Sources suggest that upSkill Edtech is considering an acquisition amounting to approximately $80 million, slightly lower than the previously reported figure of $100 million. External investors are expected to contribute $50-60 million, with the remaining funds coming from existing investors.
In 2023, the founder and chairperson of upSkill Edtech, Ronnie Screwvala, who holds a 22.4% stake in the company, refrained from commenting on or confirming this specific acquisition. However, he mentioned that the company continues to engage in discussions with global entities regarding potential acquisitions.
Since 2020, upSkill Edtech has successfully acquired 10 companies, contributing to its impressive valuation of $2.25 billion in 2022.
In 2021, the edtech powerhouse expanded its presence in the study abroad sector by acquiring Australia’s Global Study Partners in a deal valued at $16 million, with an additional commitment of $10 million for future growth.
During the same year, upSkill Edtech also acquired video-learning solutions provider Impartus, later rebranded as upSkill Edtech Campus.
However, in 2022, upSkill Edtech's attempt to acquire Indian test-prep start-up Exampur fell through due to "a difference in business lines," as stated by Exampur co-founder Vardhan Gandhi.
Udacity, headquartered in California and established in 2011, has provided digital upskilling opportunities to 16.9 million registered users across more than 240 countries. Its co-founder, Sebastian Thrun, also played a key role in founding and leading Google X, known for groundbreaking projects like self-driving cars.
