Ed-tech platform KnowledgeHut upGrad plans to launch new courses on DevOps, Cloud Computing and Web 3.0 in Q4,FY23, Subramanyam Reddy, founder, chief executive officer (CEO), KnowledgeHut told FE Education. Furthermore, the company aims to hire around 300 new staffers, thereby taking the total count to 800. “We plan to hire in marketing, operation, brand development, and sales team,” Reddy said. In December 2022, the firm plans to launch Software as a service (or SaaS) products. “We plan to reach one lakh customers in the next fiscal for SaaS products,” he added.
Regulatory files accessed by business intelligence platform Tofler revealed that pre-acquisition, the company’s sales or supply of services decreased 25.20% to Rs 38.09 crore in FY21 from Rs 50.9 crore in FY20. The company posted a net loss of Rs 37.53 crore in FY21, as when compared to a net profit of Rs 2.8 crore in FY20. In FY22, the company claims to have clocked a net revenue of Rs 120 crore. However it declined to comment on profit or loss projections of FY22 besides projections for FY23 post-acquisiton. This is mainly because it is now a part of upGrad group of companies. In FY23, KnowledgeHut upGrad aims to clock a net revenue of Rs 300 crore.
According to Reddy, in FY22, the company claims to have sold its products to 60,000 students at an average cost of Rs 30,000. In FY23, the firm aims to enroll 1.2 lakh students at an average ticket price of Rs 1.2 lakh. “We have launched bootcamp courses post-acquisition, due to which the average ticket price also increased,” Reddy said. In July 2022, the platform claims to have started bootcamp courses on full stack programmes, data analysts, artificial intelligence, front-end and back-end developer programmes among others.
Furthermore, the platform plans to acquire cloud expertise companies under KnowledgeHut. “The acquisition is not for revenue but for quality product development and targeted for companies who have resources but struggle to scale independently,” Reddy explained. KnowledgeHut was acquired by upGrad in August, 2022.