Edtech startup Upgrad’s user base doubled since lockdown
Edtech startup Upgrad’s customer base has seen more than doubled growth to one million user base since the lockdown.
From April to December, the platform has registered one million students, claimed co-founder and Managing Director Mayank Kumar.
Upgrad is a digital platform that offers upskilling programmes from premium faculties and universities. Around 450 companies have hired 1200 Upgrad graduates with a mean increment of 46-55 per cent.
Kumar said, the revenue run rate of the company has been rising 2X on quarter basis and is on line to close at over Rs 1200 crore for current year.
The revenue for 2019-20 (April-March) was Rs 230 crore and the target for January-March quarter in the current financial year is Rs 300 crore. The startup plans to close the year with Rs 1200 crore revenue, Kumar added.
Hiring has also doubled since Diwali, he said.
The startup has collabprated with over 100 colleges and universities since the lockdown including IIT Madras and IIIT Bengaluru.
He said 50 per cent transition is occurring in data science and digital marketing for which the startup has partnered with MICA and contribiutes to around 20 per cent of hiring curve.
“So far, we founders (Ronnie Screwvala, Ravijot Chugh, Phalgun Kompalli and Mayank Kumar) have invested over Rs 170 crore, most of which has come from Screwvala,” the managing director said.