Campus, a subsidiary of upGrad, reduces workforce by 30% through layoffs: Report
- ByStartupStory | March 7, 2023
According to reports, upGrad Campus, formerly known as Impartus, has let go of around 30% of its employees, impacting at least 120 out of its total workforce of 300.
upGrad, the edtech company founded by Ronnie Screwvala, acquired upGrad Campus in 2021 for Rs 150 crore.
Following its acquisition and integration into upGrad, Impartus was rebranded as upGrad Campus and focused on serving college students and higher education institutions. However, upGrad Campus has become the second subsidiary of the edtech company to let go of employees in recent times.
Harappa Education, which was purchased by upGrad for Rs 300 crore in July 2020, has also reportedly laid off 60 employees, or around 30% of its total workforce of 200.
The layoffs at upGrad Campus have occurred during a challenging period for edtech unicorns, who are facing funding constraints and implementing cost-cutting measures such as layoffs and reduced expansion plans.
Despite these challenges, upGrad has acquired 14 companies across various segments, including upskilling and reskilling programs, test preparation, college courses, study abroad services, and short-term skill-building courses, since its establishment.
upGrad’s acquisition of Exampur, an online learning platform catering to competitive exam aspirants, failed to materialise in December. Additionally, the edtech firm, which plans to go public, declared its intention to consolidate its various mergers and acquisitions in India under the One upGrad brand in November. The integration process is expected to be completed by March-June 2023.
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