Its net losses came to almost $70 million in 2019 and grew to $77.6 million in 2020. Udemy’s revenue grew 55.6 percent to $429.9 million in 2020. “With the increase of internet connectivity, technological advances, and interactive tools at a low cost, we expect a massive shift from offline to online.” “Before the COVID-19 pandemic, the majority of corporate training occurred offline, and we believe that online education is well placed to address the scalability and affordability limitations of offline education,” the company said in its filing. By its estimate, digital learning is an industry with more than $200 billion in potential.
Udemy leaders say they expect the growth to continue, even sans a pandemic that forces people out of the office and deeper into the digital world. As of this year, Udemy says it provides services for more than 44 million people, growth helped along at least in part by the pandemic. 20, outlines big growth in the years between its 2010 launch and 2017, when it had grown to serve 10 million “learners” on its platform.īut the years between 20 were unprecedented for the fast-growing company. Udemy’s S-1, filed with the Securities and Exchange Commission on Oct. The IPO comes at an opportune time for the company. Udemy offers 183,000 courses in 75 languages globally.
Currently 8,600 organizations are Udemy Business customers, 42 of which are Fortune 100 companies, according to company filings. Individuals can sign up to attend courses independently-a new option that is still being tested-or its services can be accessed via its Udemy Business offerings through an employer. Udemy offers online courses that focus on things like new professional skills or improving on existing skills in technology and business, as well as soft skills and personal development.
The San Francisco-based company expects its 14.5 million common shares to be priced between $27 and $29, targeting a valuation between $3.71 billion and about $4.05 billion, up from the $3.3 billion it was valued at during its Series F financing round a year ago. Online learning platform Udemy is expected to start trading on the Nasdaq Friday in an IPO that could raise more than $400 million.
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