upGrad’s revenue grows to Rs 1,194 crore in FY23; But is it profitable?

Edtech gant upGrad said its revenue has jumped to Rs 1,194 crore in FY23, a 96% increase from the previous year's Rs 608 crore.

Despite the revenue growth, upGrad's adjusted EBITDA loss remained around Rs 558 crore, similar to last year.

Talking about expenses, upGrad's marketing expenses dropped to 19% of total costs, down from 33% the previous year.

However, the edtech unicorn didn't managed the employee expenses as it were the highest, accounting for 36% of total costs.

upGrad incurred Rs 584 crore in non-cash expenses, including goodwill write-off and finance costs. Interstingly, Its learner base crossed 10 million, with a 54% growth in paid learners.

According to co-founder Mayank Kumar, upGrad aims for operational profitability by the second half of FY24 and is focused on long-term investment in skilling and job placement.