upGrad Records 50% Revenue Growth in Q2 to Keep on Track for INR 1200 Crore Annual Run Rate for FY21

Higher edtech leader upGrad released the Q2 business performance results, which reports a 50% growth in their gross revenue, thus keeping the company on track for its forecasted INR 1200 crore annual run rate.

The growth has been multifaceted this quarter:

(1) 20 new programs were added in Q2 in the areas of Marketing, Finance, Operations, HR, Law, Strategy & Leadership, Analytics, Big Data, IoT, Cyber Security, AI & Data Science

(2) Start date of programs, which used to be once a quarter till the last fiscal, had to be tripled this quarter to meet the growing demand

(3) This has led to reaching a cumulative of 0.9 million learners, which will gain further momentum in the subsequent months

(4) Career transition to other jobs for learners increased by 25% in this quarter, which had previously contracted by 60% as compared to pre-COVID levels

(5) The upGrad team size grew by over 800 during this Quarter to a total of 1800 employees spread over 1000 cities

Sharing the financial result, Arjun Mohan, CEO - India, upGrad, said, “With the burgeoning interest in online education and commitment to LifeLongLearning, upGrad is perhaps the only one, who has been able to translate the intent into business at an ARPU of over INR 2.5 Lacs, especially in a market more frugal than ever before. The new quarter looks much stronger given our pipeline of 50+ new program launches with top national & international universities, coupled with our aggressive entry in the online degree space.”

“upGrad talent pool achieved tremendous outcomes in the last quarter. We enabled around 1000+ job transitions in 2020, to date. The COVID period did impact the transition rate, but the quality of outcomes stands unwavering. One of our learners securing a package of INR 73 Lacs with a 43% hike in a COVID-stricken market, bears testimony to the robustness of our business model,” said Mayank Kumar, Co-founder & MD, upGrad.

While the reported Q2 business growth has been largely from the domestic markets, the edtech leader in parallel, is amping up its global outreach by branching into the APAC, Middle East, Europe, UK, and North African markets. It is also expected to open non-linear business growth avenues by closing in on some strategic mergers & acquisitions that will support its exponential growth track record in the coming quarters.

About upGrad

About upGrad upGrad is India’s largest online higher education company. Founded in early 2015, upGrad has impacted almost 0.9 million individuals globally, within a short span of 5 years.

upGrad provides online programs in the areas of Data Science, Technology, Management and Law to college students, working professionals and enterprises. These programs are designed and delivered in collaboration with top-notch universities like IIT Madras, IIIT Bangalore, MICA, BIMTECH, NMIMS Global Access, Jindal Global Law School, Duke CE, Deakin University, Liverpool John Moores University and others.

With an 80% program completion rate, robust tech platform, outcome-based learning approach, industry-relevant curriculum, finest university credentials, strong mentorship, and steadfast placement support, upGrad has established its position as the leader in the Indian education system.

IIIT Bangalore and upGrad's PG Diploma in Data Science is India’s first-ever PG Diploma, with over 10,000 alumni & learner-base, to be recommended and validated by the NASSCOM and is aligned to Government approved National Occupational Standards (NOS). upGrad has ranked No.1 in the #LinkedInTopStartups India 2020 list. This is the third time in a row that upGrad has been featured in the #LinkedInTopStartup list after 2018 and 2019. upGrad has been awarded the title of ‘Best Tech for Education’ by IAMAI in 2019. upGrad received the ‘Best Education Brands’ award by Economic Times in 2018, and the Most Innovative Companies in India' by Fast Company in 2017.

Axis Bank and Vistara Strengthen Partnership to Launch a New Co-Branded Forex Card

 

Highlights

* Unlimited Club Vistara Points on spends on the ‘Axis Bank Club Vistara Forex Card’

* A multicurrency forex card that can load up to 16 currencies

* Safety of emergency assistance services - Emergency cash, loss of passport assistance through TripAssist and insurance cover of up to Rs. 3.00 lakhs

* Additional features - Tap&Pay, easy tracking of balance, reload on the go, temporary block and unblock facility

Benefit of locked-in exchange rates

Axis Bank, India’s third largest private sector bank, strengthens its partnership with Vistara, India’s finest full-service carrier, as they launch a co-branded forex card – ‘Axis Bank Club Vistara Forex Card’. This is also the first-ever collaboration by a bank and an Indian airline for a co-branded forex card. Designed to cater to the needs of international travelers, the card offers unique features and exciting benefits such as the option of loading up to 16 currencies on a single card, locked-in exchange rates and accruing 3 CV Points on every USD 5 (or equivalent value) spent. Customers also get awarded 500 CV Points as a Welcome Bonus on signing up.

The card proposition offers a complimentary Base membership to Club Vistara, India’s fastest rewarding frequent flyer program. The earned Club Vistara Points can be redeemed for Award Flights starting at 2000 CV Points and Upgrade Awards starting at 500 CV Points. The card will empower customers to travel cashless and hassle-free to international destinations, while also earning Club Vistara Points on their spends.

Speaking on the launch, Mr. Ravi Narayanan, President & Head Branch Banking, Retail Liabilities & Products, Axis Bank, said, “As a leader in the Forex cards business, we view our product as an integral part of the travel experience, and are constantly innovating to enhance value for our customers. In this endeavor, we are happy to collaborate with Vistara to launch the ‘Axis Bank Club Vistara Forex Card’, aimed at providing the Indian globetrotter a host of privileges with a truly rewarding experience. One can shop and dine globally without worrying about high exchange rates and transaction charges, and also earn Club Vistara Points on the same. We are confident that this forex card with a host of benefits will be a valuable addition to our growing portfolio of products and an attractive proposition for customers.”

Vistara’s Chief Commercial Officer, Mr. Vinod Kannan said, “At Vistara, we are committed to offering a seamless and holistic travel experience to our customers through constantly enhancing our value proposition. We are delighted about strengthening our strategic partnership with Axis Bank which enables our customers to travel cashless and totally stress-free. We are also proud to be the first Indian airline to offer a co-branded forex card. It is also in line with our broader strategy of forging more partnerships with like-minded brands to offer maximum choice and convenience to our customers.”

The reward structure of this card is designed to offer flexibility & safety to the customer. Customers can choose to retain balance on the card, convert it to another currency for their next holiday or encash the amount. Additionally, the card provides emergency assistance services from TripAssist, thereby providing both flexibility and safety. With Axis Bank Club Vistara Forex Card, customers can travel, dine, shop and explore to make their international trip even more rewarding.

Club Vistara is India’s fastest-rewarding frequent flyer program that offers four tiers of membership – CV Base, CV Silver, CV Gold, and CV Platinum. At present, Club Vistara members can earn and redeem CV Points when travelling on other partner airlines such as Singapore Airlines, Japan Airlines, Silk Air and United Airlines.

EuroKids International Appoints Rajiv Pillai as the New CFO

EuroKids International, India’s leading education company, appoints Mr. Rajiv Pillai as its new Chief Financial Officer (CFO). With close to two decades of rich experience in business advisory, corporate finance & planning and investor relations, Rajiv will be responsible for overseeing the company's financial, legal, supply chain and compliance functions.

Commenting on the appointment, Mr. Prajodh Rajan, Co-founder & Group CEO, EuroKids International, said, “We are pleased to welcome Rajiv to the EuroKids Group. The education sector is rapidly changing, and Rajiv’s in-depth knowledge of finance and business strategy and his ability to partner with   SBU functions will be invaluable as we continue to accelerate our strategy to expand our businesses across markets.”

Prior to joining EuroKids, Rajiv was leading the Corporate Finance & Planning function at Lupin Limited. He managed the business performance reporting and controlling for a diverse set of businesses globally. His experience of over 19 years includes a decade with leading consulting firm Ernst & Young, where he successfully delivered business advisory & consulting across multiple segments like Pharma, Oil & Gas, Telecom, Media, Agro-Chemicals and Retail.

Rajiv is a Chartered Accountant and an alumnus of INSEAD. He has extensive experience across Strategy, M&A, performance management, strategic cost management, planning and budgeting, tax management and enterprise risk management.

Following KKR’s investment in September 2019, EuroKids International has expanded its footprint and today has over 1,200 pre-schools and 30+ K12 schools. The addition of Rajiv into the education company’s existing senior leadership team of Business CEOs, CHRO and CMO, will help further strengthen the strategic outlook of the company, especially in these unprecedented times.

EuroKids with its leading education brands – EuroKids Pre-School, Kangaroo Kids Pre-School, Billabong High International & EuroSchool services over 1.25 lakh students. To ensure uninterrupted learning during this pandemic lockdown, the Group has undertaken multiple new initiatives in structured digital learning programs and Home Schooling. The Group plans to fast-track its investments in education technology to help the cause of learning outcomes as technology is a great enabler not just for at-home learning, but also for in-class instruction and learning. The Group also plans to open new Pre-K and K-12 facilities in Mumbai, Pune, Bangalore and Hyderabad.

About EuroKids International:

As India’s leading Early Childhood Education & K-12 Education company delivering the ‘Joy of Learning’ is at the heart of EuroKids International. By enhancing its pedagogy and consistently building a holistic, nurturing and secure learning environment for children, EuroKids is coming closer to its vision of REINVENTING EDUCATION in the country. Over the last 18 years, EuroKids International has played an active role in the evolution of the education landscape. With its portfolio of brands - EuroKids Preschool, Kangaroo Kids Preschool, EuroKids DayCare, EuroSchool & Billabong High International, EuroKids is committed to delivering a robust foundation for future generations. The group’s ‘Child First’ ideology ensures that growth and engagement needs of a child are met in a home-like environment. Child safety focus and ensuring active engagement with parents during these crucial developmental years of the child is what makes EuroKids, a child’s Second Home. EuroKids, with its presence in over 350 cities with 1200+ pre-schools and 30+ Schools, is achieving new milestones in education every day.

Plea Seeking Direct Cash Assistance for Communities Affected by the Pandemic Gets Over 1.5 Million Supporters

* Tamil Nadu Alliance collaborates with 204 organisations from 23 states on the initiative urging cash assistance.

* Starting in Tamil Nadu in collaboration with Shout for Freedom, Campaign against Child Labour, Campaign against Camp Coolie System, Multi-Stakeholder Initiative-TN, Tirupur People’s Forum, Migrant Workers Rights Coalition, the initiative took off through many other networks of unorganised and migrant workers across India

* Communities participating include migrant workers, unorganised workers, home workers, construction workers, street vendors, and self-employed small businesses

* Intended to improve their economic condition, prevent hunger and risky borrowing, Human Trafficking, Bonded Labour and Child Labour

A petition by The Tamil Nadu Alliance, in collaboration with CSO networks from 23 states, draws over 1.5 million signatures in just 20 days. The petition demands monthly direct cash assistance of Rs.6000 to families affected by the lockdown. It appeals to the government to support Rs.6000 for four months to the unorganised workers and other vulnerable communities to reduce the impact of lockdown on their economic condition and to prevent hunger, risky borrowing, human trafficking, bonded labour and child labour.

The COVID-19 pandemic has become a global health crisis with 35,216,168 cases and 1,037,340 deaths worldwide. The nationwide lockdown owing to the pandemic has led to job losses[1] of 189 lakhs in the months of April to July. Among them, more than 70% were daily wageworkers, hawkers and small traders and they have been compelled to dip into their limited savings to survive. The sudden lockdown brought forth a huge migrant crisis where lakhs of migrant workers faced sudden loss of work and income. According to the government rural jobs scheme, the Mahatma Gandhi National Rural Employment Scheme (MGNREGS), upto 24.2 million rural households had applied for work under its act in last month, a 66% increase from August last year and as per their survey, it is estimated that over 25% migrants are searching for work in villages as late as July. Due to the lockdown and its impact on migrants, in the months ahead, children will be in a critical condition and forced to work to meet household expenses. With economic activity now opening, there is a risk of returning migrants taking children along with them to the cities – or simply letting the children go with traffickers.

The objective behind the petition is to protect vulnerable populations and provide safety amidst the COVID-19 outbreak. At this juncture, is it essential for the state to provide direct support both in terms of food and cash to its citizens in need. The support under PDS till November will assist the people with ration cards but should be extended. However, along with ration it is essential to provide cash in the hands of the people who have lost jobs and have no income.

Speaking on the petition Dr P. Balamurugan of TNA said, “India needs to protect its vulnerable population and we urge immediate cash assistance of Rs. 6000 per month, for four months to be directly provided by the Government. This assistance will provide liquidity to the vulnerable families below poverty line. We have worked together in the past few weeks collecting the signatures to showcase solidarity among the affected families and we hope our petition will be approved by our esteemed Prime Minister to actualize this into reality.  We were amazed by the speed of the response from across the country – people in desperate conditions want their needs to be heard”.

The direct cash assistance intends to minimise the distress of these groups. The amount will be a safeguard to crores of migrant workers, un-organised workers, street vendors, and self-employed small business communities who have lost work, wages and livelihood income. It will give them access to essential food commodities, medical care, payment of rent, and other supplementary expenses. It would also be a safety net to minimise the hunger stress and the associated possibilities of human trafficking, bonded labour practices, child marriage, and child labour due to financial loss.

Tamil Nadu Alliance is a focal point of civil society organisations working for the welfare of workers in textile supply chain.  Their effort aligns with the government’s effort to provide safety of every Indian amidst the COVID-19 outbreak.  NGO networks such as Tirupur Peoples Forum, Multi Stakeholder Initiative -Tamil Nadu, Campaign Against Camp Coolie System, Migrant Workers Rights Coalition, Campaign Against Child Labour, Shout for Freedom, COLLECT, Manipur Alliance for Child Rights and bonded labour survivors collectives and sex workers collectives participated in the campaign actively. 

About TNA

Tamil Nadu Alliance is a coalition of civil society networks. Established in 2017 by six founding civil society forums, it represents over 100 grassroots organisations working to improve the conditions of workers in the Tamil Nadu textile industry.

Goldmedal Electricals Launches Innovative Artio Range of Switches

Goldmedal Electricals, the leading home-grown fast moving electrical goods (FMEG) company, has introduced its latest Artio range of switches which is a new addition to its economical AIR modular range. Over the years, the brand Goldmedal Electricals has become synonymous with the introduction of innovative and technology-driven products.

In keeping with the design aesthetics of Goldmedal’s AIR modular range, the Artio switches are minimalistic in appearance. Having an ingenious design, they consist of either completely circular or a combination of semi-circular switches embedded within a square frame. Once installed, the switches appear as perfectly proportioned circles, either individually or as a combination. The unique shape of the Artio imparts a very elegant and timeless appeal.

Commenting on the launch of the Artio switches, Mr Kishan Jain, Director, Goldmedal Electricals, said, “We are delighted to launch the Artio switches as a new addition to our AIR modular range. Being the pioneers of switches and systems, we understand that in today’s time, convenience and aesthetics are the two most crucial aspects in home decor. With the Artio switches, we aim to offer our customers an effortless blend of style and substance. The Artio switches will add a new dimension to their home décor with its perfectly symmetrical design and flawless function. It is a product that will set the benchmark for standard switches at a cost effective range.”

Like all Goldmedal modular products, the Artio switches too can be easily retrofitted within an existing Goldmedal modular plate. The Artio switches are available at select retail outlets at a starting price of Rs. 98/-. Recently the company also launched innovative Wi-Fi Router + Extender which is a smart solution for all your internet connection needs.

About Goldmedal Electricals

Goldmedal Electricals is a home grown electricals company which was established in the year 1979 with a vision to create electrical switches and accessories that make a positive difference to the lives of consumers. The company today manufactures a vast range of electrical products including various types of Switches, Home automation systems, Security Systems, Entertainment devices, Door bells, Wires, Cables and more for residential buildings as well as commercial establishments.

Pre-Launch Opens Online Bookings for the First-Ever BMW 2 Series Gran Coupé from October 15, 2020

BMW India has opened pre-launch bookings for the much awaited first-ever BMW 2 Series Gran Coupé from 6 October 2020 onwards. As an early-bird benefit, the car can be exclusively booked online at https://www.bmw.in/2 for INR 50,000 only.

Additionally, for bookings before the official launch on 15 October 2020, complimentary Taj Experiences Gift Card worth INR 50,000 is being offered. The gift card can be redeemed for multiple transactions on stay, holiday packages, dining, spa and other experiences across some of the most luxurious properties in India. Customers can choose from Taj, SeleQtions and Vivanta Hotels and Ama Stays & Trails.

The first-ever BMW 2 Series Gran Coupé brings BMW’s successful four-door coupé concept into the segment for the first time. It injects a fresh dose of individuality, aesthetic appeal and emotional engagement to everyday usability.

Customers can visit https://www.bmw.in/2 and explore a 360° view of the car’s exterior and interior. They will be directed to a pre-reservation page where booking can be done through a secure online payment mechanism. Deliveries will be done on a first-come-first-serve basis.

TechGig and American Express Join Hands to Recognise India’s Best Women Technologists

* India’s largest coding competition for women - TechGig Geek Goddess - opened for code submissions recently

* TechGig Geek Goddess 2020 will have 3 screening rounds and will conclude with a virtual grand finale

* Last year’s edition saw participation from 73,388 women technologists

One year ago, Hyderabad-based engineer Tanneeru Leela was best known for her quiet demeanour. Now, she is known as the mighty coder who defeated 73,388 women technologists at India’s biggest women-only code competition - TechGig Geek Goddess 2019 edition! From a quiet, work focussed technologist, to a leading #WomanInTechnology - this persona change happened for her overnight when the world saw her coding prowess at the Geek Goddess code competition. 

A similar transition happened with Snehlata Mishra, who recollected that after winning the Geek Goddess 2018 title, her social media platforms were flooded with ‘connection requests’ - akin to the celebrities. Snehlata Mishra’s story is a typical tale of a talented young woman from a small town who set her eyes on the IT domain and won the prestigious Geek Goddess 2018 title.  

Year after year, TechGig Geek Goddess helps transform the careers of thousands of women engineers who participate in this annual coding event. American Express is a perfect presenting partner for TechGig Geek Goddess, now for the third year in a row. The globally integrated payments company is an ardent champion of diversity and of recognising top women technologists.

The news of TechGig Geek Goddess 2020 edition’s launch was celebrated by Tanneeru Leela and many other past winners and participants. “I’m so happy that the 2020 edition has opened up because I want to reclaim my title,” she said. Last year, her company celebrated her win like their collective acclaim. “They had put up the announcement, followed by a celebration in office and suddenly everybody started to recognise me,” Leela said.  

This is the sixth edition of TechGig Geek Goddess, and owing to the COVID-19 situation this edition will conclude with a virtual grand finale and a career fair in December later this year. The present edition will have 3 screening rounds in two tracks, namely – Coding and Application Development. 

Sanjay Goyal, Business Head of TimesJobs and TechGig said, “Being a technologist, I always felt that coding is powered by passion; not by any gender. However, women coders needed a global platform to showcase their coding skills. The TechGig Geek Goddess has become that ‘global platform’ in the last six years. From 15,000 registrations in the first edition to 73,388 registrations in the fifth edition - the TechGig Geek Goddess community has become 489% stronger! I am proud to announce that American Express has joined us at the world's largest women-only coding contest - Geek Goddess - as the presenting partner for the third successive year.”

“Our partnership with TechGig Geek Goddess is a relationship of pride and purpose,” said Ruchika Panesar, Vice President of Technology at American Express India. “American Express proudly backs women in technology and we’re committed to building a diverse workforce and continually expanding our pipeline of top tech talent to include more women and individuals from diverse groups and backgrounds. Congratulations to the very capable and enthusiastic women taking part in this program, particularly during these extraordinary times, and best of luck!”

For now, Tanneeru Leela and her peers are busy flexing their coding muscle. “I will have to start practicing (coding) again because the competition is very tough…. I know,” she said. Here’s wishing all the best to these women!