upGrad records an Annual Revenue Run Rate of USD 165 Million
Forecasts 25% revenue growth & profitability in the next Quarter
MUMBAI, India, April 6, 2021 /CNW/ -- 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.
Click here to 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.
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