US-based ed-tech platform Skill Up plans to enter the Middle East and Latin American market by Q3, FY23 (January – December), JPS Kohli, Founder, CEO, SkillUp Online told FE Education. Furthermore, the company aims to clock a gross revenue of $10 million, on the profit of $2 million in FY22. “We plan to focus our expenditure on product development and marketing,” Kohli said. In addition, the platform plans to introduce its courses in four new languages including German, Spanish, French, and Portuguese.
In FY21, the company claims to have clocked a gross revenue of $7 million on the back of a gross profit of $1.2 million. “Our gross revenue target of FY23 stands at $15 million with a gross profit of $3 million,” Kohli added. As a means of monetisation, it claims to offer upskilling courses and soft-skills training courses to professionals and freshers. The average cost of courses varies in range between $100- $2,000. The average duration of these courses ranges between six-12 months. As of Q4, FY22, the firm claims to have enrolled half a million students. “In FY23, we plan to reach 0.7 million students,” Kohli added.
Additionally, the company collaborates with technology majors such as Google, Amazon Web Services (AWS) to offer customised programmes. “Depending upon the campaign design, we either offer our existing courses, or curate individual programmes for the partner company,” Kohli said.
In a recent development, in October 2022, the firm entered the European market. Furthermore, the company plans to raise funds in Q3, FY23. However, it has declined to reveal any financial details of the same. “We are already in the process of fund-raising and plan to close it by next fiscal,” Kohli noted.