Key Points
- Great Learning crossed $100 million in revenue in FY24.
- Revenue increased by 23% to $118 million compared to $96 million in FY23.
- The company remained EBITDA positive and profitable.
- Founded in 2013, Great Learning partners with top universities.
- Ownership shifted from BYJU’S to lenders in October 2023.
- The edtech sector in India faces challenges, including layoffs and restructuring.
Looma News
Great Learning, an edtech startup based in Bengaluru, reported that its revenue for the financial year 2023-24 (FY24) crossed the $100 million mark, reaching $118 million. This figure represents a 23% increase compared to $96 million in the previous fiscal year.
The company offers upskilling courses in data science and artificial intelligence and partners with renowned global universities like IIT Bombay and Johns Hopkins University. Great Learning has maintained a positive EBITDA and net profit for FY24, although it hasn’t shared specific bottom-line figures.
Founded in 2013 by Mohan Lakhamraju, Arjun Nair, and Hari Krishnan Nair, Great Learning was owned by BYJU’S until October 2023, when lenders took control after BYJU’S faced financial issues.
CEO Mohan Lakhamraju highlighted that Great Learning performed well despite tough economic conditions, driven by strong demand and a commitment to quality education. The company aims to help professionals gain essential skills for the digital age.
Great Learning’s success comes during a challenging funding climate for edtech firms in India, where many, like Unacademy, have had significant layoffs. BYJU’S, once a leader in the sector, is currently facing bankruptcy proceedings.
In contrast, other edtech companies like Physics Wallah and upGrad have secured substantial funding recently, showing a mixed landscape within the industry.
