upGrad acquires coaching institute The Gate Academy — says more acquisitions are on the cards
upGradhas acquired Bengaluru-based The Gate Academyfor an undisclosed amount.
- With the acquisition, TGA will operate as a subsidiary of upGrad but with its own brand name and its founder and CEO Ritesh Raushan continuing in his role.
- upGrad will also pump in ₹100 crore into the test preparation subsidiary.
With the acquisition, TGA will operate as a subsidiary of upGrad but with its own brand name and its founder and CEO Ritesh Raushan continuing in his role.
upGrad said that along with the acquisition, the startup would pump in ₹100 crore into the test preparation subsidiary, while also “developing over 20,000 hours of content in multiple languages to provide access to at least one million test-takers annually.”
“We’re thrilled to onboard Ritesh & the team. TGA provides upGrad a non-linear growth opportunity in new-segment entry and deeper penetration in the semi-urban & rural markets, which is in line with our core vision of making Bharat employable by adopting the mantra of LifeLong Learning. With every strategic move, we are ensuring that upGrad leads from the front as India emerges as the teaching capital of the world,” said upGrad founders Ronnie Screwvala and Mayank Kumar in a joint statement.
upGrad also added that this acquisition is the first of many lined up for the startup 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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