Edtech firm Great Learning has clocked a revenue of about Rs 980 crore ($118 million) in FY 2023-24, marking a 23% year-on-year growth.
The Bengaluru-based company, acquired by troubled edtech firm BYJU’S, said that its EBITDA, or earnings before interest, taxes, depreciation, and amortisation, and net profit were positive for the fiscal year.
Its FY24 performance is driven by artificial intelligence (AI) upskilling, the company said, adding that it sees robust growth in international markets like North America and Europe.
“We are happy to have delivered strong performance under tough macroeconomic conditions,” Mohan Lakhamraju, Founder and CEO of Great Learning, said in a statement.
This development comes as BYJU’S, which peaked at a valuation of $22 billion in 2022, is currently undergoing an insolvency process. The Byju Raveendran-led firm is facing multiple legal challenges in India and the US from its largest lenders and investors, and has been grappling with a liquidity crisis for over a year.
The upskilling firm was acquired by BYJU’S for $600 million in 2021. Last October, financial lenders took control of BYJU’S ownership in Great Learning to safeguard and protect it.
This move was in response to BYJU’S considering the potential sale of Great Learning to settle the debt linked to a $1.2-billion term loan B owed to its lenders.
According to Great Learning, the financial lenders have partnered with its founders and team to support the company and its future growth as an independent company.
Founded in 2013, Great Learning began by offering professional certificate courses in digital fields like data science and artificial intelligence in partnership with top global universities. It claims to offer over 1,200 programmes, serving more than 11 million learners across 170 countries.
“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,” Lakhamraju noted.
The company has expanded its collaborations, partnering with Microsoft and Amazon for industry certifications, and with leading global universities such as Johns Hopkins, Duke University, and IIT Bombay for degree and professional certificate programmes.
YourStory previously reported that edtech startups offering upskilling and reskilling courses have been on a growth trajectory in recent years, driven by technological advancements like AI and generative AI, which have reshaped work dynamics and compelled both tech and non-tech white-collar employees to reskill.
