Ronnie Screwvala-led upGrad eyeing M&As in US and Southeast Asia

Ronnie Screwvala-led edtech unicorn upGrad has initiated a M&A (mergers and acquisitions) strategy in negotiations to acquire various companies in markets, such as the US and Southeast Asia. As part of that strategy, upGrad Rekrut, a 100 per cent subsidiary of upGrad, has acquired Wolves India, a recruitment and staffing firm, for an undisclosed amount. It specialises in helping recruit tech talent. 

upGrad is making these moves at a time when the company almost doubled its valuation to $2.25 billion after raising $225 million in fresh funding from investors such as James Murdoch’s Lupa Systems and family offices of Lakshmi Mittal of ArcelorMittal and Sunil Bharti Mittal of Bharti Airtel, according to the sources. 

“Geographical expansion is definitely a critical area for us,” said Mayank Kumar, co-founder and managing director of upGrad, in an interview. 

“We are in talks with companies in the US and Southeast Asia, and exploring opportunities where we can expand our presence internationally.”

The international business is so critical that the firm’s other co-founder Phalgun Kompalli, has shifted to the US to lead businesses within the brand there.