E-learning platform Udemy put on a disappointing performance on his Nasdaq debut on Friday after raising $ 421million (£ 308million) on his initial public offering (IPO) Thursday. Stocks that sold for $ 29 on the IPO opened at $ 27 on Friday and fell to $ 26.01 by midday before recovering to close at $ 27.50.

It was a moderate foray into the stock market for the San Francisco, Calif., Company that has seen an explosion in demand for its services in recent years, a trend that has been fueled by people looking for virtual activities. to keep their minds occupied while they waited for pandemic shutdowns.

From 2019 to 2020, Udemy’s revenue grew 55.6% to $ 429.9 million, but the company suffered net losses of $ 77.6 million in 2020, from $ 69.7 million. dollars in 2019. In the first six months of 2021, Udemy suffered net losses of $ 29.4 million. mr.

The bell has rang for Udemy

Friday started as an exciting milestone in Udemy’s history when CEO Gregg Coccari and co-founder Eren Bali rang the opening bell at the Nasdaq MarketSite in Times Square in New York to mark the occasion. Bali did not give a speech, but Coccari recounted the genesis of the company. The seeds were planted when Bali, who grew up in central Turkey, yearned for more advanced learning opportunities.

“His parents, both were teachers in a one-class school, and Eren quickly got frustrated because he was a brilliant student – he was good at math, he was good at chess – but he was really over the top. resources he had, ”Coccari said at the event.

Founder inspired by used computer, Internet access

This frustration was eased when her parents bought a used computer and set up Internet access. Bali quickly went online to research difficult math problems, but they were more difficult than anything he had ever known. He quickly found online communities and professional mathematicians to help him solve problems, and a business idea was born.

“Online learning has profoundly changed his life,” Coccari told the crowd gathered at Nasdaq. “And that’s when he started to shape his vision of wanting to open up access to knowledge to everyone.

Bali moved to the United States in 2010 with two friends and founded Udemy. He launched the first course in 2011, and the company had “over a million learners in just a few years. It all took off from there, ”Coccari said.

Courses in 75 languages

Udemy maintains a catalog of courses taken by 44 million customers. The company is at the service of businesses and individuals. The global market offers 183,000 courses taught by 65,000 instructors in 75 languages.

Clients can study a variety of business topics such as software, web development, graphic design, project management, and public speaking. They can also cover more personal topics such as meditation, parenting, speed reading, and conflict and anger management. There are even classes exploring love and relationships.

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