The Edtech firm upGrad has set aside $250 million for mergers and acquisitions (M&A) for the next 7-9 months.
The Mumbai-based company is promoted by media entrepreneur Ronnie Screwvala. “Outside of cash, we see a very strong value currency in our stock and look to merge/acquire companies with exceptional founders who will join us as fellow entrepreneurs to build this out over the next decade,” Ronnie said.
In a press statement on Wednesday, UpGrad said the company has identified specific segments and will target companies as part of its non-linear growth strategy.
The company is looking at immersive short-form learning startups in markets such as Africa, Indonesia and Vietnam. The two acquisitions will be announced over the next 60 days, according to the statement.
The company will hire 1,000 people in three months for its expansion plans. UpGrad plans to be listed publicly soon. Earlier this year, the company raised funding of $120 million from Singapore state-owned company Temasek. This round of funding has given the company a valuation of around US$575 million to US$675 million.The company also focuses on markets outside India and until now a potential number of international students have enrolled with UpGrad.
