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Coursera files for US IPO as edtech booms amid the pandemic – Latest News

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Bengaluru: Online education provider Coursera Inc. has 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.

Morgan Stanley, Goldman Sachs and Citigroup are among the underwriters for the edtech startup’s initial public offering (IPO).

Revenue rose 59% to $293.5 million for the year ended Dec. 31, 2020, the company said in a filing. Net loss widened to $66.8 million for the year ended Dec. 31, from a $46.7 million loss a year earlier.

Coursera offers courses such as machine learning, cloud computing and language learning, with its platform used by over 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. Edtech startups also benefited as retrenched employees took online courses to rotate into new careers.

The 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.

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