Edtech startup upGrad said it has recorded a mid-year growth in its gross revenue to cross $210 million annual revenue run rate (ARR) in September, maintaining the track for its forecasted ARR of $500 million in March 2022.

“Along with our existing growth plans, our M&A appetite for non-linear growth continues to remain large on a strategic level,” said Mayank Kumar, MD and co-founder, upGrad. “One should expect to hear closure on some global deals soon.

While the closing quarter has witnessed several business initiatives put to action, the coming two quarters will reap strong results as the overall upGrad brand kicks in.”

upGrad has a team of over 3350 employees. It said, it remains steadfast in securing its position as Asia’s largest higher integrated edtech company. The firm said it expects to grow much faster than its peers in the education space.

The firm has mapped a multidimensional growth plan. This includes skill development via its recent acquisition of KnowledgeHut, sustaining its aggressive momentum for full-stack lifelong Learning for 18-60 year working professionals and Govt Test Prep via upGrad Jeet. The firm’s Study Abroad portfolio has witnessed a 300 per cent growth in the last 2 quarters. It is also recording growth in the enterprise arm for corporates, upGrad for business and on-campus courses. The recent international expansion in EMEA, APAC and the US has also kicked in.

In August this year, the firm said that it has closed a series of raises from Temasek, IFC (International Finance Corporation, a sister organization of the World Bank and member of the World bank Group), and IIFL. It became a member of the unicorn club by raising a total of $185 million at a value of $1.2 billion.
upGrad will compete with players such as Softbank backed Unacademy, Byju’s, Vedantu, Simplilearn and Amazon Academy.