FILE PHOTO: CEO of Coursera Jeff Maggioncalda poses in an undated photo obtained by Reuters on February 4, 2021. Courtesy Coursera/Handout via REUTERS
March 8, 2021
(Reuters) – 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. (https://bit.ly/3kQRGBz)
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.
(Reporting by Niket Nishant in Bengaluru; Editing by Sriraj Kalluvila and Shounak Dasgupta)