ManTech Aims to Double Staff at Crane Facilities insideindianabusiness.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from insideindianabusiness.com Daily Mail and Mail on Sunday newspapers.
Upgrad buys online higher education start-up Impartus for ₹150 cr
PTI
Mumbai |
Updated on
×
Impartus to be rebranded as upGrad Campus; to add ₹85 crore to Upgrad’s revenue run-rate in FY22
Online re-skilling firm UpGrad on Monday announced the acquisition of Impartus, a leading video-enabled learning solutions provider, for ₹150 crore.
The deal is expected to help strengthen the Ronnie Screwvala-founded company’s foothold in college education.
Post acquisition, Impartus will be rebranded as upGrad Campus, and will boost its revenue run-rate by an additional ₹85 crore, the company said in a statement.
With the acquisition, upGrad, which predominantly focuses on working professionals, will now be able to strengthen its presence among higher education institutions and learners, which is a ₹56,000-crore market, Screwvala, the co-founder and chairman of upGrad, said.
upGrad on Monday said it has raised USD 120 million (about Rs 897.3 crore) from Singapore-based Temasek, making this the first external fund-raise by the edtech major. Since its inception in 2015, upGrad has been 100 per cent owned, funded, and run by its co-founders as a capital-efficient business. upGrad plans to use the fresh capital to further strengthen its team, scale its global market operations and bolster its technology and product capabilities, a statement said. The company will also pursue merger and acquisition (M&A) opportunities, expand graduate and post-graduate degree portfolio in India, and scale up operations to achieve its USD 2 billion revenue goal by 2026, it added.
We ll soon meet in your inbox.
Please wait.
Screwvala declined to comment on the details during an interaction with ET. “We are not a unicorn yet. But we are not too far behind,” he said.
Screwvala, who founded UTV Motion Pictures in the 1990s which was later acquired by Walt Disney Company, has so far ploughed about $25 million of his own capital in upGrad since it was founded.
Apart from Screwvala, upGrad’s founding team includes Mayank Kumar and Phalgun Kompalli.
The online education segment, both K-12 and higher education, has seen a large rush of risk capital following the Covid-19 epidemic.
Edtech platform upGrad raises $120 mn from Temasek in first external funding round
File photo
Edtech platform upGrad has made its first external fund-raise since inception in 2015. On Monday, it announced it has raised $120 million (about Rs 897.3 crore) from Singapore-based Temasek. Since its inception , upGrad has been 100 percent owned, funded, and run by its co-founders as a capital-efficient business.
The education major plans to use the fresh capital to further strengthen its team, scale its global market operations and bolster its technology and product capabilities, a statement said. The company will also pursue merger and acquisition (M&A) opportunities, expand graduate and post-graduate degree portfolio in India, and scale up operations to achieve its $2 billion revenue goal by 2026, it added.