UpGrad posts Rs 627 crore loss in FY22

11 Nov 2022 , 09:34 AM

Educator unicorn up Grad Education Private Limited stated that its consolidated revenues for the fiscal year 2021—2022 were Rs 692 crore, an increase of 11% from Rs 328 crore the previous fiscal year. According to information received by business intelligence platform Tofler, the company’s combined net loss nearly tripled to Rs 627 crore during the same fiscal year from Rs 211.1 crore the previous year.

Due to a large increase in expenses during FY22, the company’s losses expanded primarily. A rise of 157% from Rs 514 crore the previous year, the overall expenditures for the fiscal were reported at Rs 1,319 crore in FY22. The edtech company spent the most money on advertising and promotional costs in FY22, spending Rs 393 crore, nearly twice as much as it did in FY21 ($205 crore). In FY22, total employee benefits cost increased from Rs 157 crore to Rs 278.5 crore.

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