Bengaluru- One of the edtech education platforms upGrad has recently acquired video learning platform Impartus for INR 150 crores in cash and stocks deal. The reports suggest that the acquisition will give an exit to Impartus’s existing investor Kaizen. It had invested $4.1 million in the startup back in 2015.
The company stated that about INR 50 crores of the proceedings will be used as a further investment to scale the Impartus Platform this fiscal year.
Later, the acquired firm Impartus will be rebranded as upGrad Campus. And together it will focus on offering learning tools to higher education institutions, and colleges.
Impartus was founded by Amit Mahensaria who will now take over as the CEO of upGrad Campus, and the subsidiary will continue to operate independently. It currently offers a video-learning platform to help colleges and others shift to virtual classes. It helps students to record the classes and review course material at any preferable time.
With the new deal, now upGrad will also focus on a younger user base and distribute its upskilling courses on Impartus’s video-learning platform and work for a wider scope.
It will expand the upGrad user base and offer access to 600,000 students and 280 higher educational institutions in the nation. It is also planning to add new students for its courses this fiscal year and looking forward to growing INR 85 crores in revenue by FY end 2022.
Meanwhile, Ronnie Screwala chairman and Co-founder of upGrad said- “We want to cater to every individual’s learning above the kindergarten to grade 12 segment. Impartus is a technology enabler for colleges and we will be augmenting and integrating the platform with upGrad’s short courses (1- 4 months) for the same base. Further, cementing a learning relationship with college students early means that they may continue using upGrad, in the future, to take test prep for government jobs or upskilling courses in their professional career”.
It is also thinking of expanding its presence in the United States, Australia, and Indonesia in the coming months.
Talking about its previous acquisitions upGrad has made close to 5 acquisitions and acqui-hires to date which involves Pyoopil (training software), Acadeview (online job skilling), CohortPlus (product community platform).
Currently, upGrad offers services 100+ in collaboration with Indian and Global universities. It has over 1 million total registered users across 50 nations and achieved a revenue run rate of $165 million.
Lastly, the CEO Amit Mahensaria said- “One of the major challenges faced by graduates in India, is their lack of industry-ready and employable skill sets due to the inadequate curriculum of higher education institutions. The synergy of Impartus and upGrad will pave the way for augmenting college education by helping learners upskill with new-age courses, thus elevating their candidature for better career prospects”.