Edtech platform upGrad cuts advertisement expenses by 12.14% in FY24
upGrad has reduced its losses by 50.6 percent to Rs 560 crore in FY 24 compared to Rs 1,142 crore in FY 23
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Edtech platform upGrad has reduced its marketing and advertisement spending by 12.14 percent in the fiscal year 2024. The Mumbai-based company's ad and marketing spent stood at Rs 340 crore in FY 24 compared to Rs 387 crore in the previous fiscal year.
According to media reports, upGrad reported a gross revenue of Rs 1,876 crore in FY 24 while its total income stood at Rs 1,547 crore in the same fiscal.
The company's enterprise business revenue grew by almost 50 percent in clientele in FY 24.
The company's Ind-As EBITDA loss stood at Rs 202 crore compared to Rs 558 crore in the previous fiscal year. It will be narrowing down its EBITDA losses by 50 percent year-on-year to Rs 285 crore.
upGrad has reduced its losses by 50.6 percent to Rs 560 crore in FY 24 compared to Rs 1,142 crore in FY 23.
The learning platform bagged $60 million from Temasek at a valuation of $2.25 million in October this year. The edtech company has raised more than $320 million to date.
upGrad's competitor Eruditus raised $150 million in the Series F round in the same period.
upGrad is an online platform that offers skilling programs for individuals, as well as diploma, master's' and doctorate programmes in partnership with top universities.
