upGrad announces merger scheme to consolidate all M&As in India into ‘One upGrad’ | The Financial Express

upGrad announces merger scheme to consolidate all M&As in India into ‘One upGrad’

upGrad has decided to streamline the corporate structure and expense out all costs related to mergers.

upGrad announces merger scheme to consolidate all M&As in India into ‘One upGrad’
The company's networth decreased to Rs 246.61 crore in FY22.

Ed-tech company, upGrad has announced comprehensive plans to merge all its M&As in India into ‘One upGrad’ and complete the integration process by March to June 2023.

According to an official release, upGrad has decided to streamline the corporate structure and expense out all costs related to mergers and their growth capital in their FY22 and partly in FY23 financials. To date the company has raised less than $300 million – much lower than any other player. However, it is in preparation for an IPO in 2024, the release added.

Over 15 co-founders from the ed-tech’s M&As will join the leadership team and participate in the Integrated vision – where upGrad aims to impact college learners and working professionals in India, Asia, and the world, across their LifeLongLearning journey.

Each entity will contribute to their building block to make every learner job ready, for the 21st and even the 22nd century, the release said.

“The diversity of our colleagues both in India and globally is unique. It will help us to achieve our long-term mission of changing the employability landscape and also emerge as an Edtech leader from India for the world. This consolidation also gets us financially ready for a future listing as we put costs behind us between the last and this year to focus on a high growth and high profitability model while creating impact,” Mayank Kumar, co-founder, MD, upGrad, said.

With inputs from PTI

Also Read: GER improved in 2021-22 across school education, reveals UDISE Plus report

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First published on: 03-11-2022 at 15:40 IST