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UpGrad vs Eruditus: Contrasting revenues in FY22



The online education industry has become increasingly competitive in recent years as more and more students turn to e-learning to further their education. With the rise of EdTech companies like Eruditus, Vedantu, Byju’s, and UpGrad, students have access to quality education from the comfort of their own homes. However, these companies face significant revenue and finance challenges as the industry grows.

Eruditus and UpGrad are two of India’s leading online education platforms, offering courses that range from professional certifications to degree programs. Eruditus was founded in 2011, while UpGrad began operations in 2015. Both platforms have gained immense popularity among students and professionals alike, as they offer convenient and affordable learning opportunities.

Eruditus focuses primarily on executive education, while UpGrad has a more extensive portfolio that includes degree programs, specialized certifications, and entry-level programs. Both platforms offer courses across multiple disciplines such as business management, technology, digital marketing, humanities, and creative arts. Although both Eruditus and UpGrad have experienced rapid growth in recent years, there is a stark contrast between their operational revenues.

Revenue Comparison between Eruditus and UpGrad

Eruditus and UpGrad are focused on providing high-quality education but differ in their approach to generating revenue. Eruditus generates revenue primarily through collaboration with top-tier universities, while UpGrad generates revenue through online courses, certifications, and partnerships with various companies. Despite these differences, both companies have reported significant revenue losses in FY22.

Eruditus has reported a revenue loss of 15% compared to the previous year, while UpGrad has reported a loss of 10%. The pandemic has played a significant role in the revenue decline for both companies. In addition, the rise of remote learning has led to a surge in competition in the online education industry.

Year-on-Year Growth Comparison

In the fiscal year 2021-22, Eruditus reported operational revenues of ₹1,859 crores ($245.26 million), an 87% increase from the previous year. This figure was substantially higher than UpGrad’s revenue of Rs. 692 crores reported for the same period. Notably, Eruditus generated over three times the revenue as UpGrad in FY22.

However, FY22 was not all positive news for UpGrad – it reported a net loss of ₹627 crores. This means that while the total revenue increased, they faced a loss of approximately 90.61%. On the other hand, Eruditus reported a net profit of ₹213 crores for FY22 – an increase from their FY21 net profit of ₹135 crores.

It appears that UpGrad is making continued investments in order to secure long-term success and expand its reach, while Eruditus has managed to maintain consistent yearly growth despite its larger size and age. Therefore, it is easy to see why investors are flocking to Eruditus compared to UpGrad based on their financial performance.

Despite the increasing competition from other ed-tech platforms, Eruditus and UpGrad experienced significant growth in operational revenue from FY21 to FY22. With their robust business strategies, innovative product lines, and strong customer bases, both companies should continue to post strong results in the future.

Key Business Strategies

  1. Eruditus: Evolving Business Models

Eruditus has implemented a novel approach to ed-tech, focusing on training and certifications rather than traditional online courses. By catering to executives and working professionals, Eruditus saw an opportunity to take advantage of the rise in remote working during the pandemic—this increased demand for their services, leading to their FY22 success.

  1. UpGrad: Increased Collaborations

UpGrad has also adapted its business model by expanding its collaborations with established universities globally. The partnerships have helped UpGrad venture into new areas, such as online MBA degrees and postgraduate data science, marketing, product management, and finance programs. However, while this strategy provided new avenues for growth, it ultimately led to a drop in revenue since it was rolled out during the pandemic when people needed more disposable income.

Forecasting the Future: Will Either Firm See a Turnaround?

The future of these two giant ed-tech firms is difficult to predict, particularly with so much uncertainty in the near term. However, we can consider a few points that indicate how things could play out.

  1. A Differentiated Offering

Both Eruditus and UpGrad offer different learning propositions. As more sectors prepare for digital transformation, this diversification could prove useful for both firms as demand for their offerings grows in other areas.

  1. Consistent Quality

Quality will be critical to driving long-term success in an increasingly crowded market. As a result, both firms have been investing significantly in content creation and quality assurance initiatives – Eruditus via their academic partnerships with leading institutions and UpGrad through collaborations with industry experts to create relevant content. These investments should help them strengthen their offerings over time and remain competitive against other players in the market.

While it remains to be seen whether either firm will see a turnaround in FY23, it is clear that both companies have taken steps to position themselves as a strong player in the sector.


Eruditus capitalized on the demand for online education, leveraging its innovative and well-crafted programs to significantly increase its revenues in FY22. On the other hand, UpGrad should have taken advantage of the shift to online education, resulting major loss in the same financial year. Nevertheless, with the ed-tech market predicted to grow in the coming years, the success of Eruditus serves as an example of what is possible through a good understanding of the market, proper research and development, and an agile approach to adapting to changing market conditions.

Similar: UpGrad vs Scaler – Who wins the race for being the best Indian educational startup?

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