Edtech unicorn upGrad has announced plans to consolidate all its mergers and acquisitions (M&A) in India into One upGrad by March-June 2023.
As part of its preparation for an IPO in 2024, upGrad has chosen to streamline the corporate structure and expense out all costs related to mergers and growth capital in FY22 and partly in FY23.
“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, in a press release.
Also read: upGrad raises $210 million in latest funding, plans to hire 2,800 employees over 3 months
He added that this consolidation also gets the company financially ready for a future listing and makes them focus on a high-growth and high-profitability model while making an impact and having the largest alumni base in higher education.
UpGrad mergers and acquisitions
To create Harappa Global School of Leadership, upGrad invested an additional Rs 320 crore (nearly $40 million) in Harappa Education. A share swap deal was also completed between the edtech giant and corporate training solutions provider Centum Learning in the same month.
It raised $210 million in August from ETS Global, Bodhi Tree, Kaizen Management Advisors, Bharti Airtel, Narotam Sekhsaria, Artian Investments, and Temasek, IFC, and IIFL.
Over the course of the last two and a half years, upGrad has acquired 11 firms in an M&A frenzy. Overall, the startup has purchased 14 businesses across various verticals, including programmes for upskilling and reskilling, exam preparation, college courses, a segment for study abroad, and short skilling courses.
