upGrad subsidiary Campus lays off 30% of workforce: Report
The layoffs affected at least 120 of the 300 employees of upGrad Campus, a video-learning solutions provider.
upGrad Campus (previously), which was acquired by Ronnie Screwvala's in 2021 for Rs 150 crore, has reportedly laid off about 30% of its workforce.
The layoffs affected at least 120 of the 300 employees of upGrad Campus, a video-learning solutions provider, according to a Financial Express report.
YourStory could not independently verify the report. upGrad has not responded to queries sent by YourStory at the time of publication.
Impartus, post the acquisition, was integrated into upGrad and rebranded as ‘upGrad Campus’. It targeted higher education institutions and college students.
upGrad Campus is the edtech giant's second subsidiary to lay off employees in recent months. Harappa Education, which was acquired by the edtech unicorn last July at a value of Rs 300 crore, recently laid off about 60 employees or 30% of its 200-strong workforce.
The development also comes at a time when edtech unicorns are witnessing losses, laying off employees, slowing expansion plans, and trying to conserve cash amid a funding winter.
Since its inception, upGrad has acquired 14 companies under different verticals—upskilling and reskilling programmes, test prep, courses for college students, study abroad segment, and short skilling courses.
However, the acquisition of Exampur, an online learning startup for competitive examinations, fell through last December.
In November, IPO-bound upGrad also announced plans to consolidate all its mergers and acquisitions in India into One upGrad, and complete the integration process by March-June 2023.
Edited by Affirunisa Kankudti