New Delhi : 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.
“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.
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.
–IANS