• 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

  • How Forensic Scientists Are Reconstructing Faces Using DNA Found At Crime Scenes
  • New Non-Invasive Option For Treating Non-Melanoma Skin Cancer In A Single Session
  • Evolution Running Backwards? That’s What This Unlikely Organism Appears To Be Doing
  • How Did The Starfish Become A Star? 500-Million-Year-Old Fossil Solves Evolutionary Mystery
  • JWST Has Discovered Its First Exoplanet – And It’s A Baby Saturn-Sized One!
  • Rare “Moonwalking” Killer Whale Behavior Hides Much More Gory Truth
  • Dead Pulsars Are Emitting Radio Waves. Massive “Mountains” Measuring 1 Centimeter Tall Could Be To Blame
  • 40,000-Year-Old Mammoth Ivory Boomerang And Human Finger Hint At Mysterious Prehistoric Rituals
  • 99-Million-Year-Old Amber Fossils Mark The Oldest Known Example Of “Zombie Fungus” Infection
  • Breakthrough Qubit Control Near Absolute Zero Is Scalability Game-Changer For Quantum Computing
  • “On A Timescale Of Millions Of Years”: Scientists Detect Pulsing “Heartbeat” Under Africa
  • Skin Moles: What Are They And When Should You Get Them Checked?
  • 20 New Bat Viruses – Some “Cousins” Of Deadly Hendra And Nipah – Spark Fears Of Human Disease
  • “Nobody Expected This”: Earth’s Rotation Will Speed Up In July And August, Bucking The Downward Trend
  • What Is The “Heat Dome” Causing Baking Temperatures In The Eastern US This June?
  • Over 500 Bird Species At Risk In Next Century As We Face “Unprecedented” Extinction Crisis
  • World First: Mice With 2 Dads Father Their Own Offspring
  • Largest Ever Space-Based Gravitational Wave Observatory Begins Construction
  • Plastic Trash? This Bacterium Can Turn It Into Paracetamol – AKA Tylenol®
  • What Is The Earliest Evidence For Blue Eyes In Humans?
  • 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