upGrad Reports Rs 560 Crore Loss for FY24 Shows Strong Revenue Growth

upGrad, the online skills and learning platform, has posted a loss of Rs 560 crore in FY24, marking an improvement from the Rs 1,142 crore loss in FY23. Despite the losses, the company achieved notable revenue growth of 30%, with total income rising to Rs 1,547 crore, compared to Rs 1,194 crore the previous year.

In FY24, upGrad’s EBITDA (including one-time costs) loss stood at Rs 285 crore, significantly reducing from Rs 558 crore in FY23. The company focused on cost optimization, with its marketing and advertising spend decreasing from Rs 387 crore in FY23 to Rs 340 crore in FY24. Similarly, content delivery costs also saw a reduction, dropping from Rs 240 crore to Rs 226 crore over the same period.

The company’s enterprise business, which serves key industries like IT, manufacturing, and BFSI, grew by nearly 50% in FY24. As part of its growth strategy, upGrad’s Singapore-based investor, Temasek, injected an additional $60 million into the company last month, valuing upGrad at $2.25 billion. Temasek now holds a 20.5% stake in the company.

Founded in 2015, upGrad offers a wide range of online and hybrid programs in skills development, certification, and boot camps. In FY24, the company also created 55,000 jobs, with the majority of hiring focused in marketing, data, and tech roles. Additionally, upGrad’s Enterprise division upskilled over 600,000 corporate professionals, strengthening its position as a leading player in the edtech sector.