• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

Udemy files to go public on back of growing B2B incomes

October 5, 2021 by David Barret Leave a Comment

After digging into the Rent the Runway IPO filing this morning, we’re turning to Udemy.

The Udemy offering comes in the wake of the successful Duolingo IPO earlier this year. And the company’s debut may prove to be the final major edtech IPO ahead of Byju’s eventual debut — how well Udemy performs in its public offering could impact others in its market, including some incredibly wealthy education technology players.


The Exchange explores startups, markets and money.

Read it every morning on Extra Crunch or get The Exchange newsletter every Saturday.


So, how does the company’s growth profile appear after the pandemic-powered wave of demand for edtech has passed?

In the case of Udemy, we’re looking at an online learning service that raised north of $300 million while private. A $50 million Series F raised in late 2020 valued the company at a touch over $3.2 billion, per Crunchbase data.

For Lightbank, Insight Partners, Norwest Venture Partners, Mindrock Capital and Tencent, the company’s IPO is a material liquidity event; there’s lots of capital riding on its success.

The edtech company is an interesting two-part business, with one piece of its operations aimed at consumers and the second at businesses. To understand how healthy Udemy is or is not, we’ll have to dig into each half of its business model — we’ll also want to know what’s happening to the company’s aggregate revenue mix and which direction it’s leaning in recent quarters.

Sound like fun? I’m super stoked to get into this one. So, let’s:

Udemy’s business through the pandemic

From 2019 to 2020, Udemy grew from $276.3 million in revenue to $429.9 million, or 55.6%. That’s quite a lot for a company that has already reached material scale, or revenues of $100 million and above. More recently, in the first half of 2021, Udemy posted $250.6 million in total revenues, up 24.5% compared to H1 2020.

But we expected Udemy to grow more slowly after its pandemic bump, frankly, so to see the company’s revenue growth decline into 2021 is not a huge shock. How investors value a slower-growing — but larger and more profitable — edtech company will be interesting to watch.

Not that Udemy actually makes money. It does not. But it is losing less money over time:

Image Credits: Udemy S-1

If you want to get a net income number excluding the cost of share-based compensation, you can deduct $20.6 million from its H1 2020 number and $16.5 million from its H1 2021 figure. The latter calculation will get you down to less than $13 million in losses during the first half of 2021 at Udemy. That’s far closer to profitability than the company has managed in prior periods, indicating that Udemy enjoyed some operating leverage during the pandemic, cutting losses while its revenues expanded.

Revenue mix

We’re going to break our general rule of not including marketing-friendly charts in our S-1 teardowns for the following exception:

Source Link Udemy files to go public on back of growing B2B incomes

David Barret
David Barret

Related posts:

  1. Tennis – From royalty to PMs, all eyes on Raducanu v Fernandez at U.S. Open final
  2. Soccer – FIFA backs down on threat to fine Premier clubs who play South American players
  3. Amazon is reportedly planning a wall-mounted Echo with a 15-inch display
  4. Hundreds of strikers block road to Rome airport, disrupt flights

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • Interstellar Object 3I/ATLAS May Be 10 Billion Years Old, This Rare Spider Is Half-Female, Half-Male Split Down The Middle, And Much More This Week
  • Why Do Trains Not Have Seatbelts? It’s Probably Not What You Think
  • World’s Driest Hot Desert Just Burst Into A Rare And Fleeting Desert Bloom
  • Theoretical Dark Matter Infernos Could Melt The Earth’s Core, Turning It Liquid
  • North America’s Largest Mammal Once Numbered 60 Million – Then Humans Nearly Drove It To Extinction
  • North America’s Largest Ever Land Animal Was A 21-Meter-Long Titan
  • A Two-Headed Fossil, 50/50 Spider, And World-First Butt Drag
  • Interstellar Comet 3I/ATLAS Is Losing Buckets Of Water Every Second – And It’s Got Cyanide
  • “A Historic Shift”: Renewables Generated More Power Than Coal Globally For First Time
  • The World’s Oldest Known Snake In Captivity Became A Mom At 62 – No Dad Required
  • Biggest Ocean Current On Earth Is Set To Shift, Spelling Huge Changes For Ecosystems
  • Why Are The Continents All Bunched Up On One Side Of The Planet?
  • Why Can’t We Reach Absolute Zero?
  • “We Were Onto Something”: Highest Resolution Radio Arc Shows The Lowest Mass Dark Object Yet
  • How Headsets Made For Cyclists Are Giving Hearing And Hope To Kids With Glue Ear
  • It Was Thought Only One Mammal On Earth Had Iridescent Fur – Turns Out There’s More
  • Knitters, Artists, And Bakers Unite! Creative Hobbies Can Help Your Brain Stay Young
  • The Biggest Millisecond Pulsar Glitch Recorded Represents An Astronomical Mystery
  • There Are Five Different Types Of Bad Sleeper. Which One Are You?
  • In A World First, Autonomous Underwater Robot Sets Off On Mission To Circumnavigate The Globe
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version