Edtech giant upGrad buys a recruitment firm – pitting it against the likes of Naukri.com
edtechstartup upGradhas acquired a recruitmentand staffing solutions firm Rekrut India.
- The acquisition will make way for learners on upGrad to take advantage of Rekrut’s hiring network.
- Even with the 100% acquisition, the Mumbai-based recruitment firm will continue to operate separately.
AdvertisementIndian edtech startup upGrad has acquired a recruitment and staffing solutions firm Rekrut India. With this acquisition, upGrad goes from being just an edtech platform to one with hiring solutions and competing with market leaders like Naukri.com.
The acquisition will make way for learners on upGrad to take advantage of Rekrut’s hiring network.
“Rekrut will now open the floodgate of career opportunities for upGrad learners. Hence, we are thrilled to announce the onboarding of the team, a significant step in making upGrad a career powerhouse for professionals. This move is integrally aligned with our company’s vision of powering career success for every member of the global workforce as their trusted lifelong learning partner,” said upGrad co-founders
The Mumbai-based recruitment firm will continue to operate separately. “The upGrad-Rekrut synergy will disrupt the ecosystem and build an end-to-end supply chain of manpower, where Rekrut is the demand partner providing cutting-edge jobs and upGrad will supply the highly skilled, and future-ready talent,” said, Ajay Shah, Managing Director, Rekrut.
The latest acquisition is a part of the Mergers and Acquisitions strategy by the edtech firm. Last month, the startup had acquired Bengaluru-based The Gate Academy for an undisclosed amount. The startup had then said that there were many acquisitions lined up in the allied fields of higher education.
upGrad had recently raised a ₹50 crore debt fund from IIFL Asset Management. The startup now expects a ₹1,200 crore annual run rate with profitability and also expects a 100% increase in repeat enrollments in the portal.
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