Edtech unicorn upGrad has announced plans to consolidate all its mergers and acquisitions in India into One upGrad, and complete the integration process by March-June 2023.
In preparation for an IPO in 2024, upGrad has chosen to streamline the corporate structure and also expense out all costs related to mergers and their growth capital in their FY22 and partly in FY23 financials.
“We are delighted to have over 15 Co-founders from our M&As join the leadership team at upGrad and participate in the Integrated vision – where upGrad has to impact college learners and working professionals in India, Asia, and the world, across their LifeLongLearning journey,” said Mayank Kumar, Co-founder, upGrad.
“This consolidation also gets us financially ready for a future listing as we put costs behind us between the last and this year to focus on a high growth and high profitability model while creating impact and having the largest alumni base in Higher Education,” he added.
In September 2022, upGrad invested an additional Rs 320 crore (nearly $40 million) in Harappa Education to create Harappa Global School of Leadership. In the same month, the edtech giant also acquired corporate training solutions provider Centum Learning in a share swap deal.
In August this year, upGrad raised $210 million from ETS Global, Bodhi Tree, Singapore’s Kaizen Management Advisors, and the family offices of Bharti Airtel, Narotam Sekhsaria, and Lakshmi Mittal’s Artian Investments, along with existing investors Temasek, IFC, and IIFL.
At a time when the edtech sector is grappling with layoffs and funding challenges, Ronnie Screwvala-led upGrad has raised a giant scoop of funding and also managed to close acquisition deals.
upGrad has gone on an M&A spree over the last 2.5 years, acquiring 11 startups. In the last couple of months, it acquired New Delhi-based edtech startup Harappa Education and Bengaluru-based recruitment and staffing firm WOLVES.
In all, the startup has acquired 14 companies, under different verticals—upskilling and reskilling programmes, test prep, courses for college students, study abroad segment, and short skilling courses.
