UpGrad, an online education company, announced that it recorded a 113% increase in gross revenue from Rs 57 crore in FY18 to Rs 121 crore in FY19.
The edtech startup said it has a learner base of over 300,000 users, and the platform has seen strong adoption of its training courses by working professionals as well as businesses.
upGrad said it has consolidated its leadership position in the online learning space with the aqui-hire of the Acadview team during FY19.
Over the past year, he has also launched several skills building and learning programs for college students, helping them take the first step towards building their careers. He then partnered with HDFC Life Insurance to introduce a comprehensive graduate life insurance program, with 100 percent employment guarantee upon successful completion of the course. It has also introduced a fully online Masters program in Data Science in India in collaboration with John Moores University in Liverpool (LJMU).
The company expanded its communications reach with a marketing spend of over Rs 100 crore to launch a marketing campaign and hired actress Vicky Kaushal as a brand ambassador, she said in the statement.
upGrad now expects cross Rs 250 crore of gross income during fiscal year 20, with a significant contribution from its academic activity, which is expected to grow 15 times, the company said in a statement.
Launched in early 2015 by Ronnie Screwvala, Mayank Kumar, Phalgun Kompalli and Ravijot Chugh, upGrad has introduced a total of 35 programs in areas such as data science, technology and management, and has 13,000 paid learners. It has also partnered with academic institutes such as BITS Pilani, IIIT-Bangalore, Cambridge Judge Business School of Executive Education and MICA to develop the content of its courses. upGrad has collaborations with companies like Google, Flipkart, Gramener, and Oyo for a hands-on learning experience.
Ronnie Screwvala and Mayank Kumar, co-founders of upGrad, said:
“Over the past two years, upGrad has grown by over 100% every year, further establishing the reach and opportunities for digital learning in India. upGrad has developed a holistic digital education experience for professionals and students for further development and retraining. We will continue this growth dynamic and are particularly excited about the potential of the college segment.
Currently upGrad has a force of over 400 employees, and plans to add more than 100 employees in fiscal year 20. He said he has strengthened his management team with the aim of capitalizing on potential opportunities in the online education sector.
Some of these leaders include Abhishek Arora as Commercial Director – Consumer Business, he has 16 years of experience in corporate and retail banking, consumer internet / e-commerce and fintech. The company also recruited Kushal Dev Kashyap from Byju to lead direct sales, and with 18 years of experience, Tanya Ahluwalia joined as VP – Brand Marketing, and Rahul Karthikeyan, who was previously at Wavemaker, joined as head of digital marketing.
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