Upgrad, an edtech company, has exchanged shares for Centum Learning, a pioneer in corporate training solutions. Bharti Enterprises Limited and its affiliates are entering Upgrad’s cap table with this transaction.
In FY23, Centum is anticipated to generate Rs 170 crores in revenue.
In a recent round of fundraising valued at $2.25 billion, Upgrad raised $210 million from notable investors.
The chairman of Upgrad, Ronnie Screwvala, had previously disclosed to ET that a substantial chunk of these monies will be used for acquisitions since the business was close to finalizing deals with four additional education organizations.
In order to help students in high schools and colleges become self-employed or find meaningful employment, Centum, a company with its headquarters in New Delhi, was founded in 2007. It currently provides impact-based training to corporations as well as educational and vocational training to students.
Sanjay Bahl, the company’s managing director and chief executive officer, will provide leadership advice while Centum’s business continues to run independently with a workforce of more than 2,000 people.
Commenting on the development, Mayank Kumar, Co-founder & MD, and Gaurav Kumar – President, Corporate Development of Upgrad said, “Enterprise workforce upskilling is a supercritical need; however, the sector remains highly fragmented. 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 Life Long Learning ecosystem for our stakeholders.”
Sanjay Bahl, Managing Director & CEO, Centum Learning added, “We have put in years of hard work building a bespoke training and content portfolio that makes new-age learning more immersive and outcome-oriented for both corporates & individuals. I am excited about combining the two synergies for creating a scalable portfolio for continued results,” added Sanjay Bahl, Managing Director & CEO, Centum Learning.
The management anticipates that Upgrad will complete FY 23 with close to $ 500 million in revenue, with FY 22 ending at a revenue runrate of roughly $250 million.
Education-related businesses including Harrappa Education, Exampur, Talentedge, Study Partners, Work Better, Knowledgehut, Impartus Innovation, and Rekrut India have been bought by the corporation.