New Delhi: Upskilling and higher learning edtech upGrad on Monday announced the launch of its philanthropic and not-for-profit division called upGrad Foundation.

With a corpus of Rs 50 crore, the foundation intends to focus on a variety of working professionals, including first-generation students, women returning to the workforce, and individuals in the public sector or the armed forces.

“LifeLongLearning, upskilling, and career enhancements can no longer be the right of only those who can afford it. Online learning has changed the perspective of all working professionals around the world and how they look at career improvements,” Ronnie Screwvala chairperson and cofounder, upGrad said.

“upGrad Foundation wants to take this theme of affordability, accessibility, and awareness to all who have growing aspirations and the Foundation will help adopt, guide and train, at scale,” Screwvala added.

Teachers’ training, mentorship and coaching, career assistance, scholarships, internships, and online student exchange programmes are among the foundation’s goals.

In a recent interaction with ETtech, Screwvala said upGrad is looking to clock
consolidated revenues of Rs 1,900 crore for FY2022, and has hit overall profitability in the previous quarter.

In FY21, ending March 31, 2021 upGrad had reported a consolidated revenue of Rs 302.26 crore, and net losses of Rs 211 crore, according to the company’s regulatory filings. With the fourth quarter (January – March) of FY22 being profitable, upGrad expects to curtail losses to about Rs 150 crore in FY22.

upGrad’s profitability comes at a time when the company is fortifying plans to list in the public exchanges in the next 18-24 months,
ET had reported on December 13.

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