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by IANS |
Mumbai, April 7 (IANS) Edtech major upGrad on Thursday said it has integrated all of Talentedge's business, which will operate under its own name, as its owner Sekhsaria Family Office took a stake in upGrad at $2 billion value.
upGrad in December last year announced to acquire Gurugram-based edtech rival Talentedge reportedly for Rs 350-400 crore.
Talentedge was valued at Rs 205 crore and the near 100 per cent share swap transaction was done at an upGrad value of $2 billion.
In the coming financial year, Talentedge is likely to cross a gross revenue of Rs 150 crore, said the company.
"Talentedge integrated inside upGrad will be a formidable combination that will be very value accretive for both," said Narayanan V who leads private investments at Sekhsaria Family Office, owner of Talentedge.
Talentedge has partnerships with leading universities for degree programmes, and also for working professionals.
"The coming together of Talentedge with upGrad cements our leadership position in India's lifelong learning market and we see great synergies, cost savings and our ability to scale and consolidate," said Mayank Kumar, co-founder and MD, upGrad.
Started in 2015, upGrad has a learner base of over two million across more than 100 countries, along with over 300 university partners.
It has offices in the UK, the US, the Middle East, India, Singapore and Vietnam, with presence in many more countries.