South Asian edtech startup upGrad today announced that it has crossed the milestone of USD 14 Million a month and achieved an Annual Revenue Run rate (ARR) of USD 165 Million. The edtech major now targets 25% revenue growth in the next quarter (April-May-June) with profitability in sight.
upGrad Co-founder & Chairman Ronnie Screwvala said that many have said 2020 was a break-out year for edtech because of COVID but e-learning and higher education will be hitting "its massive inflection point once the pandemic settles down".
"Most of us are wondering what will 'change' post the pandemic, but at upGrad we are building on what will not change for the next many decades - the future of online and LifeLongLearning. And that allows us to build a global company, at scale," he added.
upGrad offers 100+ courses in collaboration with top-notch global universities through online courses. It ranked first in the LinkedIn Top Startups India list for the third time in a row in 2020 and is also among the GSV Global EdTech 50.
2020 was the year where upGrad grew by 100% in revenues, tripled its course offerings, hit the ball out of the park on global MBAs, scaled university partnerships, put together a crack global team, crossed 1 Million learners across 50+ countries, delivered 10 Million hours of Learning experiences, and closed 3 acquisitions, a press release stated.
"In 2021 and 2022, we will be linking all the dots in LifeLongLearning - from anyone entering college, to all the way to retirement, and everything in between," concluded Screwvala.