UpGrad eyes 25% revenue growth, $2B by 2026
$14M-a-month milestone achieved; profitability in sight
Online higher education provider upGrad announced that it has crossed a revenue milestone of $14 million a month and achieved an annual revenue run rate of $165 million, and it is targeting 25 per cent growth in the next quarter with profitability in sight.
"It’s been a tough Covid year. I know many have said 2020 was a breakout year for edtech, but on the contrary, I can clearly see higher education hitting its massive inflection point once the pandemic settles down," Ronnie Screwvala, co-founder and chairman of upGrad, said in a statement.
"Most of us are wondering what will ‘change’ post the pandemic, but we are building on what will not change for the next many decades — the future of online and lifelong learning.”
In 2020, upGrad revenue grew by 100 per cent, with course offerings tripling and crossing one million learners across over 50 countries, delivering 10 million hours of learning experiences. Three acquisitions were also closed.
“For us to get to our $2 billion revenue goal by 2026, we are well-placed in all our building blocks,” Screwvala added.
UpGrad strengthened its leadership team with the hiring of former Grab leader Saranjit Sangar as CEO for Emea.
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