upGrad invests $30 mn to build 10 global campuses, aiming to launch IPO in 2024
Indian online education pioneer upGrad recently announced an investment of USD 30 Million to open 10 Institutes in the next year.
The deployment is on the basis of launching its new brand “UGDX” which stands for upGrad’s massive thrust in emerging digital technologies. The ‘X” factor to UGDX is added by its recently acquired Data Science, AI, ML-focused offline institute - INSOFE.
Reportedly, 3 of the 10 campuses will be set in the US of which the San Francisco unit goes live in January 2023, 5 in India across Delhi & Chennai to add to its existing facilities in Mumbai, Hyderabad & Bangalore, and 1 in Singapore and the Middle East, each.
Started in 2015, upGrad’s Global Learning Engine rests on four pillars: (a) its large repository of original & owned content and IP, (b) its own best-in-class proprietary tech platform, (c) its high-touch human-led delivery service backed by coaches & mentors, and (d) an 85% course completion track record, backed by a further 80% career outcomes guaranteed performance.
The company claims a learner base of over 3 million across 100+ countries and over 300 University partners and a robust enterprise business with a client base of 1000 companies worldwide.
To note, UpGrad’s net loss widened 180% to Rs 568.62 crore in FY22 from Rs 202.37 crore in FY21, regulatory filings accessed by business intelligence platform Tofler revealed. On the other hand, the company’s revenue from operations increased 67% to Rs 502.11 crore in FY22 from Rs 300.21 crore in FY21.
According to the financial statement, UpGrad reported a negative Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) of Rs 513.56 crore in FY22. Further, the company’s networth decreased to Rs 246.61 crore in FY22 from Rs 306.38 crore in FY21. Meanwhile, UpGrad’s loss margin has increased 109.48% in FY22.
Furthermore, it is believed that the firm is in preparation to launch its initial public offering (IPO) in 2024. It has decided to merge all its acquisition and mergers (M&A) in India into ‘One upGrad’ which is expected to be completed in FY23.
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