Just when there has been a string of layoffs in the edtech space, Upgrad has revealed its intention to expand its 4,000-strong team by 3,000, by August 2022.
The five-year old online higher edtech startup hopes to obtain fresh capital from investors very soon, and is gearing to increase headcount over the next three months.
While many edtech startups are having to reduce their team size or even shut down for good amidst drying funds, Upgrad is aiming for a turnover of $500 million in FY23 compared to the $250-280 million it targeted for FY22. The Company has reportedly grown at 100 per cent for each of the last five years of operation.
It focuses more on the opportunities within India, as business from abroad accounts for hardly a fourth of its revenues.
Despite inflation and uncertainty, Upgrad is confident that its business — in the business to consumer (B2C) space— will not slow down as its offerings are targeted at working professionals. It facilitates the reskilling and upskilling of professionals, which allows them to increase their earning potential, so the likelihood of its demand going down is very low, regardless of the market conditions or rising inflation.
About 60 per cent stake in Upgrad is with its co-founders, of which Ronnie Screwvala is one.