Online learning site Udemy Inc filed for an IPO, reporting a surge in revenue last year driven by the COVID-19-shift to remote learning, according to a report by Reuters on Tuesday.
- The San Francisco-based company’s revenue jumped 55.6% to reach $429.9 million in 2020 from a prior year. Udemy suffered a net loss of $77.6 million over the same period.
- The company was valued at nearly $3.3 billion during a financing round in November last year. The value of the company at the time of going public is expected to be higher.
- Udemy is the latest in a series of online education companies seeking to list their shares in New York after Nerdy Inc, and Coursera Inc went public earlier during the current year.
- As of June 30%, nearly 42% of Fortune 100 companies utilized Udemy Business (UB), the company’s corporate learning service. UB revenue jumped more than double last year as global business leaders continue to require employees to pick up new skills.
With nearly $200 billion market opportunity, Udemy has over 44 million learners on its sites, expects its estimated addressable market to expand in huge margins due to the shift to online learning.