Edtech firm upGrad earmarks $250 mn for M&A. UpGrad, a global online higher education provider, said on Wednesday that it has set aside $250 million for mergers and acquisitions (M&As) over the next seven to nine months. As part of its non-linear development plan to expand globally.
upGrad expects to generate $500 million in annual revenue by March 2022. And is seeking to earn close to $400 million at a $4 billion value in an initial public offering.
According to Ronnie Screwvala, Co-founder and Chairman of upGrad, “outside of cash. We see a very strong value currency in our stock to seek for mergers and acquisitions of businesses with great founders. Who will join us as fellow entrepreneurs to grow this out over the next decade.”
The upGrad team, according to Screwvala, has identified particular market sectors as well as target businesses. Two of which will be revealed within the next 60 days.
It comprises a platform and high-touch digital learning experience that will complement what upGrad pioneered over the past six years. As well as a worldwide presence in immersive short-form learning and immersive long-form learning.
In order to capture close to 70% of the Indian higher education market for working professionals. An upgrade has developed a robust technology platform as well as a rich immersive learning experience with many contact points.
This year, the upgrade launched their first fundraise with Temasek and IFC. Which resulted in a total of $160 million in funding raised in total.
Earlier this month, Google said that it will hire 1,000 new workers in India over the next three months from more than 100 campuses, including metros and tier 2 and 3 locations, as the flu epidemic spreads throughout the nation and affects the labor market.
It has also bolstered its senior leadership teams in the United Kingdom and the United States.
Aaron Edgell has joined as the company’s vice president of marketing in North America, replacing Tom Atkinson, who has been named vice president of sales and partnerships. Octave Auger has been named vice president of growth.