UpGrad co-founders (from left) Phalgun Kompalli, Mayank Kumar and Ronnie Screwvala / Photo credit: upGrad
UpGrad, an India-headquartered edtech unicorn, expects to hit profitability in the second and third quarters of its 2024 financial year, the company’s co-founder Ronnie Screwvala told Bloomberg in an interview.
However, it still expects to report losses in the year ending March 2023 due to impairments and a conservative approach to valuing goodwill.
Screwvala added that upGrad has been pursuing growth through mergers and acquisitions while preparing for a potential IPO. It has acquired at least three startups since last July: Harappa Education, Exampur, and Centum Learning.
The company is looking to expand its operations in Asia Pacific. It also recently announced that it will set up an offline campus in Vanuatu, allocating US$10 million for the project.
Founded by Screwvala, Phalgun Kompalli, and Mayank Kumar in 2015, upGrad provides online education services ranging from college learning to training for working professionals. It has offices in India, Singapore, Vietnam, the UK, the US, and the Middle East.
In March, the company raised US$36.4 million via an internal rights issue, which saw participation from Temasek.
See also: Paytm looks to turn things around with focus on cash flow
Editing by Miguel Cordon and Lorenzo Kyle Subido
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