Ed-tech platform, UpGrad’s net loss widened 180% to Rs 568.62 crore in FY22 from Rs 202.37 crore in FY21, regulatory filings accessed by business intelligence platform Tofler revealed. On the other hand, the company’s revenue from operations increased 67% to Rs 502.11 crore in FY22 from Rs 300.21 crore in FY21.
According to the financial statement, UpGrad reported a negative Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) of Rs 513.56 crore in FY22. Further, the company’s networth decreased to Rs 246.61 crore in FY22 from Rs 306.38 crore in FY21. Meanwhile, UpGrad’s loss margin has increased 109.48% in FY22.
This comes amid a host of recent announcements by UpGrad to expand its business. The company plans to launch 10 new global institutes across the United States (US), India, Singapore, and Middle East in the next one year under its brand name UGDX. For this the company has allocated an investment of $30 million.
Furthermore, it is believed that the firm is in preparation to launch its initial public offering (IPO) in 2024. It has decided to merge all its acquisition and mergers (M&A) in India into ‘One upGrad’ which is expected to be completed in FY23.
Till date UpGrad has raised less than $300 million investment which is believed to be lower than any other ed-tech player in the industry. Earlier, in August the firm closed a fresh round of fundraise worth $210 million from marquee investors and Family Offices. “We are growing 100% year-on-year and hope to retain that discipline,” the company had claimed in an official release.
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