Tuesday, September 26, 2023
HomeStart UpupGrad plans to merge all M&As into the parent company 

upGrad plans to merge all M&As into the parent company 

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.

UpGrad has chosen to simplify the corporate structure to prepare for an IPO in 2024. Additionally, they have decided to expense out all costs associated with acquisitions and their growth capital in their FY22 and partially in their 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. 

To establish Harappa Global School of Leadership, upGrad contributed an extra Rs 320 crore (just under $40 million) to Harappa Education in September 2022. The edtech giant acquired corporate training solutions provider Centum Learning in the same month through a share swap deal. 

UpGrad raised $210 million in August of this year from Temasek, IFC, IIFL, Bodhi Tree, the family offices of Bharti Airtel, Narotam Sekhsaria, and Lakshmi Mittal, as well as ETS Global, Bodhi Tree, and Kaizen Management Advisors in Singapore.

The Ronnie Screwvala-led upGrad had raised significant funds and successfully closed takeover acquisitions when the edtech industry struggled with layoffs and funding challenges.

Over the last 2.5 years, upGrad has acquired 11 startups in an M&A spree. It has recently acquired the edtech startup Harappa Education from New Delhi and the recruitment and staffing company WOLVES from Bengaluru. 

The startup has purchased 14 companies across various verticals, including programmes for upskilling and reskilling, exam preparation, college courses, a segment for study abroad, and short skilling courses.

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