Ronnie Screwvala-led edtech major upGrad will acquire Gurugram-based edtech platform Talentedge
The acquisition will be done in the range of INR 350 Cr-INR 400 Cr.
UpGrad, led by Ronnie Screwvala, will acquire Gurugram-based edtech platform Talentedge to strengthen its position in the higher education space.The deal’s value was not disclosed by the company. According to sources, the acquisition will cost between INR 350 Cr and INR 400 Cr.
According to an upGrad statement, the company has reached an exclusive agreement to acquire Arrina Education Services, the holding company of Talentedge Education Ventures Pvt Ltd.
Speaking of the company’s acquisition plans, Gaurav Kumar, president-corporate development and M&A, upGrad said, “We are in the active stage of closing a few more large acquisitions in India as well as internationally which will be announced in the next one to two quarters.”
According to the statement, Talentedge is expected to report revenue of more than INR 130 Cr this year and aims to double its revenue in the coming year.
“Talentedge will continue to work with its university & Institute partners to deliver the quality education to its learners across degree & certification programs,” said Aditya Malik, CEO & MD, Talentedge.
Gurugram-based Talentedge offers more than 60 courses in partnership with over 20 universities. It has partnered with several leading Indian and international institutes including IIMs, XLRI, MICA, eCornell, UCLA extension among others, and has more than 5,00,000 individual and corporate learners.
UpGrad, based in Mumbai, joined the unicorn club in August of this year after raising a total of $185 million from Temasek and the International Finance Corporation. Ronnie Screwvala, Mayank Kumar, Phalgun Kompalli, and Ravijot Chugh founded upGrad in 2015 to provide higher education courses in collaboration with various universities.
