upGrad files Merger Scheme to consolidate all M&As into Parent Company
Nov 03, 2022
Mumbai (Maharashtra) [India], November 3 (ANI/BusinessWire India): Asia's largest higher EdTech player upGrad today announced comprehensive plans to merge all its M&As in India into 'One upGrad' and complete the integration process by March to June 2023.
All Costs + Restructuring & Integration Growth Capital to be expensed out in FY22 and partly in FY23.
upGrad to date has been most capital efficient in raising external funds, having raised less than USD 300 million - much lower than any other player and in preparation for an IPO in 2024, have chosen to streamline the corporate structure as also expense out all costs related to mergers and their growth capital in their FY22 and partly in FY23 financials.
"We are delighted to have over 15 Co-founders from our M&As join the leadership team at upGrad and participate in the Integrated vision - where upGrad has to impact college learners and working professionals in India, Asia, and the world, across their LifeLongLearning journey. Each entity contributes to our building block to make every learner job ready, for the 21st and even the 22nd century. Our model is unique, and we welcome the diversity of our colleagues both in India and globally to achieve our long-term mission of changing the employability landscape and also emerge as an Edtech leader from India for the world. This consolidation also gets us financially ready for a future listing as we put costs behind us between the last and this year to focus on a high growth and high profitability model while creating impact and having the largest alumni base in Higher Education," said Mayank Kumar, Co-founder & MD, upGrad.
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