Unicorn UpGrad, is augmenting its growth through acquisition strategy. To consolidate its strength, it has acquired Harappa Education for $38 million (INR 300 crore) in cash and stock.
The acquisition of upGrad will enable upGrad to consolidate its strength in the enterprise tech market. Harappa Education will continue to run autonomously as a result of this.
This is upGrad’s second acquisition in a row for the month of July. Prior to this, WOLVES India, a staffing and recruitment firm, was purchased by upGrad‘s subsidiary upGrad Rekrut.
The founders of Harappa, Pramath Raj Sinha and Shreyasi Singh, as well as its shareholders, will join upGrad’s cap table as part of the agreement.
UpGrad to leverage Harappa Education’s Ed Tech strengths
“We are delighted to expand on the immense potential with Ronnie and Mayank. As a combined force, Harappa and upGrad will anchor our purpose and conviction to create a truly wholesome learning ecosystem for lifelong learners in India and abroad,” Pramath Raj Sinha and Shreyasi Singh, founders of Harappa Education, said.
Founded in 2018 by Sinha and Singh, the New Delhi-based B2B edtech startup offers self-paced online courses to working professionals across organisations. It offers courses in a range of areas such as personality development, career growth, emotional intelligence and productivity, among others.
Harappa presently has a clientele of 100 medium and large-sized organisations. As per the company, it plans to clock INR 75 Cr revenue this year.
