Indian edtech startup upGrad, on Tuesday (December 15), has continued its acquisition spree, having acquired 100% stake in recruitment and staffing solutions company Rekrut India. The acquisition will allow upGrad to provide end-to-end support for learners across the lifecycle – from learning to employment.
The edtech startup said it will get access to an extensive network of 100+ recruiting experts and adaptive products that have simplified hiring for several corporates, startups, MSME and large enterprises. Meanwhile, Rekrut gets to access upGrad’s network of half-a-million learners, of which 30K are paying for the courses.
“Driving ROI of education through career outcomes has been a core differentiator for the edtech major upGrad. Acquisition of Rekrut will turbocharge its career engine by opening up wider placement opportunities and propelling accessibility of upGrad learners to Rekrut’s hiring partners,” the company said in a press statement.
upGrad cofounders Ronnie Screwvala, Mayank Kumar and Phalgun Kompalli said that Rekrut will now open a “floodgate” of career opportunities for upGrad learners. They also emphasised that the move is integrally aligned with the company’s vision of powering successful careers.
Rekrut, founded in 2020, will continue to operate independently after the acquisition, with Ajay Shah staying on to lead the team as the managing director of the company. Given the massive potential of the recruitment, sector upGrad believes that an independent business in this sector will provide strong non-linear growth opportunities for the edtech major.
“The upGrad-Rekrut synergy will disrupt the ecosystem and build an end-to-end supply chain of manpower, where Rekrut is the demand partner providing cutting-edge jobs and upGrad will supply the highly skilled, and future-ready talent, Shah said.
Last month, upGrad had acquired Bengaluru-based coaching institute The Gate Academy (TGA) to mark its entry into the test preparation market. With the acquisition, TGA will operate as a subsidiary of upGrad and will continue with its brand name and Ritesh Raushan will become its CEO.
Founded in 2015, upGrad focuses on higher education, as well as helping working professionals develop proficiency in the most in-demand technical skills. The company aims to help working professionals and individuals by providing them with university education online through structured programmes and facilities which include courses on deep technology, digital marketing, management, entrepreneurship certification among others