Temasek-backed upGrad acquires edtech firm for $38m

UpGrad, an India-based edtech unicorn, has acquired Harappa Education for 3 billion rupees (US$38 million).

(From left) UpGrad co-founders Phalgun Kompalli, Mayank Kumar, and Ronnie Screwvala / Photo credit: UpGrad

UpGrad said it closed the transaction with Harappa’s present shareholders, which include its co-founders Pramath Raj Sinha and Shreyasi Singh as well as Bodhi Tree Systems, a new platform set up by Lupa Systems founder and CEO James Murdoch and former Walt Disney Asia Pacific president Uday Shankar.

Founded in 2018, Harappa aims to help professionals through its various educational programs, which include developing cognitive, social, and behavioral skills. Its faculty includes the likes of public speaker Ankur Warikoo and organizational development consultant Shalini Lal.

Harappa works with 100 mid- and large-sized organizations. It is expected to clock US$9 million in revenue this year, Harappa and upGrad said in a joint statement.

See also: Why Indian edtech’s self-regulation move won’t stop govt intervention

Meanwhile, upGrad joined the unicorn club in August 2021 following a US$185 million fundraise from investors including Temasek. A month before the raise, the edtech firm said it had set aside US$250 million for mergers and acquisitions.

To date, upGrad has acquired 10 firms, including US-headquartered upskilling platform KnowledgeHut and Australia-based international education startup Global Study Partners.

Currency converted from Indian rupee to US dollar: US$1 = 79.91 rupees