Online learning platform Coursera files for US IPO

Reveals surge in revenue due to disruption caused by Covid-19 pandemic

WASHINGTON:

Online education provider Coursera Inc on Friday filed for a stock market listing with US regulators, revealing a surge in revenue from a boost to business due to disruption caused by the Covid-19 pandemic.

Revenue rose 59% to $293.5 million for the year ended December 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 December 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.

Published in The Express Tribune, March 7^th, 2021.

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