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upGrad can’t pay MBAs to run its online MBA program

Shivam Jaiswal by Shivam Jaiswal
12 November 2022
in Business
upGrad
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The longevity of business lies in the art of surfeiting the interests of the emptor. Apparently, the cornerstone of the business finance depends on the virility of the paying capacity of a corporation. At the heart of this corporate astigmatism, lies the crisis surrounding South Asia’s largest online higher EdTech company upGrad valued at $2.25 billion. The corporation provides online higher education through the cyber platform.

The net worth of the EdTech giant has fallen significantly to Rs 246.61 crore, with a net loss of approximately 180% amounting to Rs 568.6 crore. Amidst the widening losses and falling net worth, the company is expected to significantly fall short of meeting the expenses of the MBAs it hired to take up the online courses.

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Financial labefaction of upGrad

The Temasek-backed startup’s operating revenues duplexes approximately to RS. 679.1 crore in FY22, as per the documentation filed with the Ministry of Corporate Affairs (MCA). The falling revenues will have a catastrophic impact on the industry mentor ship and peer-to-peer learning which the platform outweighs.

At the heart of this crisis lies the astounding move of the company to continue with the old-fashioned paralyzed approach. The grapevine tete-a-tete at the company highlights professional stagnation which the academician faces at the company.

upGrad has refrained itself from following the layoff trend adopted by most of the top tech unicorns. upGrad chairperson Ronnie Screwvala, said, “It is a ‘lame excuse’ for founders to blame the situation on the macro environment like the war in Europe, funding crunch and on efforts like conserving cash.” Nevertheless, this heterodox approach highlights the verbosity of the company rather than addressing the core issue.

Also read: Here is a survival advice for BYJU’s: Just copy ZOHO

Rollercoaster voyage of upGrad

upGrad was envisioned in 2015 by Ronnie Screwvala, Mayank Kumar and Phalgun Kompalli. The company showcased sky soaring growth in the beginning. However, the jaunts of the company witnessed a rollercoaster ride in the past 2-years. The tech savvy professionals whom the company eyed for business instructions have significantly shied away from the company in the recent past.

The Co-founder and Managing Director Mayank Kumar has highlighted in the kink in the past and said, “If we are growing at 100 per cent, the online MBA market would be growing at 50-100 per cent. But the overall MBA market is not growing more than 5-10 per cent year-on-year (YoY).”

It is to say that the digital higher-ed is facing a downside in demand. Ever since the economy open up post Covid-19, the professional workforce is back to the office, thereby the enrolments have dropped. Consequently, the operating cost is facing an upsurge threatening the longevity and growth perception of the company.

Also read: From Unacademy to Byju’s, the unbelievable rise of Indian EdTech start-ups in less than a decade

Road ahead for upGrad

The superficial growth of the higher EdTech upGrad is ostensibly witnessing a hitch with the EBITDA falling to Rs 513.56 crore in FY22. The financial crunch is seen as a holy grail to high education standards which the platform promises to offer. The South Asia’s largest online higher EdTech company upGrad will find it hard to pay off its extensible academic breadwinner and foreign collaborations.

Contrarily, the company is optimistic of garnering profitability in ‘long business run’. “In terms of revenue, we are projecting, we look at an Annual Gross Collected Revenue of Rs. 800 crore in JFM 2023 (January-February-March), thereby ending the fiscal with an ARR (annual revenue rate) of Rs. 3200 crore,” upGrad’s spokesperson said in a response to Mint’s queries.

Also read: Lido Learning files for bankruptcy: The beginning of the end of EduTech in India

Bursting bubble of online higher-ed firms

The pandemic proved to be the tipping point which enabled a thumping growth to the popularity and demand of online MBA degrees. The halo around the online education platform has been blown. Despite various impetuses that the National Education Policy (NEP) 2020 offered to online education, a strikingly difference is far from reality. On the contrary there has been a drastic reduction in demand.

The classical illustration being the downfall of Byju’s which clocked a downfall in the operating revenue from Rs. 1,918.25 crore to Rs. 1,378.51 crore in FY21. The aforementioned scenario can be said to be replicated in the case of upGrad, despite aggressive marketing strategies in play.

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