UpGrad Earmarks $250 Million For Mergers And Acquisition Over The Next 7 – 9 Months
- ByStartupStory | July 8, 2021
Edtech startup UpGrad earmarks $250 million for mergers and acquisitions over the next 7-9 months on the back of its funding round earlier this year. The Mumbai-based company, promoted by media entrepreneur Ronnie Screwvala, had raised $120 million in April from Singapore’s sovereign fund Temasek which valued it at around $575-675 million. “Outside of cash, we see a very strong value currency in our stock to look to merge/acquire companies with exceptional founders who will join us as fellow entrepreneurs to build this out over the next decade,” said Screwvala. In a press statement on Wednesday, UpGrad said it has identified specific segments and will target companies as part of its non-linear growth strategy. It is looking at immersive short-form learning startups in markets such as Africa, Indonesia and Vietnam.
According to the official statement of UpGrad, two more acquisition news will be announced over the span of a few more months. With the initiation of the earmarking process, the company is set to hire 1,000 people in the next three months so that it can expand and overview all sectors appropriately, and this was already announced last month, that is June. UpGrad said to the media in April that it wants to list the company in the public market going forward., hey want to get closer to their vision, and now with all the funding pouring in, it will be easier for them to reach the goals. “It’s a long-term business that we’re growing. As much as funding is a stepping stone towards building that, an IPO takes it to another level. When you’re a listed company, it changes your profile around the world,” Screwvala had said.
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