The Edtech startups in India have been garnering a lot of attention in the past couple of months. Post the crackdown on the Chinese firms, there has been a great momentum that these companies have been experiencing. Byju’s, Unacademy and upGrad who are expecting their valuations to soar as they go in for aggressive acquisitions prior to hitting the IPO route.
In July, global online higher education provider upGrad had announced that it has earmarked $250 million for mergers and acquisitions (M&As) over the next seven-nine months, as it strengthens non-linear growth strategy.
On Tuesday, August 2, the Edtech platform upGrad said it has acquired global firm KnowledgeHut for an undisclosed sum.
KnowledgeHut, an upGrad Company, expects to cross Rs 300 crore in revenue next year, 65 per cent of which will be from countries across North America, Middle East and South-East Asia.
With this acquisition, upGrad is mulling on double down its presence and offerings for the international geographies of North America, West Asia and Southeast Asia. In the current scheme of things, these markets contribute to 65 per cent of KnowledgeHut’s overall revenues.
KnowledgeHut was founded by Subramanyam Reddy in 2011. As per the company claims it has trained over 2,50,000 professionals and empowered over 500 enterprises to build the skills that drive results, with a product offering of over 200 courses across in-demand areas.
Commenting on this acquisition, Reddy through a media statement said, "Given our position in global markets, this synergy with upGrad will further strengthen and support that vision. The acquisition paves the way for upGrad to empower B2B customer segments across geographies including the United States and the Asia Pacific."
After the acquisition is complete, KnowledgeHut will operate as a wholly-owned subsidiary of upGrad and Reddy will be at the helm in his new role as the CEO.
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