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upGrad records an Annual Revenue Run Rate of USD 165 Million

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upGrad records an Annual Revenue Run Rate of USD 165 Million

Forecasts 25% revenue growth & profitability in the next Quarter

BANGALORE, India, April 6, 2021 — upGrad, South Asia’s largest higher edtech, today announced that it has crossed the milestone of USD 14 Million a month and achieved an Annual Revenue Run rate (ARR) of USD 165 Million. The edtech major now targets 25% revenue growth in the next quarter (April-May-June) with profitability in sight.

Ronnie Screwvala said, “It’s been a tough Covid year. I know many have said 2020 was a break-out year for edtech, but on the contrary, I can clearly see Higher Education hitting its massive inflection point once the pandemic settles down.  Most of us are wondering what will ‘change’ post the pandemic, but at upGrad we are building on what will not change for the next many decades – the future of online and LifeLongLearning. And that allows us to build a global company, at scale.”

upGrad Co-founder & Chairman Ronnie Screwvala is one of Asia’s most successful entrepreneurs, having ranked amongst the 100 most influential people in the world by Time 100 and amongst 25 Asia’s Most Powerful people by Fortune Magazine. He founded media conglomerate UTV which was listed in India, and on the AIM/London Stock Exchange, before divesting it to Walt Disney at an enterprise value of USD 1.4 billion in 2013. Screwvala, along with his co-founders in his second innings is committing to building upGrad as a global leader in online education.

2020 was the year where upGrad grew by 100% in revenues, tripled its course offerings, hit the ball out of the park on global MBAs, scaled university partnerships, put together a crack global team, crossed 1 Million learners across 50+ countries, delivered 10 Million hours of Learning experiences, and closed 3 acquisitions.

upGrad’s success can be seen through it beefing up its leadership team with the hiring of ex-Grab leader Saranjit Sangar as CEO – EMEA, ex-Disney chief Zubin Gandevia as CEO – APAC, followed by developing the four-member board comprising of distinguished leaders for its UK operations and appointment of more leaders to drive business & university partnership across the US & Indonesia.

“For us to get to our USD 2 Billion Revenue goal by 2026, we are well placed in all our building blocks. In 2021 & 2022, we will be linking all the dots in LifeLongLearning – from anyone entering college, to all the way to retirement, and everything in between. The consolidation of our international expansion and strategic acquisitions will further fuel non-linear revenue growth in 2021. upGrad’s differentiator of deep learning, record 85% course completion ratio, along with meeting career goals of learners, will keep us a market leader and a partner of choice for our learners and academia alliances around the world,” concluded Screwvala, Co-founder & Chairman, upGrad.

About upGrad

upGrad is an international online higher education leader offering 100+ courses in collaboration with top-notch global universities like Deakin Business School (Australia), Duke CE (US), Michigan State University (US), Liverpool Business School (UK), IIT Madras (India), IIM Kozhikode (India) and others. The edtech major has impacted over 1 million total registered learners over 50+ countries across the world.

upGrad has ranked No.1 in the LinkedIn Top Startups India 2020 list. This is the third time in a row that upGrad has been featured in the LinkedIn Top Startup list after 2018 and 2019. It is also amongst GSV Global EdTech 50.

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Acquisition

Cano Health Acquires University Health Care for $600 Million and Increases 2021 Adjusted EBITDA Guidance to Over $100 Million

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Cano Health Acquires University Health Care for 0 Million and Increases 2021 Adjusted EBITDA Guidance to Over 0 Million

Cano Health, Inc. (“Cano Health”) (NYSE: CANO), a leading value-based primary care provider for seniors and underserved communities, and University Health Care and its affiliates (“University”), a private medical provider dedicated to comprehensive, dependable medical services in local communities, today announced Cano Health has acquired University and its affiliates for $600 million. The bolt-on acquisition to Cano Health’s proprietary population health management platform leverages Cano Health’s high quality operational and clinical care services to improve health outcomes for University patients while strengthening the company’s position in the fragmented Florida market.

Cano Health also now estimates full year 2021 adjusted EBITDA between $100 million and $110 million and reaffirms its full year 2021 membership guidance of 154,000 to 162,000 members and revenue guidance of between $1.4 billion and $1.5 billion.

“This transaction is a significant step forward for Cano Health and our patients, as it will allow us to bring our brand of affordable, high quality primary care to more patients in the Florida market and accelerate Cano Health’s profitable growth,” said Dr. Marlow Hernandez, Co-founder, Chairman and CEO of Cano Health. “University is a premier provider of value-based care, and we are thrilled to welcome the world-class University team to the Cano Health family. Our model has proven effective at providing industry-leading outcomes while controlling costs, and we look forward to delivering care at a larger scale than ever before.”

“Protecting the legacy of our family-owned business, our relationships with providers, and our deep ties to the local community has always been important to us. Our priority every step of the way was the wellbeing of our patients and the job security of our employees,” said Maggie Quevedo, Co-Founder of University.

Michael Quevedo, President of University and son of its Co-Founders commented, “In Cano Health, we immediately recognized a partner who shares our values and can help us build upon the legacy left by my father, Felix Quevedo, Sr.  My brother Felix Quevedo, Jr., and I, together with our family and the entire University team, look forward to building America’s Primary Care with Cano Health. We are confident that our shared vision enables a winning combination for our patients, employees, and partners.”

Strategic Rationale

University’s services align with the Cano Health model, which provides members access, quality, and wellness through a high-touch and high-tech model of care. Both companies share a similar culture, and both companies’ staff seek to build lifelong bonds with their members. Estimated standalone full-year 2021 University revenue is approximately $355 million and adjusted EBITDA is $37 million.

With this combination, Cano Health expects to continue to grow by serving its combined approximately 143,000 members in 88 medical centers, with over 1,000 staff and affiliate providers across the country.

Combining with University will:

  • Add approximately 24,000 Medicare Advantage members.
  • Increase Cano Health’s capitated Medicare organic membership and revenue growth due to a significant increase in clinical capacity and leveraging of Cano Health’s robust brand in the markets in which University operates.
  • Create synergies by adding affiliate providers to the CanoPanorama platform and medical center operations.
  • Improve University’s medical claims expense ratio through operational enhancements such as Cano@Home, a 24/7 urgency line, and care management programs.
  • Leverage Cano Health’s proprietary population health management technology platform (CanoPanorama), delivering improved health incomes to a larger set of patients.
  • Expand Cano Health’s leading market share in Florida, the number one Medicare Advantage market in the US.
  • Deliver on Cano Health’s strategic objective to build, buy, and manage medical practices. Cano Health continues to pursue three key initiatives to realize the massive opportunity in value-based primary care: 1) organic growth, 2) new market entry and 3) targeted acquisitions.

Financial Terms

  • Cano Health acquired University with $540 million in cash and $60 million in equity. The transaction was financed through cash on hand and common equity issued to University’s shareholders.

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Drone Express Partners with FarEye To Launch Intelligent Drone Deliveries in the United States

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Drone Express Partners with FarEye To Launch Intelligent Drone Deliveries in the United States

Drone Express, a commercial drone delivery service and a division of TELEGRID Technologies, Inc., has partnered with FarEye, an Intelligent Delivery Management Platform, to power autonomous drone deliveries for leading retailers in the United States.

As the e-commerce delivery economy rapidly increases, retailers are under pressure to evolve faster in the last mile to meet the growing demand while providing a great customer experience. These expectations lead to driver shortages, complexities in carrier partnerships, and order fulfillment in the retail market. Autonomous drones have been identified as a viable, more sustainable and cost-efficient alternative mode of delivery to ensure the overall customer experience is not negatively impacted by these challenges.

Drone Express operates as a logistics company, working with companies to strategically introduce drone package delivery into their supply chains and service offerings. The company has partnered with FarEye to enhance the drone delivery customer experience. FarEye provides Intelligent Delivery Orchestration solutions helping retail enterprises provide new delivery experiences. End-to-end visibility is achieved by optimizing routes resulting in a positive customer experience.

In May, Drone Express and the leading grocery retail provider in the United States announced a pilot to offer a drone delivery service as part of the grocery retailer’s continuing efforts to transform e-commerce. The first grocery retail store is expected to offer the drone delivery service in early summer.

“The time has come for drone deliveries to become the new reality. Retailers are facing new pressures due to the delivery boom and consumer demand and are showing interest in innovative delivery solutions like autonomous drones. Customers are used to Amazon-Prime-like experiences where they can schedule and track their deliveries in real-time. We are excited to take this market-first offering to retailers in partnership with Telegrid and transform modern-day retail deliveries,” said Gaurav Srivastava, Co-founder at FarEye.

With the combined capabilities of Telegrid and FarEye, retailers can achieve:

  • Contactless deliveries with the help of drones
  • Delightful customer experience keeping customers informed at every step of the delivery journey
  • More flexibility to the customer to pick date and time of deliveries
  • Improved on-time delivery performance by avoiding traffic delays
  • Faster ways to fulfill same-day and same-hour deliveries
  • Improved sustainability utilizing an alternative delivery method reducing overall carbon emissions
  • Reduced operating costs by savings in driver and fuel costs

“Our landmark drone technology means consumers can now order a Gatorade to the soccer field, sunscreen to the beach, aspirin to the office or chicken soup for a sick friend,” said Beth Flippo, Chief Technology Officer, TELEGRID Technologies, Inc. “We are excited to partner with FarEye. The company plays a critical role in shaping the delivery experience to customers with optimized routing and real-time tracking. Together, we are moving commercial drone delivery beyond hype and making it a reality.”

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Singapore based eCommerce platform Lazada launches public bug bounty program upto $10,000 with YesWeHack

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Singapore based eCommerce platform Lazada launches public bug bounty program upto ,000 with YesWeHack

Focused on vulnerabilities of personal data, Lazada will pay out up to US$10,000 in rewards to ethical hackers

Southeast Asia’s leading eCommerce platform Lazada announces the launch of a public bug bounty program with YesWeHack to identify vulnerabilities, after running a successful 18 month-long private program. Since January 2020, Lazada has been working with ethical hackers to detect security vulnerabilities in its IT environment as part of a private bug bounty program, and is now opening the program to the entire cybersecurity community.

With the launch of this public Bug Bounty program, Lazada is making a statement to the eCommerce industry, and highlighting the priority it places on security and transparency for its customers and partners, by offering security researchers up to US$10,000 per bounty.

Protecting customer data is a top priority

Founded in 2012 and headquartered in Singapore, Lazada is one of the leading e-commerce platforms in Southeast Asia and was acquired by Alibaba Group in 2016. The company, which has operations in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam, also offers logistics, retail technology and payment services solutions, in addition to LazMall, the region’s largest virtual mall with over 18,000 brands.

Since the launch of its private bug bounty program, Lazada has worked with over one hundred ethical hackers to surface vulnerabilities, and has awarded over US$150,000 in bounties to security researchers. This includes a pre-launch event for the public program conducted that saw hackers from the YesWeHack community identify vulnerabilities in 48 hours.

“Given the importance of data and personal information, Lazada takes great care in protecting our customers and we have worked to patch these vulnerabilities, to ensure a safe shopping platform. With the evolving nature of data security, as well as the aggressive nature of hackers who exploit technology to steal data, we believe in working with the larger cybersecurity community to strengthen our IT ecosystems,” says Alan Chan, Chief Risk Officer of Lazada Group.

“Since working with YesWeHack, we have improved our security by enhancing our Secure Software Development Process, to avoid the same type of vulnerability coming up again. It has been very useful to verify with the wider researchers that our security monitoring can catch exploitation of vulnerabilities.”

Up to US$10,000 reward for reports on critical vulnerabilities

Lazada is now taking additional steps in providing transparency and security to its customers, by transferring the areas previously tested in the private program to a public program. This allows cybersecurity researchers from all over the world to participate in the program and report vulnerabilities to the eCommerce platform.

Furthermore, special attention will be paid to vulnerabilities that affect personal data and have severity levels of “high” or “critical.” For submitted reports on critical vulnerabilities, Lazada will pay out up to US$10,000 to security researchers. More information of the public bounty program can be found here.

“By launching this latest public bug bounty program, we are sending a clear message to everyone, that we value the importance of data in our possession. We believe in the expertise of the YesWeHack community and are excited to continue to work with ethical hackers in identifying new attack methods and countering them. This is about protecting our data, protecting our employees and protecting our customers against vulnerabilities,” says Franck Vervial, Head of Cyberdefence at Lazada.

“YesWeHack is delighted to partner with Lazada and expand our market in Asia, ensure their e-commerce platform and its customers are protected against increasingly sophisticated cyber threats,” says Kevin Gallerin, Managing Director, APAC at YesWeHack. “The switch to a public program follows over 18 months of collaboration, during which our global community of researchers has demonstrated its effectiveness and broad spectrum of skills. By reaching out to a broader community, Lazada strengthens its security, champions transparency and data privacy and protection. Ultimately, building and maintaining the trust and experience of the several million users across APAC.”

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