Edtech Unicorn upGrad Reports Rs 560 Crore Loss in FY24
Online skills and learning platform upGrad has recorded a loss of Rs 560 crore in FY24, a decrease from a Rs 1,142 crore loss in FY23.
In the last fiscal, the company’s EBITDA (including one-time cost) loss stood at Rs 285 crore against Rs 558 crore in FY23.
The total income of the higher education and upskilling company grew 30 per cent year-on-year (YoY) basis to Rs 1,547 crore in FY24. It was Rs 1,194 crore in FY23.
upGrad spent Rs 340 crore on marketing and advertising in FY24 as against Rs 387 crore in FY23.
Further, the company's spend on content delivery has come down from Rs 240 crore in FY23 to Rs 226 crore in FY24. The edtech company spent Rs 77 crore on product and technology in FY24, against Rs 40 crore in FY23.
In FY24, the company's enterprise business grew by nearly 50 per cent compared to FY23, with key partners across industries including GCC, automobile, ITES, BFSI, manufacturing and services.
Last month, Singapore sovereign wealth fund Temasek invested an additional $60 million in Upgrad at a valuation of $2.25 billion. Temasek holds about a 20.5 per cent stake in the company. The company has raised $320 million in funding since inception.
The company was founded in 2015 and offers online and hybrid skill, certification and boot camp programmes. Upgrad’s Co-founder and Chairperson, Ronnie Screwvala and his family hold a 45 per cent shareholding in the company.
upGrad recently announced that it created 55,000 jobs in FY24. Hiring was majorly seen in marketing, data, and tech domains and about 50 per cent were placed in Mumbai, New Delhi, Bengaluru, and Chennai. In FY24, upGrad's Enterprise arm also upskilled and trained nearly 600,000 corporate professionals.