According to TheEconomic Times, upGrad is looking to raise funds to finance the move and close the deal by the end of 2024.
It was reported that upGrad is likely to acquire Udacity for around US$80 million, a slightly lower value than the previously mentioned figure of $100 million, with around $50-60million coming from external investors and the remaining from existing investors.
However, in 2023, in the same publication, founder and chairperson of upGrad Ronnie Screwvala – who holds a 22.4% stake of the company –refused to comment or acknowledge this specific acquisition, but said that the company continues to have “conversations with companies around the world for potential acquisitions”.
Since 2020, upGrad has acquired 10 companies, and its 2022 valuation soared to $2.25 billion.
In 2021, the edtech giant strengthened its foray into the study abroad sector by acquiring Australia’s Global Study Partners in an agreement worth $16 million, with the promise of a further commitment of $10 million for future growth.
In the same year, it also acquired video-learning solutions provider Impartus, which it went on to rebrand as upGrad Campus.
Udacity, headquartered in California, was founded in 2011 and has since offered digital upskilling opportunities to 16.9 million registered users in more than 240 countries. Its co-founder, Sebastian Thrun, also co-founded and led Google X – working on radical ideas such as self-driving cars.
The PIE News reached out to upGrad but a spokesperson refused to comment, while Udacity did not respond to requests for comment.