The Indian edtech firm upGrad is reported to be in talks to acquire US online learning platform Udacity.
According to The听Economic Times, upGrad is looking to raise funds to finance the move and close the deal by the end of 2024.
It was that upGrad is likely to acquire Udacity for around US$80 million, a slightly lower value than the previously mentioned figure of $100 million, with around $50-60million coming from external investors and the remaining from existing investors.
However, in 2023, in the same publication, founder and chairperson of upGrad Ronnie听Screwvala 鈥� who holds a 22.4% stake of the company 鈥撎� to comment or acknowledge this specific acquisition, but said that the company continues to have “conversations with companies around the world for potential acquisitions”.
Since 2020, upGrad has acquired 10 companies, and its 2022 valuation soared to听$2.25 billion.
In 2021, the edtech giant strengthened its foray into the study abroad sector by acquiring Australia’s in an agreement worth , with the promise of a further commitment of $10 million for future growth.
In the same year, it also acquired video-learning solutions provider Impartus, which it went on to rebrand as .
In 2022, upGrads acquisition of Indian test-prep start-up fell through, due to , said Exampur co-founder, Vardhan Gandhi.
, headquartered in California, was founded in 2011 and has since offered digital upskilling opportunities to 16.9 million听registered users in more than 240 countries. Its co-founder, Sebastian Thrun, also co-founded and led Google X –听working on radical ideas such as self-driving cars.
小瓢虫传媒 reached out to upGrad but a spokesperson refused to comment, while Udacity did not respond to requests for comment.
