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.
Cars24 is India’s latest unicorn as it raises $200 million from DST Global and existing investors
Markets hit record high — some experts say it is the final leg of the vaccine euphoria
India bans another 43 Chinese apps as border tensions along LAC continue to simmer
- Andhra ASHA worker's death following Covid jab triggers protest
- Downloadable e-version of voter identity card to be launched on January 25
- Covid-19 test mandatory for guests attending Varun Dhawan's wedding
- First confirmed case of COVID-19 in pet reported in South Korea
- All iPhone 13 models to come with sensor-shift camera stabilisation, says report