The pandemic-driven work-from-home and the resultant demand for upskilling/reskilling have helped higher education major Upgrad, which recently turned a unicorn with a valuation of USD 1.2 billion, double the learners base on its platform in just eight months, crossing the 2-million mark.
During the first wave of the pandemic, the platform had doubled its customer base to 1 million in ten months (by January 2021) and had set a target of crossing the 2-million mark in 18 months since then, but it achieved the same in just eight months.
By crossing 2 million learners base as of today, Upgrad has become the largest online higher education platform in the country, co-founder and chairman Ronnie Screwvala told PTI on Monday.
The company, in which investors such as Temasek, the IFC and IIFL collectively own close to 30 per cent, said the faster growth has been propelled by its strategic merger and acquisitions (M&As) as well and includes international learners driven by the brand’s global university partnerships.
About 40 per cent of the total registered learners are from the group companies like Upgrad Knowledgehut, Upgrad Campus (previously Impartus), and Upgrad Jeet (previously The Gate Academy), while the remaining 60 per cent are registered with the parent brand, Screwvala said.
Upgrad was co-founded by Screwvala, Mayank Kumar and Phalgun Kompalli in 2015 and has learners from over 50 countries.
“We are witnessing demand from a wider audience who are being careful about the evolving market needs and is indulging in life long learning to catapult their career growth,” he said.
Upgrad learning helps a professional to lead a more meaningful career outcomes, and offers career services like paid internships, 1:1 mentorship, career counselling, and placement support.
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Upgrad has tie-ups with leading universities such as IIT Madras, IIM Kozhikode, Duke Corporate Education (US), Michigan State University (US), Liverpool John Moores University (England), Deakin Business School (Australia), and Swiss School of Business Management in Geneva, among others.
Earlier this month, after getting a USD 25 million from the IIFL Group, its valuation had crossed USD 1.2 billion. In April, it had received USD 120 million from the Singaporean investment giant Temasek Holdings, and USD 40 million from the World Bank Group arm International Finance Corporation, valuing it at USD 850 million.
