Five of the institutes will be set up in Delhi, Chennai, Mumbai, Hyderabad, and Bengaluru. One will be set up in Singapore, and another in the Middle East.
Edtech player UpGrad announced on Monday that it has invested USD 30 million in its new offline higher education brand ‘UGDX’. With this investment, UGDX will open 10 institutes by next year, including three in the US.
The company’s San Francisco unit will go live in January 2023. Five of these institutes will be set up in Delhi, Chennai, Mumbai, Hyderabad, and Bengaluru, and one each in Singapore and the Middle East. The company aims UGDX to reach an operational break-even in five quarters from its launch.
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“As part of our goal to be the world’s first and largest fully integrated higher edtech company spanning college learners and working professionals from the age of 18 years to over 60 years, this is a natural extension as we move to a very scaled blended offline and online model under our own UpGrad brand,” UpGrad Co-Founder and chairperson Ronnie Screwvala said.
With the launch of these campuses, UpGrad is also aiming to rope in around 1,000 PhDs for specialized subjects. With the support of the World Bank’s International Finance Corporation (IFC) and IIFL, UpGrad is committed to providing quality education to students from all over the world.
“The K-12 education space has been seeing a significant slowdown, while the higher education segment is full of opportunities because it offers a higher return on investment for careers. UpGrad already has over 150 PhDs on its team, and another 1,000 lined up to join. This model allows faculty members the flexibility to also focus on research and publish papers while pursuing their passion for teaching,” Screwvala added.
UpGrad was founded in 2015 by Screwvala, Mayank Kumar, and Phalgun Kompalli. The company has been focused on its acquisition strategy to grow its user base and adjacencies in other verticals including test-prep.