upGrad snaps up video-based learning solutions firm Impartus for $20.6 mn
Edtech firm upGrad Education Pvt Ltd has acquired Impartus Innovations Pvt Ltd, a video-enabled learning solutions provider, for Rs 150 crore ($20.6 million).
Impartus will be now rebranded as upGrad Campus. In its new avatar, it will target higher education institutions and college students.
“Aligned with our vision, upGrad Campus will bolster our presence in the university education space and help the youth of Bharat learn the necessary skills needed to become more employable and join the workforce as leaders of tomorrow,” said Ronnie Screwvala, chairman of upGrad.
Founded by three IIT graduates Amit Mahensaria, Alok Choudhary and Manish Kumar, Bengaluru-based Impartus offers virtual classrooms.
It claims to be the front-runner in allowing schools and colleges to migrate online at zero cost when the pandemic broke out last year. The platform has on-boarded over 280 higher education institutes, nearly 50,000 teachers, and around six lakh learners within seven years.
“The synergy of Impartus and upGrad will pave the way for augmenting college education by helping learners upskill with new-age courses, thus elevating their candidature for better career prospects,” said Mahensaria, chief executive of upGrad Campus.
Temasek-backed upGrad is hopeful that the move will enable it to add 50,000 paid learners in the very first year of acquisition.
In April this year, upGrad secured $120 million from Singapore state investor Temasek in its first external funding.
Founded in 2015, the online tutor platform has over one million total registered learners in more than 50 countries globally.
In November, it bought test-prep platform The Gate Academy which is focused on GATE (Graduate Aptitude Test in Engineering) and government job examinations.
The edtech sector has been attracting increased investor attention after the pandemic sparked a surge in demand for online learning platforms and solutions.
Earlier this month, Teachmint Technologies Pvt Ltd, focused on tutor-student connectivity, raised $16.5 million (Rs 123 crore) in a Series A funding round.
Last month, edtech market leader Byju’s raised over $455 million (Rs 3,328 crore) in the second tranche of its Series F fundraise, the move reportedly bumping up its valuation to $15 billion (about Rs 1.13 lakh crore).
Byju's also acquired test-prep firm Aakash Educational Services in a $1 billion deal last month.
Earlier in January, Unacademy, which joined the unicorn club of startups valued at $1 billion or more last year, said four existing investors had purchased shares worth $50 million (Rs 366 crore).