HomeBankingEdtech Gaints upGrad acquired Harappa Education in $38 million

Edtech Gaints upGrad acquired Harappa Education in $38 million

Edtech Giants upGrad announced that it has acquired online learning institution Harappa Education for Rs 300 crore or $38 million in a cash and stock deal.

This was the 10th acquisition for Ronnie Screwvala-led (Co-founder & Chairperson of upGrad) in the past two and a half years or since January 2020.

upGrad has closed the transaction with Harappa’s shareholders which include Bodhi Tree Systems and co-founders Pramath Raj Sinha and Shreyasi Singh. Bodhi Tree Systems is a newly formed platform between Lupa Systems founder and CEO James Murdoch and Uday Shankar, the former president of The Walt Disney Company Asia Pacific.

Read this Also: Early learning edtech platform Creative Galileo raises $7.5 Mn

Harappa was the first investment for Bodhi Tree Systems (via Lupa Systems) in India in which they acquired a majority stake in January 2020. The joint venture also invested $600 million in Kota-based Allen Career Institute.

“..Harappa and upGrad will anchor our purpose and conviction to create a truly wholesome learning ecosystem for lifelong learners in India and abroad, with our time-tested pedagogy, flagship programs, and rich partnerships to guarantee unmatched outcomes for our learners and clients,” said the co-founders of Harappa in a joint statement.

The development was reported by The Morning Context in April.

Delhi-based startup Harappa Education offers self-paced courses to address the spiralling problem of poor employability, inadequate leadership, and an ill-equipped workforce. According to the four-year-old startup, it has an active clientele of 100 mid and large-sized organisations.

While Harappa Education did not disclose its financials for FY22 yet, its operating revenue shot up 12X to Rs 4.41 crore in FY21 from Rs 35 lakh in FY20, as per annual financial statements filed with RoC. Its losses jumped 5.8X to Rs 36.75 crore in FY21 from Rs 6.37 crore during FY20.

Recently in month of June upGarde acquired Wolves at undisclosed sum

Ankush Kumar
Ankush Kumarhttps://www.marketmoney.in
Ankush Kumar is the Founder of Market Money. He is an expert in Banking and Finance. He has appeared in B.Com (Banking & Finance) From Govt. College in Lucknow.

Must Read