upGrad acquires recruitment and staffing firm WOLVES India
Edtech unicornhas agreed to acquire , a recruitment and staffing firm, for an undisclosed amount.
Founded in 2014, Bengaluru-based WOLVES India specialises in placing tech talent across startups, along with mid and large-sized organisations in India and overseas. With 70 professionals, Wolves India has closed over 5,000 placements in technology and product roles.
The startup also addresses hiring challenges across the aerospace segment through its proprietary product—Quasara—thus, helping global businesses to set up their offshore centres.
“While with upGrad Rekrut we saw our learners receiving record-breaking CTCs during FY22, the joining of WOLVES India will give us an edge in the tech ecosystem. It shall foster wider employment opportunities for our learners in the form of highly paid tech roles and enhanced career acceleration,” said Mayank Kumar, Co-founder and MD, upGrad.
Earlier this week, the startup launched five new offline experience centres in Delhi, Jabalpur, Kolhapur, Kottayam, and Patna. Last month, upGrad also announced that it was looking to hire 3,000 people in the next three months.
These announcements come at the time when edtech startups are resorting to layoffs. Recent layoffs by BYJU’S-owned WhiteHat Jr, Unacademy, Vedantu, Lido Learning, and others point to the sector losing its mojo from the pandemic high. These online-first edtech startups are now reinventing themselves by adopting a hybrid model.
Bucking the trend of layoffs and a funding crunch, upGrad, which became a unicorn in 2021, raised $225 million in a fresh round of funding at a 2X valuation of $2.25 billion last month.
Investors in the round include James Murdoch’s Lupa Systems, US testing and assessment provider Educational Testing Service, the family offices of Lakshmi Mittal (ArcelorMittal SA), and Sunil Bharti Mittal (Bharti Airtel).
upGrad spans several segments—from test prep to study abroad—and undergrad degrees to campus courses in 250 universities. Its offerings include finance, law, business, and software for the 18-60 age group.
upGrad was founded by Ronnie Screwvala, Mayank Kumar, and Phalgun Kompalli in 2015.
Edited by Kanishk Singh