upGrad Not Acquiring Noida-Based Test Prep Provider Exampur for Government Jobs
"We are presently very focused on adult learning and, therefore, this is a strategic call for us. We are happy to re-evaluate this in the future," the company told IANS in a statement.
New Delhi, December 17: Online higher education platform upGrad is not going ahead with its acquisition of Exampur which is a test-prep provider for government jobs. upGrad in August announced to acquire Exampur for an undisclosed sum.
"We are presently very focused on adult learning and, therefore, this is a strategic call for us. We are happy to re-evaluate this in the future," the company told IANS in a statement. UpGrad To Hire Over 1,400 People by March 2023 Amid Mass Layoffs by Tech Companies.
"There have been no disagreements on the valuation," the company spokesperson added. Noida-based learning platform Exampur aims to reach Rs 70 crore (nearly $7.5 million) in revenue this fiscal. Co-founded in 2018 by Vivek Kumar and Vardan Gandhi, the platform has a user base of over 10 million students.
Exampur offers over 200 test-prep courses for govt. jobs where most of the content is delivered through its YouTube channels for the UPSC, SSC, defence, banking, teaching and other state-level government jobs. Ninety per cent of paid users of Exampur are from tier 2, 3 and 4 markets. Additionally, Exampur offers online test series, free quizzes and live scholarship tests. Ronnie Screwvala, Co-Founder upGrad, Says ‘No Funding Winter for Startups With Real Business Models’.
upGrad acquired more than a dozen edtech startups in the recent past, like Delhi-based Harappa Education, Bengaluru-based recruitment and staffing firm Wolves, and corporate training startup Centum Training.
Amid the deepening layoff winter, the online higher education platform may ask a major chunk of its employees -- about one-third or even more -- to go in days to come, according to people familiar with the matter. The company, however, has denied any upcoming layoff -- large or small.
(The above story first appeared on LatestLY on Dec 17, 2022 05:55 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).