Edtech Upgrad aims for IPO in two years
edtech unicorn Upgrad plans to go for an initial public offering (IPO) in around two years, cofounder and managing director Mayank Kumar said on Tuesday.
Kumar said the company will go for an IPO once it reaches milestones such as achieving $750 million in revenue, maintaining an 80% gross margin, and sustaining a 50% net margin.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Professional Certificate in Product ManagementVisitIIT DelhiIITD Certificate Programme in Data Science & Machine LearningVisitMITMIT Technology Leadership and InnovationVisit“For us one criteria has been that if we have to list, then list at a scale where you potentially can be in the large-cap, because if you're in the mid- to small-cap, then...somebody else will drive your fortune. That's not something that we want to be like,” he said.
Kumar said the majority of Upgrad's business — around 95% — occurs digitally, with its primary focus being in India. The firm intends to list on the Indian stock market when it's ready to go public.
“We're currently at a run rate of $400 million,” said Kumar at the ASU + GSV and Emeritus summit in Gurugram.
Upgrad posted a 96% increase in revenue to Rs 1,194 crore in the financial year ended March 2023. However, its losses widened 67% to Rs 1,142 crore during the year compared to Rs 684 crore a year earlier.
On February 6, ET reported that Upgrad has allocated Rs 100 crore to open 100 offline ‘connect and counselling’ touch-points and
