EdTech Unicorn upGrad has acquired International School of Engineering (INSOFE) in a $33 million share swap deal.
This acquisition will boost the upGrad of AI and ML courses, which are becoming popular in India due to the growing demand for talent with these skills from corporates and startups.
It said in a statement that upGrad learners will find classroom options in many programs and INSOFE and Atlas Skilltech University (sponsored and supported by Upgrade) will launch a series of special programs.
Headquartered in Hyderabad, INSOFE was founded in 2011 by Sreerama K. Murthy, and Dakshinamurthy Kolluru, it is an education institute focused on Data Science, Artificial Intelligence (AI), and Machine Learning (ML).
The educational startup has a presence in the US, UK, France, Canada and India.
“INSOFE’s depth in AI and ML coupled with upGrad’s partner and student base makes a powerful combination to assume a leadership position in AI education and research. We are excited to come together and leverage our excellence centers in Hyderabad and Bangalore that will match up with anyone around the globe”, said, Sreerama K. Murthy, co-founder, and CEO, INSOFE.
According to a press statement, this year its revenue will exceed $13 million and it is profitable.
Per the transaction, INSOFE’s management and investors will take a little less than 1% equity in the upgrade at a valuation of $2 billion.
The Mumbai based upGrad was founded in 2015 by Ronnie Screwvala, Mayank Kumar, PhalgunKompalli and RavijotChugh,
It offers higher education courses in collaboration with various universities and claims to have one million users globally, of which 45k are paid students.
upGrad claims to have a learner base of over 1,000 companies worldwide, a learner base of over 2 million in over 100 countries, and over 300 university partners.
“INSOFE adds a research & development component in AI and ML to upGrad’s large education service basket and helps upGrad create exciting novel services for corporates and students globally”, said, Mayank Kumar MD and co-founder, upGrad.
In August 2021, upGrad entered the unicorn club after raising $185 million from Temasek, International Finance Corporation.
Founded in 2015, upGrad is India’s largest online higher education company providing programs in Data Science, Technology, Management and Law, to students, working professionals and enterprises. Every program is designed and delivered in collaboration with top universities like the IIT Madras, MICA, NMIMS Global Access, Jindal Global Law School, Duke CE, Deakin University, Liverpool John Moores University and others.
With an 85% program completion rate, a robust tech platform, an outcome-based learning approach, industry-relevant curriculum, strong mentorship, and placement support, upGrad has established its position as the leader in the Indian education system and is well on its way to accomplish their Vision of powering career success for every member of global workforce as their trusted lifelong learning partner.
upGrad has on-boarded over 40,000 paid learners while impacting more than a million individuals, globally. IIIT Bangalore and upGrad’s collaborated program of PG Diploma in Data Science is India’s first-ever PG Diploma to be recommended and validated by the National Association of Software and Services Companies (NASSCOM) and government-approved National Occupational Standards (NOS).
upGrad received the ‘Best Education Brands’ award by Economic Times in 2018, Most Innovative Companies in India’ by Fast Company in 2017 and has made it to LinkedIn’s ‘Top 25 Startups’ two years in a row in 2018 and 2019, and in 1st position in 2020.
INSOFE is Asia’s 1st Data Science education institute with 7 international academic tie-ups offering full-time dual specialization master’s degrees with post-study work permit opportunities in Canada, France, the USA, and the UK.
With over 75+ world-class faculty several of whom work as adjunct faculty at other globally recognized universities, INSOFE is a world-class research, consulting, and graduate education institution with a deep focus on Data Science, Artificial Intelligence, and Machine Learning.