Leading skilling and learning platform upGrad achieved 30% year-on-year (YoY) revenue growth for FY24, with a gross revenue of INR 1876 Cr and a total income of INR 1547 Cr post Ind-AS accounting. The company also carried forward INR 507 Cr of unrecognized, collected advance revenue into future years.
upGrad reduced its Ind-AS EBITDA loss (excluding one-time costs) to INR 202 Cr from INR 558 Cr last year. Including one-time costs, EBITDA loss stood at INR 285 Cr, a 50% improvement over FY23. Negative PAT also saw a significant reduction to INR 560 Cr compared to INR 1142 Cr in FY23, with INR 243 Cr attributed to non-cash items.
The company recorded a 50% YoY rise in learner enrollments, achieving over 55,000 career transitions. AI and tech courses contributed 20% of total revenue, strengthening upGrad’s AI-led skilling portfolio across India and Southeast Asia. The enterprise segment grew by 50%, gaining clients in GCCs, BFSI, ITes, and manufacturing sectors globally.
Mayank Kumar, Co-founder of upGrad, stated, “We integrated core operations for scalable outcomes. With strong capitalization, zero net debt, and robust international growth, we’re positioned for stronger performance in FY25.”