GST officials visit edtech major upGrad’s office
upGrad said it’s a routine survey and it is fully compliant and cooperating with the GST department.
Goods and Services Tax (GST) officials visited an office of Ronnie Screwvala-led edtech firm for a routine survey, the company said in a statement on Wednesday.
“It’s a routine survey and we are fully compliant and cooperating with the GST department,” Koell Hemdev, Head of Legal at upGrad, said in a statement, without sharing additional details.
Reuters was the first to report on the development.
Founded by Ronnie Screwvala, Mayank Kumar, and Phalgun Kompalli in 2015, upGrad spans several segments—from test prep and study abroad to undergrad degrees and campus courses in 250 universities.
The company's backers include Temasek, Lupa Systems led by James Murdoch, and the International Finance Corporation. It has raised over $600 million in funding.
Its competitors include Blackstone-backed and -owned Great Learning.
Earlier this month, BYJU'S roped in upGrad ’s former CEO Arjun Mohan as the CEO of its international business.
Late last month, it was reported that upGrad is in discussions to acquire US-based edtech firm Udacity. However, upGrad has issued a denial on this development.
Edited by Akanksha Sarma