Edtech Startup Great Learning’s Revenue Crosses $100 Mn Mark

BYJU’S Owned Great Learning’s Revenue Crosses $100 Mn Mark

SUMMARY

Great Learning reported a 23% YoY growth in its revenue to $118 Mn in FY24

The Bengaluru-based edtech startup said it managed to stay EBITDA positive while maintaining profitability

Great Learning offers upskilling courses in data science and AI in partnership with top global universities such as IIT Bombay, Johns Hopkins University and others

Edtech startup Great Learning, which was owned by BYJU’S until October 2023, crossed the $100 Mn revenue mark in the financial year 2023-24 (FY24).

In a statement, the Bengaluru-based company said it saw a 23% growth in its topline to $118 Mn during the year under review as compared to $96 Mn a year ago.

Great Learning said it also posted a positive EBITDA and net profit for the fiscal year ended March 2024. However, it did not disclose its bottomline numbers.

The company’s India arm had reported a net loss of INR 357.3 Cr in FY23.

Founded by Mohan Lakhamraju, Arjun Nair, and Hari Krishnan Nair in 2013, Great Learning offers upskilling courses in data science and artificial intelligence in partnership with top global universities such as IIT Bombay, Johns Hopkins University, Duke University, among others.

It is pertinent to note that troubled edtech giant BYJU’S acquired Great Learning in 2021 for $600 Mn. However, Great Learning said that lenders of BYJU’S took control of the company’s ownership in October 2023.

Commenting on the company’s FY24 results, founder and CEO Mohan Lakhamraju said that Great Learning delivered strong performance under tough macroeconomic conditions on the back of robust demand and its commitment to high quality education.

Going forward, the company will continue to focus on helping professionals across the globe acquire new-age skills required to succeed in the digital age, he added.

Great Learning’s strong FY24 show comes amid a tough funding environment for edtech companies in India following the collapse of BYJU’S. For instance, Unacademy has fired over 2,000 employees since 2022, citing a need for restructuring to attain profitability.

Last week, it was reported that coaching chain Aakash wound down its digital classroom programme after previously having undertaken layoffs between August and September.

Once the darling of investors and the poster child of India’s edtech space, BYJU’S is currently facing bankruptcy proceedings. The company’s founder and CEO Byju Raveendran last week blamed investors for driving the company’s valuation to zero.

Meanwhile, at a time when top edtech companies in India are facing severe headwinds, Physics Wallah has raised $210 Mn in its Series B funding round ahead of its imminent public listing. Earlier today, it was also reported that edtech unicorn upGrad has secured $60 Mn from Temasek Holdings at a valuation of $2.25 Bn.