. The edtech
major has impacted over 1 million total registered learners over 50+ countries
across the world.
upGrad has ranked No.1 in the LinkedIn Top Startups India 2020 list. This is
the third time in a row that upGrad has been featured in the LinkedIn Top
Startup list after 2018 and 2019. It is also amongst GSV Global EdTech 50.
Media Contact:
Neha Prasad
neha.prasad@upgrad.com
Photo - https://mma.prnewswire.com/media/1480822/upGrad_Higher_Edtech.jpg
Logo - https://mma.prnewswire.com/media/1432304/upGrad.jpg
Source: upGrad
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