In FY21, upGrad income surpasses Rs 300 crore, while losses increased by 2.7 times
- ByStartupStory | February 10, 2022
On the heels of the pandemic, the edtech business boomed in FY21, with firms in this field seeing their scale increase. However, a few businesses are defying the trend. One such company is Mumbai-based upGrad, which increased its revenue in the previous fiscal year but could not expand as quickly as some others in this sector.
According to the company’s regulatory filings, upGrad’s operational income increased by 86 per cent to Rs 302 crore in FY21 from Rs 162.34 crore in FY20. For context, the firm receives a commission on fees collected by institutions, and this revenue stream accounts for 50.3 per cent of the company’s operational revenues.
In FY21, such commissions increased by 68.4 per cent to Rs 152 crore, up from Rs 90.2 crore the previous fiscal year. UpGrad generates 49.1% of its operational income by selling its own programs on the edtech platform. From Rs 72.1 crore in FY20 to Rs 148.2 crore in FY21, revenues increased by 105.5 per cent to Rs 148.2 crore. UpGrad also provides recruiting services, which brought in an additional Rs 1.8 crore for the company previous fiscal year.
On the expenditure sheet, we saw that marketing and promotional charges are the company’s greatest cost centre, accounting for over 40% of yearly spending. From Rs 94.2 crore in FY20 to Rs 205.06 crore in FY21, these costs increased by 2.2X to Rs 205.06 crore.
In FY21, such commissions increased by 68.4 per cent to Rs 152 crore, up from Rs 90.2 crore the previous fiscal year. UpGrad generates 49.1% of its operational income by selling its own programs on the edtech platform. From Rs 72.1 crore in FY20 to Rs 148.2 crore in FY21, revenues increased by 105.5 per cent to Rs 148.2 crore. UpGrad also provides recruiting services, which brought in an additional Rs 1.8 crore for the company previous fiscal year.
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