ATLANTA, June 02, 2021 (GLOBE NEWSWIRE) -- upGrad, South Asia’s largest online higher education company, in its recently held company meeting announced that it intends to close March ’22 at half a billion dollar revenue run rate.
Highlighting the future of online higher education, upGrad Co-Founder and Chairman Ronnie Screwvala firmly believes higher edtech is the frontrunner in the overall education space. “There is a lot of buzz and fund ‘fan’ following in the K12 space worldwide, but the real growth and stable revenues will come from higher education when the pandemic settles – in the next couple of years, the higher edtech sector will also overtake K12 in emerging and mature markets.”
North America is major growth area for the company. Outside of India, about 25% of upGrad’s international students enroll from North America. The company has partnerships with nine global university partners including Michigan State and Duke Corporate Education in the United States and has a unique vision to help expand lifelong learning, career outcomes and building careers of tomorrow for U.S. workers.
“upGrad is now best-placed, being the most integrated higher edtech company – spanning all aspects of lifelong learning – from under-grads, to test preparation, to being the choice for colleges/universities to go digital through technology and SaaS enablement, to offering degrees in the most sought-after fields for learners to build their careers of tomorrow. And, then for those in the workforce already, upGrad has short-term high impact courses, to brand new initiatives like our Study Abroad program, to deep learning certification, and diploma and degree courses for working professionals around the world,” Screwvala said. In addition, the company has the largest growing repository of online case thesis and studies across the globe.
In the last nine months and in the coming six months, upGrad’s TAM (Total Addressable Market) will cross $100 billion. This includes $8 to $10 Billion for the Indian degrees and working professionals’ market; $5 billion covers the test preparation and others in India; $65 billion comprises the global working professionals; and lastly, $20 billion covers the short-form courses around the globe including the U.S.
Developing the team to build on its twofold moat of (a) being a fully integrated and true lifelong partner; and (b) delivering the best career outcomes to ensure students get ROI on money invested to upgrade, Ronnie explains how upGrad will close this financial year with half a billion US Dollar annual revenue run rate (ARR).
“By March 2022, the working professional segment will continue its annual growth rate of 100% and the international markets will launch and contribute another 50%. The U.S. is also a major focus area for upGrad and we anticipate that this area alone will have an ARR of $60 to $90 million. Our four strategic M&As will further accelerate growth in their own segments. In addition, our recently launched Study Abroad and Degree programs will establish clear leadership in their fields.”
About upGrad Inc.:
upGrad is a global online higher education leader offering 100+ courses in collaboration with top-notch global universities like Duke Corporate Education (US), Michigan State University (US), Liverpool John Moores University (UK), Deakin Business School (Australia), Swiss School of Business Management, (Geneva), IIT Madras (India), IIM Kozhikode (India), and others. Founded in 2015, the edtech major has impacted over 1 million total registered learners over 50+ countries across the world.
upGrad has ranked No.1 in the LinkedIn Top Startups India 2020 list. This is the third time in a row that upGrad has been featured in the LinkedIn Top Startup list after 2018 and 2019. It is also amongst GSV Global EdTech 50 in 2020 and has ranked amongst the Top 50 in the FT Asia-Pacific High-Growth Companies 2021.
To learn more, visit: www.upgrad.com.
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