Edtech firm upGrad earmarks US$ 250 million for M&A, non-linear growth
- IBEF
- July 8, 2021
On Wednesday, upGrad, an EdTech company announced that it has allocated US$ 250 million for the initiatives related to mergers and acquisitions (M&As) over the next 7-9 months, as it plans to bolster its non-linear growth strategy.
By March 2022, upGrad is expected to exceed annual revenue run rate at US$ 500 million and is intending to raise ~ US$ 400 million at a valuation of US$ 4 billion.
Mr. Ronnie Screwvala, Co-founder, and Chairman, upGrad, said, “Outside of cash, we anticipate for a robust value currency in our stock to explore M&As with unique founders who will unite with us as partner entrepreneurs to develop this over the next decade.”
Mr. Screwvala stated that upGrad has recognised particular segments as well as target firms, two of which will be revealed over the next 60 days.
It comprises platform and high touch digital learning capability that will complement upGrad’s journey in for the last 6 years and a global part in the short form learning.
upGrad has established a solid tech platform and deep immersive learning capability with high touch-points to secure ~ 70% of the Indian higher education market for employed individuals.
This year, upGrad raised ~ US$ 160 million funds.
In June 2021, the company announced that in the next three months in India, it plans to onboard 1,000 employees from > 100 campuses, comprising Metros and tier 2 and 3 cities.
It has also bolstered its senior leadership teams in the US and the UK.
The company appointed Mr. Tom Atkinson as the VP for sales and partnerships in the UK and Mr. Octave Auger as the VP for growth. In North America, the company appointed Mr. Aaron Edgell as VP of marketing.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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