upGrad, the Bengaluru-based skilling and learning platform, has posted impressive results for the fiscal year ending March 2024, with a robust 30% year-over-year (YoY) growth in gross revenue, reaching Rs 1,876 crore. The company’s adjusted total income, under Ind-AS accounting standards, stood at Rs 1,547 crore, reflecting a steady increase despite challenging market conditions. Additionally, the platform reported Rs 507 crore in advance revenue that will be carried forward to future years.
In a significant development, upGrad managed to cut its EBITDA loss by 50%, reducing it to Rs 285 crore from Rs 558 crore in FY23. The net loss (PAT) also narrowed considerably to Rs 560 crore, down from Rs 1,142 crore last year, with Rs 243 crore of the loss attributed to non-cash expenses. Despite these losses, the company has shown strong resilience, focusing on operational efficiency and strategic investments.
upGrad’s revenue growth was achieved with minimal increases in marketing, personnel, and delivery costs, signaling the company’s commitment to resource optimization. Instead, upGrad directed resources toward technology and product development, positioning itself for scalable growth in the coming years. The platform also witnessed a 50% rise in learner enrollments in its consumer segment, marking more than 55,000 career transitions for the second consecutive year. The demand for AI and technology-related courses grew substantially, with these fields contributing 20% of the total revenue, indicating an upward trend in the need for specialized skills.
Mayank Kumar, Co-founder of upGrad, emphasized the company’s successful consolidation efforts, stating, “It’s been a good consolidation year for us. We’ve integrated core business operations to drive scalable outcomes. With zero net debt and a strong return on capital employed (ROCE), we’re closely tracking FY25 for stronger growth and profitability.” Kumar’s statement highlights upGrad’s robust financial health, underscored by a zero net debt position and a strong ROCE.
The company’s Enterprise division saw a significant expansion, growing by 50% compared to the previous year. upGrad secured major global partnerships across key sectors like GCCs, automobile, ITes, BFSI, manufacturing, and services, particularly from the U.S., UK, and Europe. Kumar further stated, “Our Enterprise business is now a meaningful part of our current and future growth, as our international expansion – including key markets like North America and EMEA, continues to build on our vision of upGrad for the world, out of India.”
This expansion into international markets, particularly North America and the EMEA region, is expected to be a key driver of upGrad’s future growth. The company’s continued international reach will be essential in further positioning upGrad as a global leader in the lifelong learning and skilling space.
In terms of regional growth within India, upGrad reported strong placement activity in major cities such as Mumbai, New Delhi, Bengaluru, and Chennai. Additionally, states like Karnataka, Telangana, and Tamil Nadu attracted substantial talent, with marketing, data, and tech remaining the top hiring domains for learners. These regional successes further indicate upGrad’s widespread influence and relevance across the Indian job market.
upGrad’s financial health is also bolstered by its recent fundraising efforts. In October 2023, the company raised $60 million at a valuation of $2.25 billion, bringing its total funding to over $320 million. The company’s major stakeholders include Co-founder and Chairperson Ronnie Screwvala, who, along with his family, holds a 45% stake, while Temasek owns a 20.5% stake.
Founded in 2015, upGrad has quickly established itself as a leader in the edtech industry, offering tailored skilling solutions for both individual learners and corporate clients. The company’s focus on long-term growth, profitability, and market leadership positions it well for future success as it expands into new markets and continues to deliver high-quality educational content.
