Edtech Platform For FY24 Rs. 1,876 crores recorded gross revenue, which after Ind-AS accounting totaled Rs. 1,547 crore, with unrecognized going forward but revenue collected in advance in future years of Rs 507 crore.
Ind-AS EBITDA loss (excluding one-time costs) came in at Rs 202 crore against Rs 558 crore in the previous year and EBITDA loss after one-time costs closed at Rs 285 crore, down 50% from the previous year. Ind-AS negative PAT came in at Rs 560 crore compared to Rs 1,142 crore in the previous year.
PAT negative of Rs 560 crore includes Rs 243 crore in non-cash items. Revenue growth was achieved with minimal increases in people, marketing, and delivery costs (see chart below), while investing heavily in technology and product development to drive future growth.
With nearly 50% year-on-year growth in learner enrollment within the consumer segment, Kaushal Vishal achieved over 55,000 career transitions for the second consecutive year, further building on the momentum established in FY23. Marketing, data and tech domains remained the top recruitment domains throughout the year with maximum placements in Mumbai, New Delhi, Bengaluru, and Chennai, while Karnataka, Telangana and Tamil Nadu regions also emerged as talent-attractive markets.
AI became one of the strongest growth levers with around 20% of total revenue generated from AI and tech courses, making it one of the largest integrated AI-led portfolios available in India and SE Asia. The number of enterprise customers has increased by 50% since last year with major global partners coming from GCCs, Automobile, ITes, BFSI, USA, UK and Europe.
“It has been a good consolidation year for us – we integrated key business operations and organizations to drive effective and measurable results. We are tracking FY25 very closely and expect strong growth and profitability. We are well capitalized, have zero net debt, and continue to generate a strong ROCE. upGrad’s integrated model is playing very well across aspects of formal and informal online learning and skills for higher education and working professionals now with our international expansion – including key markets such as North America and EMEA; is a meaningful part of our current and future growth. Beyond India, upGrad’s vision for the world,” said Mayank Kumar, Co-Founder, upGrad.