Ronnie Screwvala, founder and chairperson, UpgradRonnie Screwvala-led UpGrad said Wednesday that it acquired a 90 per cent stake in internship and job-search platform Internshala in a stock deal.
The Mumbai-based upskilling firm did not disclose financial terms. According to people in the know, the deal valued Internshala at around ₹100 crore.
UpGrad said it will invest additional resources to accelerate product innovation, AI-led talent matching and enterprise hiring models, with the aim to grow Internshala’s revenue from ₹45 crore to ₹100 crore and higher in the next 18-24 months.
The move is intended to allow existing learners from UpGrad to access the internships and job listings available on Internshala, while also bringing new users to the platform.
“At UpGrad, what we’re doing is skilling and training. One of the biggest components, obviously, is on-the-job training. So, I think this element where everyone aspirationally looks for internships fits perfectly with what we are doing,” Screwvala told ET.
“Internshala has been growing at about 30-40 per cent, and we want to increase that to around 40-50 per cent,” he added.
Gurgaon-based Internshala will continue to operate as an independent brand under its founder and chief executive Sarvesh Agrawal. Internshala aims to leverage UpGrad’s scale and technology infrastructure as it looks to broaden its offerings and user base.
Founded in 2010, Internshala has more than 34 million registered users and around 450,000 employers on its platform, with roughly 3 million active applicants each year. According to the company, more than 40 per cent of its users are from tier-II and -III cities in India.
Agrawal said the platform will shift towards a more enterprise-focused model, leveraging UpGrad’s enterprise-focused business and working with companies in the learning and development segment.
“The B2C segment, which involves direct candidate monetisation through a pro offering, and within B2B, small businesses and large enterprises where companies pay Internshala to hire talent, are the segments we will focus on going forward,” he said.
Screwvala has been exploring multiple acquisition opportunities. Earlier, ET reported that UpGrad had submitted an expression of interest to bid for Think & Learn, the insolvent parent of edtech firm Byju’s. The bid involves evaluating all its assets, including K-12 vertical Great Learning and coaching centre operator Aakash Educational Services.
UpGrad was also evaluating test prep startup Unacademy but withdrew from the talks over differences in valuation expectations.
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