upGrad, the Edtech Unicorn, Reports a Rs 560 Crore Loss in FY24
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New Delhi, Dec 16 (NationPress) The online education and skill enhancement platform upGrad has posted a loss of Rs 560 crore in FY24, a notable improvement from a loss of Rs 1,142 crore in FY23.
For the previous fiscal year, the company's EBITDA (considering one-time costs) loss was recorded at Rs 285 crore, down from Rs 558 crore in FY23.
The total revenue for the higher education and upskilling organization increased by 30 percent year-on-year to reach Rs 1,547 crore in FY24, compared to Rs 1,194 crore in FY23.
In FY24, upGrad allocated Rs 340 crore for marketing and advertising, a slight decrease from Rs 387 crore in FY23.
Moreover, the expenditure on content delivery reduced from Rs 240 crore in FY23 to Rs 226 crore in FY24. The edtech firm invested Rs 77 crore in product and technology in FY24, compared to Rs 40 crore in FY23.
During FY24, the enterprise segment of the company experienced nearly 50 percent growth compared to FY23, collaborating with key partners across various sectors including GCC, automobile, ITES, BFSI, manufacturing, and services.
Last month, the Singapore sovereign wealth fund Temasek made an additional investment of $60 million in upGrad, bringing the company's valuation to $2.25 billion. Temasek now owns approximately 20.5 percent of the company. To date, upGrad has raised $320 million in funding since its inception.
Founded in 2015, upGrad provides online and hybrid skill, certification, and boot camp programs. The co-founder and chairperson, Ronnie Screwvala, along with his family, holds a 45 percent stake in the company.
Recently, upGrad announced the creation of 55,000 jobs in FY24, with significant hiring in marketing, data, and technology fields. Approximately 50 percent of these positions were filled in Mumbai, New Delhi, Bengaluru, and Chennai. In FY24, upGrad's enterprise division also upskilled and trained nearly 600,000 corporate professionals.
