Ronnie Screwvala reverses decision of salary cuts, says, 'our business has grown'

Producer and entrepreneur Ronni Screwvala took to his Twitter to share a piece of happy news for employees working at upGrad, an online higher education platform. Screwvala said that in April the company announced 30% salary deductions but with the growth seen in the past few months, he is now reversing the decision.

"We did announce salary cuts like many other organisations, preempting a downturn. But the way our businesses @upGrad_edu  has grown, our teams have performed, we are reversing 100% of the deducted salaries to all our employees," he wrote. In another tweet, Ronnie gave his personal opinion and wrote, "But my personal view is things will get much worse before they get better..." [sic] Ronnie's tweet attracted over 4,500 likes and the move was lauded by many on social media.

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Reactions

What a delightful news. Wishing you and team the very best in navigating the challenges ahead @RonnieScrewvala

— Lotus (@lotusPai) July 2, 2020

That's truly being fair. Claps and applauds Ronnie.

— Ashish Prajapati (@ashishp1209) July 3, 2020

This is amazing! Best news of the month

— Karanvir Sharma (@karanvirsharma9) July 2, 2020

upGrad eyes Rs 1,000 cr revenue in 2020-21: Statement in Q1

Online higher education platform upGrad said it is eyeing Rs 1,000 crore revenue in 2020-21, on the back of growing average revenue per user (ARPU). "The last three years at upGrad, owing to our high investment in content, learning experience, diversity of programmes, deep tech, strong university alliances and a high over 80 per cent completion rates, have put us at a clear inflection point for this decade," upGrad Executive Chairman and co-founder Ronnie Screwvala said.

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With growing ARPU, new programmes in data, digital, management, software, machine learning or artificial intelligence, upGrad is now offering jobs in over 300 cities across the country will contribute to high growth in the coming financial year, he said. "upGrad targets to cross an annual revenue run rate of Rs 1,000 crore in 2020-21," he added.

(with PTI inputs)