Edtech start-up, upGrad has recorded growth in its annual revenue growth. The gross revenue to cross $210 million annual revenue rate (ARR) in September. However, it has forecasted a revenue growth of $500 million in March 2022.
The company has included in its curriculum a lifelong learning for professionals within the age of 18-60 year. The skill development initiatives will be imparted by its recent acquisition of Knowledgehut and Govt Test Prep Jeet.
In fact, the firm’s study abroad portfolio has witnessed 300 per cent growth. The company is also observing growth in the expansion of its international business. “Along with our existing growth plans, our Merger & Acquisition appetite for non-linear growth continues to remain large on a strategic level,” said Mayank Kumar, MD and co-founder, upGrad.
“One should expect to hear closure on some global deals soon. While the closing quarter has witnessed several business initiatives put to action, the coming two quarters will reap strong results as the overall upGrad brand kicks in,” he added.
The firm has closed a series of fund raising from Temasek, IFC (International Finance Corporation, a sister organization of the World Bank and member of the World Bank Group), and IIFL. It raised a total of $185 million at a value of $1.2 billion, becoming the newest member of the unicorn club.