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Edtech major upGrad has acquired Harappa Education for ₹300 crore ($38 million).
upGrad closed this transaction with Harappa shareholders—Bodhi Tree Systems (a newly formed platform between James Murdoch and Uday Shankar), and Co-Founders Pramath Raj Sinha and Shreyasi Singh. All of them will join the upGrad capitalisation table, which means they will all hold equity in upGrad.
Co-founded by Pramath Raj Sinha, who is also the Founding Dean of the Indian School of Business (ISB) and the Founder Trustee of Ashoka University, and Shreyasi Singh, ex-Editor of India Inc, Harappa has an active clientele of 100 mid and large-sized organisations.
“Similar to the integrated approach that we have been able to achieve in the B2C segment, we intend to offer a complete suite of products to our enterprise partners. A combination of upskilling courses along with these critical skills that Harappa has to offer would set us apart. We see strong demand from our clients and with Harappa coming in, we believe we’ll be able to grow exponentially within the segment as we cross-leverage the synergies. Pramath and Shreyasi come with a strong business legacy, which in turn, further fuels our ambition of becoming the global edtech leader,” said Ronnie Screwvala and Mayank Kumar, Co-founders of upGrad.
On the acquisition, Pramath Raj Sinha and Shreyasi Singh, said: “Consolidations get like-minded entrepreneurs together to build powerful, inspired formations. We are delighted to expand on the immense potential of our unique curriculum of social, cognitive, and behavioural skills, with Ronnie and Mayank, who have created such an exciting global company. As a combined force, Harappa and upGrad will anchor our purpose and conviction to create a truly wholesome learning ecosystem for lifelong learners in India and abroad, with our time-tested pedagogy, flagship programs, and rich partnerships to guarantee unmatched outcomes for our learners and clients.”
EY acted as the advisor for Harappa on the transaction.
About upGrad
Started in 2015, upGrad is an upskilling platform with a learner base of over 30 lakh across over 100 countries and over 300 University partners and a client base of 1,000 companies worldwide. Besides India, it has offices in the UK, the US, Middle East, Singapore and Vietnam, among others.
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