Ronnie Screwvala's edtech startup upGrad reported a net loss of Rs 626.61 crore in FY22 on a consolidated basis, widening from a loss of Rs 211.1 crore in the previous year.
The losses widened as the company's employee benefit costs jumped nearly 2.4 times in FY22, according to upGrad's regulatory filings that were sourced from market intelligence platform Tofler.
The company's employee benefit costs surged to Rs 383.16 crore in FY22 from Rs 161.5 crore in FY21. upGrad, however, reported an over two-fold increase in FY22 revenue to Rs 682.21 crore on a consolidated basis.
On a standalone basis, upGrad's total revenue jumped to Rs 519.39 crore in FY22 from Rs 302.87 crore a year earlier, the filings show.
The company reported a net loss of Rs 568.62 crore for FY22 on a standalone basis as its expenses more than doubled to Rs 1,064 crore.
(This is a developing story, please come back for updates)