“I think part of the rotten apples is because it was just too much money being thrown… this sector needs change with frugality. What I mean by frugality is that it forces you to innovate well, well beyond,” Screwvala said at an event in Gurgaon.
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According to Screwvala, many entrepreneurs prioritise raising funds as their first step, when it should actually be fifth on their list of priorities.
“This sector, I think, is very high on impact. It will be very high on value creation, but we’ve got to find the right mix. And for that, I don’t think we need the money that everyone keeps talking about in this sector,” he added. The company has raised $365 million in total funding.
If you want to disrupt the sector, you need innovation. If you need innovation, you actually need less money, and that’s when the results would come,” said Screwvala at the ASU + GSV and Emeritus summit.
Upgrad posted a 96% increase in revenue to Rs 1,194 crore in the financial year ended March 2023. Its loss widened to Rs 1,142 crore from Rs 684 crore the year before.
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ET had reported earlier that the Mumbai-based company was in advanced stages of acquiring US online education firm Udacity. People briefed on the matter had said the company was also talking to investors to raise up to $100 million, of which about 80% would be used for financing the deal.
