Ed tech company upGrad has acquired global EdTech company KnowledgeHut. This comes within weeks of upGrad earmarking $250 million for Mergers & Acquisitions to drive non-linear growth for the next seven to nine months.
KnowledgeHut has trained over 2,50,000 professionals and over 500 enterprises to build the skills with a product offering of over 200 courses across in areas like Web Development, Machine Learning, AI and Data Science, Agile and Project Management, IT Service Management, Cyber Security and Cloud Computing.
In a statement, upGrad stated , "With the acquisition of KnowledgeHut, upGrad is venturing into the short duration upskilling and reskilling segment which has a market potential of over $58 billion."
Post-acquisition, KnowledgeHut will operate as a wholly-owned subsidiary of upGrad. Subramanyam Reddy, Founder & Director, KnowledgeHut will be at the helm in his new role as the CEO.
It is expected that KnowledgeHut would cross Rs 300 Crore ($40 Mn) revenue next year, 65% of which will be from countries across North America, Middle East, and South-East Asia.
(Published 03 August 2021, 09:03 IST)
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