Edtech startup upGrad set aside Rs 50 cr for acquisitions

Capitalizing on the surge in online learning, edtech startup upGrad has set aside Rs 50 cr to acquire 3 education companies in online degrees, post graduation & higher education space 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. 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.

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. “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.

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