KOLKATA: Ed-tech platform upGrad has acquired the leading video-enabled learning solutions provider Impartus in a bid to bolster its presence in the higher-education space - a market touted to be worth Rs 560 crores. The ed-tech firm has committed over Rs 150 crore for the buyout and to invest in its growth.
With this acquisition, upGrad, which predominantly focuses on working professionals, will now expand its presence among Higher educational institutions & learners. Given the market opportunity, it will enable upGrad to add 50,000 paid learners in the very first year of the acquisition.
Founded by three IIT-graduates, Amit Mahensaria, Alok Choudhary, and Manish Kumar, Bengaluru-based Impartus develops cutting-edge, innovative technology solutions for education, with their core feature being virtual classrooms that allow for deep learner-teacher engagement. It was also the front-runner in allowing schools and colleges to migrate online at zero cost when the pandemic broke in 2020. The platform has successfully boarded over 280 higher educational institutes, 50,000 teachers, and six lakh learners within a short span of seven years.
“One of the major challenges faced by graduates in India is their lack of industry-ready and employable skill sets due to the inadequate curriculum of HigherEd institutions. The synergy of Impartus and upGrad will pave the way for augmenting college education by helping learners upskill with new-age courses, thus elevating their candidature for better career prospects,” said upGrad Campus CEO Amit Mahensaria.
Impartus, now a 100 per cent subsidiary of upGrad, has been integrated into the ed-tech giant's ecosystem and rebranded as ‘upGrad Campus’. In its new avatar, upGrad Campus will target HigherEd institutions and college students, with its learning tools and world-class content, in an integrated solution. It is looking to close FY22 with around Rs 85 crore revenue, with the founders continuing to run & grow the business independently.
upGrad chairman & co-founder Ronnie Screwvala said: "Our M&A strategy is focused on creating a career ecosystem and in helping build the blocks for India to emerge as the teaching capital of the world. Aligned with our vision, upGrad Campus will bolster our presence in the university education space and help the youth of Bharat learn the necessary skill set to become more employable and join the workforce as leaders of tomorrow.”
upGrad Corporate Development and M&A president Gaurav Kumar said the acquisition opens up a larger target group, as upGrad Campus will enable both HigherEd institutions and its learners to get access to the world-class learning materials. "We welcome the team to the upGrad family," he said.
