upGrad has completely acquired (100%) this startup in a share swap deal
As part of the deal, Centum will continue to operate independently under the leadership of its current CEO and managing director-Sanjay Bahl
Bharti Enterprises Ltd and its affiliates will join upGrad’s cap table
Edtech unicorn upGrad has completely (100%) acquired corporate training solutions provider Centum Learning in a share swap deal.
As part of the deal, Bharti Enterprises Ltd and its affiliates will join upGrad’s cap table. Besides, Centum will also continue to operate independently under the leadership of its current CEO and managing director-Sanjay Bahl.
“Both upGrad and Centum are committed to driving outcomes for their learners and therefore, I am excited about combining the two synergies for creating a scalable portfolio for continued results,” Bahl said.
Founded in 2007, Delhi-based Centum offers new-age learning solutions to businesses and academic institutions.
Centum said it offers impact-based training to corporates. It also offers vocational and educational training to schools as well as college graduates to make them self-employed.
Centum claims to be recording an annualised revenue of approximately $21 Mn in the financial year 2023. It further states that it has trained over 2 Mn people and also, impacted over 400 businesses across India as well as Africa.
Centum has a headcount of 2000+ and has expanded its learning and development team to over 50 employees in Africa, according to the statement.
“upGrad has always seen enterprise upskilling as a strategic growth driver and we are making some nonlinear movements to reinvent B2B learning in India and create an integrated lifelong learning ecosystem for our stakeholders,” said Mayank Kumar, cofounder of upGrad and Gaurav Kumar, president at Corporate Development, upGrad.
Founded in 2015, the edtech unicorn upGrad offers undergraduate, postgraduate and upskilling courses to college graduates as well as working professionals. It claims to have a learner base of 3Mn+ across 100+ nations. It further asserts to have partnered with more than 300 universities and 1000 business organisations.
The latest acquisition comes after upGrad secured $210 Mn funding from ETS Global, Bodhi Tree and Kaizen Management Advisors, among others in August this year.
Earlier in August, it acquired edtech startup Exampur which happens to be the fifth acquisition of the edtech unicorn. Prior to that, it acquired Harappa Education, Talentedge, WOLVES India and International School of Engineering (INSOFE).
In the financial year 2021-22, upGrad posted a consolidated loss of INR 211 Cr, up by 167.8% jump from INR 78.8 Cr in the corresponding period. Meanwhile, its expenses climbed by 112.8% to INR 513.7 Cr against INR 241.4 Cr recorded in the previous fiscal year.
According to an Inc42 report, India’s edtech industry is anticipated to grow by 3.7x to $10.4 Bn by 2025.