Online learning platform Coursera files for U.S. IPO
By Pavankumar on Mar 06, 2021 | 05:36 AM IST
Online
education provider Coursera Inc on Friday filed for a stock market listing with
U.S. regulators, revealing a surge in revenue from a boost to business due to
the disruption caused by the COVID-19 pandemic.
Revenue
rose 59% to $293.5 million for the year ended Dec. 31, 2020, the company said
in a filing.
Coursera
offers courses such as machine learning, cloud computing and language learning,
with its platform used by more than 3,700 colleges and universities, according
to the company’s website.
It
launched “Coursera for Campus” in response to the pandemic to help educational
institutions offer courses to stuck-at-home students.
Online
learning platforms also benefited as retrenched employees took online courses
to rotate into new careers.
Mountain
View, California-based Coursera was founded in 2012 and its investors include
venture capital firm GSV Capital and Kleiner Perkins.
The
company raised $130 million in funding in July, bringing its cash balance to
more than $300 million.
Other
online learning portals such as Nerdy Inc and Skillsoft chose to go public
through deals with blank-check firms as well.
Coursera’s
net loss widened to $66.8 million for the year ended Dec. 31, from a $46.7
million loss a year earlier.
Morgan Stanley, Goldman Sachs and Citigroup are among the underwriters for the education technology company’s offering.
Source: Reuters