UpGrad, an edtech unicorn, is weighing non-linear growth options through acquisitions and plans to increase its focus on outcome and profitability this year.
Mayank Kumar, co-founder and Managing Director, anticipates massive growth in the edtech sector, and his seven-year-old start-up will nearly quadruple its registered learners base to 7.5 million in the next two years.
“In 2022, there will be a strong emphasis on the outcomes and profitability. We foresee accelerated university partnership expansions, tie-ups with global universities to offer diversified online programmes in regions including India, the Middle East, Africa, Southeast Asia and beyond,” Kumar told
The company is upbeat on raising the topline this year. “We are looking at strategic non-linear growth opportunities through key M&A (merger and acquisition) activities,” Kumar said.
upGrad is a high education and professional upskilling online education firm that was founded in 2015. It closed $185 million in external funding from Temasek Holdings, the International Finance Corporation (IFC), and IIFL in August, for a $1.2 billion valuation.
It claims to have over 2 million students from various countries and over 300 university partners. It also claims to have a strong enterprise business with 1,000 clients worldwide as of the third week of December.
“We aim to achieve 7.5 million registered users by 2024 by partnering with over 1,298 universities and 3,110 corporates, and expanding its network of faculties, mentors, and experts to 11,078,” Kumar said.
According to industry estimates, India’s online education market will be worth $3.5 billion by the end of 2022. Kumar attributed this growth to factors such as increased digitalisation, a hybrid model of learning, industry-relevant courses by top-rated universities and colleges, ease of payment, growing awareness, investor funding, and supportive government policies.