Ed-tech firms upGrad has entered into an exclusive agreement to acquire Talentedge in what would mark a consolidation in the higher online education space in the country. The deal size is pegged at Rs 400-500 crore.
“Talentedge has meticulously built a strong business over the last decade and stayed the course in this space where most did not survive and we are very pleased to welcome them at upGrad as we build one of the largest EdTech companies in the world,” said Ronnie Screwvala, Chairperson and Co-Founder of upGrad.
Gurgaon-based Talentedge offers more than 60 courses in partnership with over 20 universities such as IIMs, XLRI, MICA, Cornell, and UCLA extension from across the globe. It also claims to have more than 5,00,000 individual and corporate learners. The company is expected to report revenue of over Rs 130 crore this year.
“Coming together with upGrad enables us to access their products and solutions, technology, and their data-driven pedagogical approach. It’s a win-win for learners and employers as a consolidated positioning enables us to serve them better. Talentedge will continue to work as-is with its university and institute partners to deliver quality education to its learners across degree and certification programs,” said Aditya Malik, CEO, and MD, Talentedge.
Last month, upGrad announced that it was buying out Global Study Partners (GSP), the largest study-abroad company in Australia, for AUD 16 million, with a commitment of a further AUD 10 million in the future.
The ed-tech firm is also in the active stage of closing a few more large acquisitions in India as well as abroad that will be announced over the next one to two quarters.
The company entered the unicorn club earlier this year after funding $185 million from Temasek, IFC, and IIFL, at a valuation of $1.2 billion. It is focusing on higher education which is everything above K12. It competes with companies like Unacademy and Byju’s.News Source: Money Control