Coursera, an online education provider, has now filed a stock market listing with the US regulators, revealing a surge in revenue from a boost to business due to the disruption caused by the COVID-19 pandemic.
Morgan Stanley, Citigroup, and Goldman Sachs are among the underwriters for the edtech startup Initial Public Offering (IPO).
Revenue rose to 59% to $293.5 million for the year ended 31st December 2020, the company revealed in a filing. The net loss widened to $66.8 million for the year ended 31st December, from a $46.7 million loss a year earlier.
Coursera, offers courses such as cloud computing, machine learning, and language learning, with its platform used by more than 3700 universities and colleges, according to the company website. It launched “Coursera for campus” in response to the pandemic to help the educational institutions offer courses to stuck at-home students.
Edtech startups also benefited as retrenched employees took online courses to rotate into new careers.
The California-based Coursera was founded in the year 2012, and its investors include the VC firm GSV Capital and Kleiner Perkins. The company has secured $130 million in funding in the month of July, which brings its cash balance to more than $300 million.
Some other online learning portals, such as Skillsoft, Nerdy Inc, chose to go public via deals with the blank check firms as well.