Edtech company upGrad announced a remarkable 50% increase in its gross revenue during the second quarter (Q2) of FY21, positioning the firm on track to achieve its projected annual run rate of Rs 1,200 crore.

Established in early 2015, upGrad has successfully translated its objectives into tangible business results, boasting an average revenue per user (ARPU) of over Rs 2.5 lakh over the three-month period.

Strong Growth Trajectory

Arjun Mohan, CEO-India at upGrad, expressed optimism about the company’s future prospects, citing a robust pipeline of over 50 new program launches in collaboration with leading national and international universities. Additionally, the company’s aggressive expansion into the online degree segment is expected to bolster growth further.

During Q2, upGrad introduced 20 new programs, significantly increasing the frequency of program launches to meet escalating demand. Consequently, the company witnessed a surge in its learner base, reaching a cumulative total of nine lakh learners, with further growth anticipated in the coming months.

Impressive Talent Development

Mayank Kumar, Co-founder and Managing Director of upGrad, highlighted the company’s significant impact on talent development, with over 1,000 job transitions facilitated in 2020. Notably, one learner secured a package of Rs 73 lakh, showcasing a 43% salary hike despite challenging market conditions induced by the COVID-19 pandemic.

Expanding Footprint and Team

During Q2, upGrad expanded its team by over 800 employees, bringing the total workforce to 1,800 individuals spread across 1,000 cities. While the reported business growth primarily stems from domestic markets, upGrad is actively expanding its global presence by venturing into the APAC, Middle East, Europe, UK, and North African markets.

upGrad specializes in offering online programs in various domains, including data science, technology, management, and law, catering to college students, working professionals, and enterprises alike.