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upGrad acquires early-talent marketplace Internshala

EntrackrEntrackr · 19d ago
upGrad acquires early-talent marketplace Internshala
Medial

upGrad, an integrated skilling and workforce development company, has acquired the early-talent marketplace Internshala for an undisclosed amount through a transaction in which 90% of the consideration was structured as a stock swap. The deal values Internshala at around Rs 100 crore. According to upGrad, it will invest additional resources to accelerate product innovation, AI-led talent matching, and enterprise hiring models, with the aim of growing Internshala’s revenue from Rs 45 crore to Rs 100 crore or more over the next 18–24 months. The acquisition is intended to enable existing upGrad learners to access internships and job listings available on Internshala, while also onboarding new users to the platform. Internshala will shift towards a more enterprise-focused model by leveraging upGrad’s enterprise business and working closely with companies in the learning and development segment. Internshala will continue to operate as an independent brand under its founder and chief executive, Sarvesh Agrawal. The company aims to leverage upGrad’s scale and technology infrastructure as it expands its offerings and user base. Founded in 2011 by Agrawal, Internshala is an internship and training platform that helps college students build skills and gain real-world experience through internships and fresher jobs. The Gurugram-based company claims to have more than 34 million registered users and around 450,000 employers on its platform, with roughly 3 million active applicants annually. Over 40% of its users come from tier-II and tier-III cities across India.

Leverage Edu revenue spikes 3.2X to Rs 69 Cr in FY23

EntrackrEntrackr · 2y ago
Leverage Edu revenue spikes 3.2X to Rs 69 Cr in FY23
Medial

Leverage Edu, which helps Indian students enroll in global colleges, has registered over three-fold growth in its operating scale in the fiscal year ending March 2023. At the same time, the Delhi-based firm’s losses rose 70%. Revenue from operations for the edtech startup spiked 228% to Rs 69 crore in FY23 from Rs 21 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show. Founded in 2017 by Akshay Chaturvedi, Leverage Edu provides full-stack services including counseling, application-admission support, and financing to students pursuing international education. It assists students from India, Nigeria and Nepal, among others. The student placement services formed 90% of the Leverage Edu’s total operating revenue which shot up 3.26X to Rs 62 crore in FY23. The remaining income derived from other support services. Notably, 84% of the total revenue was generated from international sources, with India contributing 16% of the company’s income. On the cost front, employee benefits became the largest burn accounting for 38% of the overall expenditure. This cost grew 2.1X to Rs 66 crore in FY23 whereas advertising cum promotional cost saw a surge of 2.6X to Rs 55 crore in the previous fiscal year (FY23). Leverage Edu’s information technology, legal professional, rent, commissions, and other overheads took its total expenditure up by 154% to Rs 173 crore in FY23 from Rs 68 crore in FY22. Head to TheKredible for the detailed expense breakup. At the end, Leverage Edu’s losses grew 70% to Rs 103 crore in FY23 from Rs 47 crore in FY22. Its ROCE and EBITDA margin stood at -272% and -136.6%, respectively. On a unit level, it spent Rs 2.51 to earn a rupee. FY22-FY23 FY22 FY23 EBITDA Margin -142% -136.6% Expense/₹ of Op Revenue ₹3.24 ₹2.51 ROCE -31% -272% The company had raised around $70 million across rounds and was last valued at around $140 million. According to the startup data intelligence platform TheKredible, Blume Ventures is the largest external stakeholder with 16.9% followed by Tomorrow Capital and DSG Consumers Partners which command 14.82% and 12.52% stake, respectively. As LeverageEdu has grown, it has also expanded the breadth of its offerings, be it test prep or even funding arrangements. While that indicates focus on its target group, the firm is exposed to multiple risks due to its high costs. Disruption in markets like Canada has been well documented, but other lucrative western markets in Europe, besides the US, could also see a slowdown due to a poor job market there. Chaturvedi builds a strong narrative, reflected in the backing of over 50 investors he has garnered over the time since he launched the firm. That also provides him many avenues to seek tie-ups, expansions and more. However, eventually it all has to come back to something that can move ahead more sustainably. In a sector particularly loyal to strong brands, a drop in marketing costs should be expected now that the firm claims significant success behind it.

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