upGrad sees 19% reduction in marketing spends in FY23
Its gross revenue stood at Rs 1194 crore, up 96% from Rs 608 crore in the previous financial year.
Edtech firm upGrad’s marketing costs plummeted 19% of the total costs from Rs 403 crore in the previous year to Rs 371 crore, according to the company’s annual accounts for FY23. The edtech company noted that it has moved on to the IndAS accounting standard as per its longer-term listing plans. The figures for the financial year are therefore adjusted for the IndAS.
upGrad’s gross revenue stood at Rs 1194 crore, up 96% from Rs 608 crore in the previous financial year.
The EBITDA loss stood at Rs 558 crore similar to last financial year’s numbers, which came at Rs 558 crore.
The company incurred a Rs 584 crore worth of non-cash costs, which factored in goodwill write-down, depreciation and amortisation and finance cost in FY23.
Direct costs rose to Rs 382 crore from Rs 211 crore in the previous year.
upGrad also revealed that it has crossed 10 million in learner base with paid users growing 54% compared to the previous year.
In August 2021, upGrad recieved a funding from Temasek, IFC (International Finance Corporation, a sister organization of the World Bank and member of the World Bank Group), and IIFL. It raised a total of USD 185 Million at a value of USD 1.2 Billion, becoming a unicorn.
