UpGrad, an edtech startup led by Ronnie Screwvala, announced that it had invested Rs 30 crore in TuringMinds.
TuringMinds was founded last year to utilize its scholar pool to meet the growing demand from enterprises for outsourced research and product development.
TuringMinds plans to use this investment to operate more than 15 offline facilities across the US, India, Europe, the UK, and the Middle East.
With 250 product engineers operating in its Hyderabad, Bengaluru, and Detroit offices, the company hopes to double this number in the next quarter.
Regarding the new development, Ronnie Screwvala, Co-founder and Chairperson upGrad, said, “In addition to our LifeLongLearning suite, we are hiring large numbers of bachelor’s to doctorate degree holders to fuel our mission of developing full-fledged marketable products. This further gives One upGrad an edge over its peers and strengthens our stature as the key employment enabler within the country.”
The edtech company announced in August 2022 that it would acquire Exampur in a cash-and-shares deal for an undisclosed sum.
With a clear business objective of incubating and designing 50+ prototypes every year, TuringMinds, with headquarters in India, is actively expanding its global footprint, according to the statement. It aims to establish an enterprise worth Rs 800 crore ($100 million) during the next five years.