upGrad acquires Harappa Education for Rs 300 Cr
- ByStartupStory | July 22, 2022
UpGrad, a higher education platform, announced the acquisition of the online learning school Harappa Education for Rs 300 crore in cash and equity. This will be upGrad’s tenth acquisition in the last two and a half years, or since January 2020, led by Ronnie Screwvala.
Harappa’s shareholders, including Bodhi Tree Systems & co-founders Pramath Raj Sinha & Shreyasi Singh, have concluded the acquisition with upGrad. Bodhi Tree Systems is a new platform founded by Lupa Systems founder and CEO James Murdoch & former Walt Disney Company Asia Pacific president Uday Shankar.
Harappa was Bodhi Tree Systems’ (through Lupa Systems’) first investment in India, with a controlling share bought in January 2020. The joint venture also made a $600 million investment in Kota’s Allen Career Institute.
“…Harappa and upGrad will anchor our objective and conviction to create a truly good and healthy learning ecosystem for life – long learners in India and overseas, with our time-tested pedagogy, flagship programs, and rich partnerships to ensure unrivaled outcomes for our learners and clients,” said Harappa’s co-founders in a joint statement.
Harappa Education, based in New Delhi, provides self-paced courses to tackle the escalating problem of low employability, ineffective leadership, and an under-equipped workforce. The four-year-old firm claims to have active customers of 100 mid and large-sized businesses. While Harappa Education has not yet disclosed its financials for FY22, according to yearly financial statements filed with RoC, its operational revenue increased 12X to Rs 4.41 crore in FY21 from Rs 35 lakh in FY20. Its losses increased 5.8X in FY21 to Rs 36.75 crore from Rs 6.37 crore in FY20.
Follow Startup Story
Related Posts
