The significant increase comes on the back of the demand for short form courses by the global workforce, to upskill, improve their competency and pivot their professional careers in the desired direction.
Short duration technology skill provider, upGrad KnowledgeHut, part of Asia’s higher EdTech major upGrad is all set to record a INR 300 Cr Annual Revenue Run rate in March, 2022; a massive jump from INR 80 Cr, within 7 months of coming into the upGrad fold. The significant increase comes on the back of the demand for short form courses by the global workforce, to upskill, improve their competency and pivot their professional careers in the desired direction. upGrad KnowledgeHut customers are global with the US and SEA forming the major markets, followed by India.
A study commissioned by Amazon India in September, 2021 revealed that nearly 51% of job-seeking adults wanted to pursue opportunities in industries in which they had negligible or no experience. And 68% of them wanted to switch industries. And in order to do so, upskilling is now a priority.
Since 2011, KnowledgeHut has been working on a mission to become the global market leader in short-term upskilling and reskilling programs and bootcamps, empowering technologists and professionals with high quality hands-on learning opportunities at scale, nurturing talent for the jobs of tomorrow and helping close the skills gap. The company aims to upskill another 50,000 learners by FY22, by leveraging its immersive learning experience platform PRISM to gauge conceptual understanding and knowledge retention of learners through integrated LIVE interactions, instructor-led sessions and microlearning capsules with assessments at every level. upGrad KnowledgeHut’s short courses are aimed to improve competency and make learners job ready in the shortest possible time, while maintaining the highest of standards.
Ronnie Screwvala, Co-Founder & Chairperson, upGrad, said, “With our aim of liberalising transnational education short form courses will be critical for our global growth story, especially due to KnowledgeHut’s presence across 100 countries. As an integrated LifeLongLearning leader, upGrad is in the value chain for college learners and working professionals, and in that short form courses allow for immediate gratification with regard to competency levels for our learners. Short form courses will play a critical role in capturing a lion’s share of the upskilling and reskilling segment which has market potential of over $58 billion.”
Subramanyam Reddy, CEO, upGrad KnowledgeHut, said, “Skill obsolescence and ‘the Great Resignation’ have led to more and more professionals to take up short term upskilling. With the online education sector projected to touch $325 Billion in 2025, short form courses will play a critical role in establishing the market leaders. Leveraging this opportunity, we have been focused on driving technical skills for our learners across the globe to improve overall competency scores and improve employability for all.”
upGrad KnowledgeHut has established a global presence in over 100 countries, delivered 70% improved competency analytics & offered over 200 courses in different domains including, Full Stack Development, Data Science, Cloud Computing, Future Tech, Deep Tech, Agile & Scrum, IT Service Management & Project Management. Given the courses are short & application based, KnowledgeHut is aiming to improve learner competency and employability across the world.
Source: Business World