upGrad Records 50 Percent Revenue Growth in Q2
High growth keeps edtech major on track for INR 1200 Crore annual run rate for FY21 Mumbai, Maharashtra, India Business Wire India Higher edtech leader upGrad released the Q2 business performance results, which reports a 50% growth in their gross revenue, thus keeping the company on track for its forecasted INR 1200 crore annual run rate.
The growth has been multifaceted this quarter:
- 20 new programs were added in Q2 in the areas of Marketing, Finance, Operations, HR, Law, Strategy & Leadership, Analytics, Big Data, IoT, Cyber Security, AI & Data Science
- Start date of programs, which used to be once a quarter till the last fiscal, had to be tripled this quarter to meet the growing demand.
- This has led to reaching a cumulative of 0.9 million learners, which will gain further momentum in the subsequent months.
- Career transition to other jobs for learners increased by 25% in this quarter, which had previously contracted by 60% as compared to pre-covid levels.
- The upGrad team size grew by over 800 during this Quarter to a total of 1800 employees spread over 1000 cities.
Sharing the financial result, Arjun Mohan, CEO – India, upGrad, said, With the burgeoning interest in online education and commitment to LifeLongLearning, upGrad is perhaps the only one, who has been able to translate the intent into business at an ARPU of over INR 2.5 Lacs, especially in a market more frugal than ever before.
The new quarter looks much stronger given our pipeline of 50+ new program launches with top national & international universities, coupled with our aggressive entry in the online degree space. upGrad talent pool achieved tremendous outcomes in the last quarter. We enabled around 1000+ job transitions in 2020, to date.
The covid period did impact the transition rate, but the quality of outcomes stands unwavering. One of our learners securing a package of INR 73 Lacs with a 43% hike in a covid-stricken market, bears testimony to the robustness of our business model, said Mayank Kumar, Co-founder & MD, upGrad.
While the reported Q2 business growth has been largely from the domestic markets, the edtech leader in parallel, is amping up its global outreach by branching into the APAC, Middle East, Europe, UK, and the North African markets. It is also expected to open non-linear business growth avenues by closing in on some strategic mergers & acquisitions that will support its exponential growth track record in the coming quarters.
upGrad is India’s largest online higher education company. Founded in early 2015, upGrad has impacted almost 0.9 million individuals globally, within a short span of 5 years.
upGrad provides online programs in the areas of Data Science, Technology, Management and Law to college students, working professionals and enterprises.
These programs are designed and delivered in collaboration with top-notch universities like IIT Madras, IIIT Bangalore, MICA, BIMTECH, NMIMS Global Access, Jindal Global Law School, Duke CE, Deakin University, Liverpool John Moores University and others.
With an 80% program completion rate, robust tech platform, outcome-based learning approach, industry-relevant curriculum, finest university credentials, strong mentorship, and steadfast placement support, upGrad has established its position as the leader in the Indian education system.
IIIT Bangalore and upGrad’s PG Diploma in Data Science is India’s first-ever PG Diploma, with over 10,000 alumni & learner-base, to be recommended and validated by the NASSCOM and is aligned to Government approved National Occupational Standards (NOS).
upGrad has ranked No.1 in the #LinkedInTopStartups India 2020 list. This is the third time in a row that upGrad has been featured in the #LinkedInTopStartup list after 2018 and 2019. upGrad has been awarded the title of Best Tech for Education’ by IAMAI in 2019.
upGrad received the Best Education Brands’ award by Economic Times in 2018, and the Most Innovative Companies in India’ by Fast Company in 2017.