Capitalizing on the surge in online learning, edtech startup upGrad has earmarked around Rs50 crore to acquire three education companies in the segments of online degrees, post graduation and higher education space at large.
Without disclosing names, upGrad said that it is in active discussions with a few companies for a potential acquisition in the later half of this year.
When asked about these companies, executive chairman and co-founder upGrad, Ronnie Screwvala said that it is too early to commit on who these companies are.
“Yes, we are in active discussions. There are some interesting opportunities in these times and some great entrepreneurs too. Many companies, amid the current scenario are also running out of staying power and money. We think that the non-linear growth via acquisitions would be a good way to go now,” said Screwvala.
upGrad, which at present is largely focussed on online programs around technology, data science and management, wants to add a new line of online programs around finance, law and medicine, through these acquisitions.
“Given that online edtech is one of the least affected sectors with the overall slowdown, and that ‘work-from-home’ will continue to sustain, it is becoming increasingly clear that learning is a lifelong need and must-have for all undergrads and working professionals,” added Screwvala.
Founded in early 2015, upGrad offers online programs for working professionals, and has on-boarded over 21,500 paid learners on its platform.
In July last year, upGrad acquired Bengaluru-based CohortPlus, a community-based platform which was focused at Product Management and Data Science, for an undisclosed amount.
Before that in 2018, the edtech venture acquired skilling platform Acadview Software Pvt. Ltd for an undisclosed sum, and acqui-hired mobile based SaaS (Software-as-a-service) product Pyoopil Education Technologies Pvt Ltd. in 2016.
For its technology, data science and management programs, upGrad has partnered with universities like IIT Madras, IIIT-B, BITS Pilani, MICA, NMIMS Global Access, Duke CE, Deakin University, Liverpool John Moores University and others.
