The American online education provider Coursera has filed for a stock market listing with US regulators, revealing a boost to business due to the disruption caused by the COVID-19 pandemic.
The pandemic and consequent lockdown encouraged online learning leading to a massive increase in revenue. The company’s revenue rose 59 percent to touch $293.5 million for the year ended December 31, 2020, the company said in a filing.
According to the company’s website, Coursera offers courses such as machine learning, cloud computing and language learning, with its platform used by more than 3,700 colleges and universities.
Coursera for campus
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 homebound employees took online courses to rotate into new careers.
Coursera was founded in 2012 by two computer science professors from Stanford University. 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. Coursera’s net loss widened to $66.8 million for the year ended December 31, from a $46.7 million loss a year earlier.
Global financial institutions like Morgan Stanley, Goldman Sachs and Citigroup are among the underwriters for the education technology company’s offering.
Other US-based online learning portals such as Nerdy and Skillsoft chose to go public through deals with blank-check firms as well.