Tuesday, December 24, 2024
HomeTechnologyEdtech unicorn UpGrad suffers loss of Rs 560 crore in FY24

Edtech unicorn UpGrad suffers loss of Rs 560 crore in FY24


New Delhi . Online skills and learning platform UpGrad suffered a loss of Rs 560 crore in FY24, compared to Rs 1,142 crore in FY23.

The company suffered a loss of Rs 285 crore on EBITDA (including onetime costs) basis in FY24, compared to Rs 558 crore in FY23.

The company's total income in FY24 has increased by 30 percent yearonyear to Rs 1,547 crore. It was Rs 1,194 crore in FY23.

Talking about the expenses, in FY 24 the company has spent Rs 711 crore for the benefits of the employees. Earlier it was Rs 707 crore.

UpGrad spent Rs 340 crore on marketing and advertising in FY24 and it was Rs 387 crore in FY23.

Apart from this, the company's expenditure on content delivery has reduced from Rs 240 crore in FY 23 to Rs 226 crore in FY 24.

UpGrad has spent Rs 77 crore on products and technology in FY24. It was Rs 40 crore in FY23.

UpGrad was founded in 2015 and offers online and hybrid skill, certification, and bootcamp programs.

The company's enterprise business grew by approximately 50 per cent during FY24 compared to FY23, with key partners across industries including GCC, Automobile, ITES, BFSI, Manufacturing and Services.

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In October, UpGrad raised $60 million from Temasek at a valuation of $2.25 billion. Temasek holds about 20.5 percent stake in the company. The company has raised $320 million in funding since inception.

According to reports, UpGrad cofounder and chairperson Ronnie Screwvala and family hold 45 percent shareholding in the company.

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Image Credit: KhasKhabar.

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