upGrad, an online higher education platform, has earmarked Rs 50 crore for acquiring two-three peers during the current fiscal, the company said to the PTI. However, the company did not disclose the name of the companies that it plans to acquire.
“We are in active discussions. There are some interesting opportunities in these times and some great entrepreneurs too, and we are excited to bring those companies into upGrad as we look at growth this year,” Upgrad co-founder and chairman Ronnie Screwvala said in a statement.
The company will earmark about Rs 50 crore for the future funding of these business activities, he added.
“It’s too early to commit which these companies are. Given that online, edtech are few of the sectors that are least affected with the overall slowdown, and also because lifelong learning is now a clear need and must-have for all undergrads and working professionals, we think the non-linear growth via acquisitions would be a good way to go to now,” Screwvala said.
“Our specific interest for targeted companies are those that can fast-track our ambitions in the degree programs or add a whole new line of online programs to our existing range, example finance, law or medicine,” Screwvala said.
upGrad was founded in 2015 by Ronnie Screwvala, Phalgun Kompalli, Ravijot Chugh, and Mayank Kumar and is based in Mumbai. The company offers online programs for working professionals and claims to have over 21,500 paid subscribers. UpGrad’s range of programs consists of digital marketing, product management, entrepreneurship, data analytics, data-driven management, and digital technology management. It offers industry insights and student support services.
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