India: upGrad acquires Harappa Education for $38m
Bangalore-based higher education and upskilling course provider upGrad has acquired Harappa Education for $38 million in a cash and share-swap deal.
New Delhi-based Harappa is a business-to-business ed tech start-up founded in 2018, that offers self-paced online courses to working professionals in around 100 medium and large-sized organisations, with topics including personality development, career growth, emotional intelligence and productivity. The business expects to reach revenue of $10m this year.
As a part of the deal, Harappa’s founders, Pramath Raj Sinha and Shreyasi Singh, as well as the company’s stakeholders, are joining upGrad’s cap table.
upGrad stated that the acquisition will help it strengthen its capabilities in the enterprisetech segment and that Harappa Education will continue to operate independently.
Ronnie Screwvala and Mayank Kumar, founders of upGrad, stated: “We see strong demand from our clients and with Harappa coming in, we believe we will be able to grow exponentially within the segment as we cross-leverage synergies. Pramath and Shreyasi come with a strong business legacy, which in turn, fuels our ambition of becoming the global ed tech leader.”
Launched in 2015, upGrad says it has a user base of three million in more than 100 countries, as well as a clientele of 1,000 companies. It has a presence in the UK, US, Middle East, Singapore and Vietnam.
EY acted as advisor for Harappa on this transaction.