upGrad Buys Impartus in Rs.150 Cr Deal
India's largest online higher education company upGrad on Monday declared it has acquired video-enabled learning solutions provider Impartus, committing over Rs 150 crore towards the buyout as well as to boost its growth.
Impartus, now a 100 per cent subsidiary of upGrad, has been rebranded as ‘upGrad Campus'.
‘upGrad Campus' will target higher education institutions and college students, with its learning tools and world-class content, in an integrated solution, the company statement said, aiming to close the financial year 2022 with nearly Rs 85 crore revenue.
Amit Mahensaria, CEO, upGrad Campus expressed "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,".
Founded by IIT-graduates Mahensaria (who will continue as the CEO of upGrad Campus), Alok Choudhary and Manish Kumar, Bengaluru-based Impartus develops cutting-edge, innovative technology solutions for education, with their core feature being virtual classrooms that allow for deep learner-teacher engagement.
The platform has successfully on-boarded over 280 HigherEd institutes, 50,000 teachers, and six lakh learners within a short span of seven years.
With this acquisition, upGrad said it will now be able to strengthen its presence among HigherEd institutions and learners, which is a Rs 560 billion market.
Ronnie Screwvala, Chairman and Co-Founder, upGrad stated, "Aligned with our vision, upGrad Campus will bolster our presence in the university education space and help the youth of Bharat learn the necessary skill set to become more employable and join the workforce as leaders of tomorrow,".
‘upGrad Campus' will have two business verticals. While under B2C vertical, it will offer several job-oriented courses, under the B2B vertical, these offerings will be to HigherEd Institutions (HEI).
The move will enable upGrad to add 50,000 paid learners in the very first year of the acquisition, stated the company.