BENGALURU: Global marketplace for learning and teaching onlineUdemyhas announced that its corporate learning solution,Udemy for Business, has scaled from $1 million to $100 million annual recurring revenue (ARR) in five years.
Udemy for Business is powered by Udemy, where real-world practitioners can share their knowledge. More than 57,000 instructors teach over 130,000 courses in over 65 languages. Udemy for Business curates 7,000 of the highest-rated courses from the marketplace covering the most in-demand professional skills that employees need to become better subject-matter experts, leaders, and collaborators.
“We’ve entered an era of continuous change, and companies and individuals need continuous learning to thrive,” said Stephanie Stapleton, vice-president of customer success at Udemy. “We’re thrilled to partner with some of the most innovative companies in the world to help them build a culture of learning to drive business performance and results in a time of change.”
During the pandemic, Udemy for Business saw a 90% surge in enrollments as employees adapted to remote work. Popular topics included Virtual Teams (1,523% increase in enrollments), Coaching (322%), and Stress Management (235%). Consumption has stayed high as employees continue to learn through change.
Following a $50-million funding round at a $2-billion valuation earlier this year, the company has been investing in markets around the world and expanding its local presence. In India, Japan, Australia, and the broader APAC region, the company plans on increasing the capacity of the team by 50% to add new customer success, sales operations, and marketing jobs to further support local customers like Samsung Electronics, Vodafone, Accenture Japan, Toshiba Digital Solutions, Tech Mahindra, and PWC Japan, among others.
“The half-life of skills is shrinking and therefore the workforce is rapidly evolving which requires constant upskilling. Our Indian customers like Wipro, Tech Mahindra, and Tata are some of the most innovative companies in the world, and they see learning as a truly strategic imperative. One in three of our corporate customers are outside the US., and as a top market, India is a big priority for our business,” Stapleton told ET.
The company plans on investing in deepening its learning offerings and providing a richer experience for learners, including ways for individuals to evaluate their skills for strengths and areas of opportunities, as well as more ways for learners to put skills into practice to build confidence and competency, Stapleton said.
Udemy is privately held and headquartered in San Francisco with offices in Denver, Brazil, India, Ireland, and Turkey. Its investors include Insight Partners, Prosus, Norwest Venture Partners, Stripes, and Benesse Holdings.