Shillong, July 19: Officials from the Goods and Services Tax (GST) Department carried out searches at the offices of edtech unicorn upGrad, which was founded by Ronnie Screwvala. The company responded by stating that the search was a routine survey and emphasized their full compliance and cooperation with the GST Department.
upGrad, backed by investors like Temasek, Lupa Systems (James Murdoch’s firm), and the World Bank’s International Finance Corporation, has raised $600 million to date and achieved a valuation of $2.25 billion last year.
IANS reported that earlier this year, upGrad’s online higher education arm, “Campus,” underwent a significant layoff, affecting almost 30 percent of its workforce. This marked the second layoff within companies owned by upGrad. Harappa Education, acquired by upGrad for Rs 300 crore in July 2022, had laid off 30 percent of its workforce in January, impacting around 60 employees, according to reports.
Notably, upGrad Campus is the rebranded version of Impartus, acquired by upGrad for Rs 150 crore in March 2021.