Online learning platform Coursera files for US IPO

Online education provider Coursera on Friday filed for a stock market listing with US 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 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.

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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.

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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 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.

(This story has been published from The Express Tribune – Technology rss feed, without modifications to the text)