Asia’s Largest Higher EdTech Player upGrad
today announced comprehensive plans to merge all of its mergers and acquisitions into India
in ‘One upGrad’ and complete the integration process from March to June 2023.
All costs + restructuring and integration Growth capital must be expensed in FY22 and partially in FY23.
upGrad has been the most capital efficient to date in raising outside funds, raising less than USD 300 million – far less than any other player and in preparation for an IPO in 2024, they have opted to streamline the corporate structure and also to cover all costs related to mergers and their growth capital in their FY22 and partially in FY23 financials.
“We are delighted to have more than 15 co-founders of our M&A joining upGrad’s leadership team and participating in the integrated vision – where upGrad should impact students and working professionals in India, Asia, and the world, throughout their lifelong learning journey. Every entity contributes to our building block to make every apprenticeship fit for the 21st and even the 22nd century. Our model is unique and we welcome the diversity of our colleagues both in India and globally to achieve our long term mission to change the employment landscape and also to emerge as an Edtech leader from India to the world. This consolidation also prepares us financially for a future listing as we have moved past costs between last and this year to focus on a high-growth, high-profitability model, while creating impact and building the largest alumni base in the industry. higher education,” said Mayank Kumar, Co-Founder & MD, upGrad.
This is India’s decade and GDP is likely to exceed $7.5 trillion by 2031, says Morgan Stanley
Indian stocks remain flat despite US Fed 75bp rate hike
Indian automakers fuel the festive boom, two-wheelers show signs of revival