upGrad achieves 30% YoY revenue growth; EBITDA & PAT loss drops by 50%

upGrad, a Bengaluru-based skilling and learning platform, reported a robust 30% year-over-year (YoY) growth in gross revenue, reaching Rs 1,876 crore for the fiscal year ending March 2024.

Adjusted for Ind-AS accounting standards, total income stood at Rs 1,547 crore, with Rs 507 crore in advance revenue carried forward to future years.

Despite challenging market conditions, the company cut its EBITDA loss by 50% to Rs 285 crore, down from Rs 558 crore in FY23. Similarly, net loss (PAT) narrowed significantly to Rs 560 crore from Rs 1,142 crore last year, with Rs 243 crore attributed to non-cash expenses.

The PAT negative of Rs 560 crore includes Rs 243 crore in non-cash items.

Key achievements and strategic growth

upGrad achieved its revenue growth with minimal increases in marketing, people, and delivery costs while channeling resources into technology and product development. This strategic shift has positioned the company to scale operations efficiently in the coming years.

The platform witnessed a 50% rise in learner enrollments in its consumer segment, marking over 55,000 career transitions for the second consecutive year.

AI and technology-related courses emerged as significant contributors, accounting for 20% of the total revenue, reflecting a surge in demand for specialized skills in these fields.

“It's been a good consolidation year for us. We've integrated core business operations to drive scalable outcomes. With zero net debt and a strong return on capital employed (ROCE), we’re closely tracking FY25 for stronger growth and profitability. We are well-capitalized, have zero net debt, and continue to generate a strong ROCE,” said Mayank Kumar, Co-founder of upGrad.

Expanding markets and enterprise growth

The Enterprise clientele grew by 50% since last year with major global partners across GCCs, Automobile, ITes, BFSI, Manufacturing and Services coming from the U.S., UK, and Europe.

"Our Enterprise business is now a meaningful part of our current and future growth, as our international expansion - including key markets like North America and EMEA, continues to build on our vision of upGrad for the world, out of India," Kumar added.

This division is expected to play a pivotal role in the company’s growth strategy, alongside its ongoing international expansion in North America and the EMEA region.

The company also reported strong placement activity in cities like Mumbai, New Delhi, Bengaluru, and Chennai, while states such as Karnataka, Telangana, and Tamil Nadu attracted significant talent. Marketing, data, and tech remained the top hiring domains for its learners.

Financial health and competition

upGrad raised $60 million in October at a valuation of $2.25 billion, bringing its total funding to over $320 million. Co-founder and Chairperson Ronnie Screwvala and family remain the majority stakeholders with 45% ownership, while Temasek holds a 20.5% stake.

Founded in 2015, upGrad has established itself as a leader in lifelong learning, offering skilling solutions tailored to both individual learners and corporate clients.