Great Learning Achieves Profitability and Revenue Growth Amid EdTech Sector Challenges

Great Learning achieves topline growth and profitability in FY24.

Revenue grew by 23% while managing positive EBITDA & Net Profit. The revenue for FY24 was 118MN USD compared to 96MN USD in FY23.The company generated positive operating cash flow in FY24.Several new partnerships forged and new products launched. Great Learning, a leading global EdTech company for higher education and professional training has registered a 23% YoY growth in revenue in FY24. Its revenue was 118MN USD and both EBITDA and Net Profit were positive for the fiscal year. In a year that's been marked by a tough economic environment, uncertainty due to AI, and negative sentiment about EdTech in particular, this is a truly noteworthy achievement. The company's noteworthy performance in FY24 comes on the back of its emergence as a leading global provider of AI upskilling while maintaining a sharp focus on profitability. Great Learning continues to see robust growth in international markets such as North America and Europe. Since last year, the company has been adding several new collaborations including with Microsoft and Amazon for industry certifications as well as several top global universities like Johns Hopkins, Duke University and IIT Bombay for degree and professional certificate programs. Great Learning recently announced that it has launched the 'Executive PG Program in AI and Data Science', from IIT-Bombay and the 'AI Business Strategy Program' from Johns Hopkins University. Founded 11 years ago, Great Learning was among the early EdTech companies in India to offer professional certificate courses in rapidly developing digital domains such as Data Science and Artificial Intelligence in collaboration with top global universities. Today it offers 1200+ programs (paid and free) and has over 11 million learners across 170 countries. Great Learning pioneered the concept of Personalized Mentorship from seasoned industry experts in specially curated micro-classes to ensure superior learning outcomes for its learners. Its program completion rates are above 90%, among the best in the industry. Talking about the company's performance, Mohan Lakhamraju, Founder and CEO, Great Learning said, "We are happy to have delivered strong performance under tough macroeconomic conditions. Our unwavering focus on high quality education and providing strong support has been rewarded by lakhs of learners taking up our programs and giving us exceptional satisfaction ratings. We have been on a mission for over a decade to help professionals across the world acquire the new age skills required to succeed in the digital world and we continue to stay sharply focused on it." Great Learning is on a path to becoming the most trusted platform for professionals to learn how to use the power of AI to be more productive and advance their careers. As the adoption of GenAI across all industries and all functional roles becomes more prevalent, Great Learning will make learning GenAI more accessible, affordable and effective for professionals globally. In collaboration with the top Indian and global universities as well as tech-leaders like Microsoft and Amazon, Great Learning is making world-class education more accessible through online certificate, diploma and degree programs. Great Learning was acquired by BYJU'S in 2021. In Oct 2023, its financial lenders took control of BYJU's ownership in Great Learning to safeguard and protect it. They have partnered with the company's founders and team to support the company and its future growth as an independent company. About Great Learning Great Learning is a leading global EdTech company for professional learning and higher education. It offers comprehensive, industry-relevant, hands-on learning programs across various business, technology, and interdisciplinary domains driving the digital economy. These programs are developed and offered in collaboration with the world's foremost academic institutions in various formats such as - certificate programs (ranging from 3-11 months), online degrees and hybrid degrees. The Great Learning platform enables the highly qualified, world-class faculty at these universities together with its vast network of 8000+ industry expert mentors to deliver an unmatched learning experience for over 11 million learners from over 170 countries around the world.

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

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, investors of Great Learning took control of the company from BYJU'S 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.