EdTech unicorn startup upGrad acquires data science institute INSOFE in a $33 million share swap deal. INSOFE’s management and investors will take a fraction of a percent stake in upGrad, valued at $2 billion, as part of the deal.
This acquisition will allow upGrad to offer more and better courses in AI, ML, and data analytics to learners across the globe.
Indian EdTech startup upGrad was founded by Mayank Kumar, Phalgun Kompalli, Ravijot Chugh, and Ronnie Screwvala in 2015.
upGrad is one of the most popular learning platforms that offer online courses in subjects like digital marketing, product management, entrepreneurship, data analytics, data-driven management, and digital technology management.
Some of the other notable acquisitions of upGrad include companies such as Work Better Training, KnowledgeHut, The Gate Academy, Talentedge, Global Study Partners, etc. upGrad has a global learner base of over 2 million people from over 100 countries, around 300 university partners, and strong enterprise business with more than 1000 companies as clients.
Co-founder and MD of upGrad, Mayank Kumar, said, “INSOFE adds a strong R&D component in AI and ML to upGrad’s large education service basket and helps upGrad create very exciting novel services for corporates and students globally.”
He further added that INSOFE is the gold standard of excellence in these specialized areas, and their combined powers provide tremendous value to upGrad.
Hyderabad-based educational institute INSOFE was founded by Dakshinamurthy V Kolluru, Ganapathy Kumar, and Sridhar Pappu in 2010. INSOFE is one of the most sought-after destinations for an undergraduate to doctoral education in machine learning, artificial intelligence, and data science globally.
Apart from India, INSOFE also has facilities in the United States, the United Kingdom, France, and Canada.
“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 worldwide,” said Co-founder and CEO of INSOFE, Dr. Murthy.
He also mentioned that they are enthusiastic about collaborating and using their excellence centers in Hyderabad and Bangalore, which will compete with anyone in the world in some of the most sought-after areas of specialization.