edited by: Mohammad Haris
Last Update: March 06, 2023, 12:07 PM IST
UpGrad has made at least 14 acquisitions so far. (Representational Image)
This is the second instance of layoffs at the Upgrade-owned subsidiary after Harappa Education laid off around 70 employees in December 2022.
In the latest round of tech layoffs, edtech unicorn UpGrad has laid off around 120 employees at its subsidiary Impertus Innovations. The layoffs affect at least 30 percent of Impertus Innovation’s 300 employees. Fe report citing sources
Impertus Innovations, a video-learning solutions provider, was acquired by UpGrad in 2021 for Rs 150 crore. This is the second instance of layoffs at a subsidiary owned by Upgrade after Harappa laid off about 70 employees. Education In December 2022.
UpGrad has made at least 14 acquisitions so far. In 2022, it made around five acquisitions, including upskilling platform Harappa Education for $38 million and data science institute INSOFE for $33 million.
Recently, Upgrade Education has leased 2 lakh sq ft space in Mumbai’s BKC from Sunteck Realty for 29 years and will pay around Rs 2,000 crore over the entire lease term. The upgrade will pay an initial rent of around Rs 300 per sq ft per month, depending on the carpet area.
The project is located off Bandra Kurla Complex (BKC). The project is nearing completion stage and the possession is to be completed by June 2023. Upgrade Education will provide better education infrastructure to its students to focus on their academics and career development. The upgrade is expected to commence operations in the soon to be completed commercial space.
In September 2022, UpGrad announced the acquisition of 100 percent of corporate training solutions leader Centum Learning in a share swap deal. Centum expects revenue of Rs 170 crore ($21 million) in fiscal 2023. With this transaction, Bharti Enterprises Limited and its associates are joining the cap table of Upgrade.
Launched in 2015, UpGrad has a learner base of over 3 million in over 100 countries and over 300 university partners and a strong enterprise business with a customer base of 1,000 companies worldwide.
In August, UpGrad raised $210 million (roughly Rs. 1,670 crores) in a round one with participation from ETS Global, Bodhi Tree, Kaizen Management Advisors and others.
The tech industry has witnessed massive layoffs in 2022 and the edtech sector has topped the list of sectors with the highest layoffs. Over 18,000 employees are believed to have lost their jobs in the sector so far due to the slowdown in the market. The Edtech sector in India includes companies such as Byju’s, Unacademy and Vedantu.
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