Edtech startup Udemy rides pandemic bump in remote learning
While on-line learning plays in China have taken a hard hit from a tightening in government policy, the US has seen a boom in edtech sector, which benefits hugely from the pandemic-led shift toward remote learning.
Riding the wave, Udemy filed to go public earlier this week according to reports.
The IPO filing reveals a surge in Udemy’s revenue, which grew more than 55 percent year on year to US$430 million in 2020. First half revenue in 2021 continued to expand, albeit at a slower clip of 24.5 percent over the same period last year.
The on-line learning service provider has raised more than US$300 million so far according to TechCrunch data. The latest round of fund-raising in late 2020, in which Tencent was one of the key investors, valued the company at more than US$3.2 billion.
Udemy has two major business segments, one aimed at consumers and the other at corporate clients, with courses ranging from machine learning to starting your own home business.
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