UpGrad, an edtech firm, announced on Thursday that it has integrated all of Talentedge’s business, which will now operate under its own brand, after its owner, Sekhsaria Family Office, acquired a $2 billion stake in the company. UpGrad stated in December of last year that it will acquire Gurugram-based edtech rival Talentedge for Rs 350-400 crore. The near 100 percent share swap transaction was done at an upGrad value of $2 billion, while Talentedge was valued at Rs 205 crore.
According to the company, Talentedge is on track to achieve a gross revenue of Rs 150 crore in the coming fiscal year. “Talentedge integrated inside upGrad will be a formidable combination that will be very value accretive for both,” said Narayanan V who leads private investments at Sekhsaria Family Office, owner of Talentedge.
For degree programmes, Talentedge has partnered with leading universities. “The coming together of Talentedge with upGrad cements our leadership position in India’s lifelong learning market and we see great synergies, cost savings and our ability to scale and consolidate,” said Mayank Kumar, cofounder and MD, upGrad.
UpGrad was founded in 2015 and now boasts a learner base of over two million people from over 100 countries, as well as over 300 university partners. It has offices in the United Kingdom, the United States, the Middle East, India, Singapore, and Vietnam, as well as a presence in a number of other countries.
Source: Economic Times