upGrad earmarks Rs 50 cr to acquire ed-tech firms this fiscal

Education technology firm upGrad has earmarked Rs 50 crore for acquiring two-three peers during the current fiscal, the company said on Thursday.

Founded in 2015, Upgrad offers online programs for working professionals and claims to have over 21,500 paid subscribers.

"We are in active discussions. There are some interesting opportunities in these times and some great entrepreneurs too, and we are excited to bring those companies into upGrad as we look at growth this year," Upgrad co-founder and chairman Ronnie Screwvala said in a statement.

The company will earmark about Rs 50 crore for the future funding of these business activities, he added.

Upgrad did not disclose the name of the companies that it plans to acquire.

"Many companies, amid the current scenario are running out of staying power and money and therefore, our terms are not to pay anything to buy them but to have them onboard with us, so we can in the future fund the activity inside upGrad.

"Our specific interest for targeted companies are those that can fast-track our ambitions in the degree programs or add a whole new line of online programs to our existing range, example finance, law or medicine," Screwvala said.