upGrad, an online higher education platform, acquired INSOFE (International School of Engineering), an educational institute with a focus on data science, for USD 33 million, in a share swap deal. This marks the company’s second acquisition for this year. As part of the transaction, INSOFE’s management and investors will take less than 1% equity in upGrad, which was valued at USD 2 billion. 

The acquisition complements the company’s global growth strategy and strengthens its existing AI and machine learning courses through its integration with INSOFE’s proprietary technology. 

The company stated that it is in the process of raising funds within the next couple of months. upGrad reported top-line growth of more than 100%–120% since its inception (in 2015). Additionally, it expects top-line growth to range between 160% and 180% for FY2022, mainly stemming from international markets and the integration of acquired companies. The revenue run rate is expected to range between USD 250 million and USD 300 million in FY2022 and is expected to reach USD 500 million in FY2023. 

INSOFE offers blended data sciences and artificial engineering courses from its two facilities in Hyderabad and Bengaluru. The company has partnered with Case Western Reserve University, Rennes School of Business, Vijaybhoomi University, Carleton University, and Walsh University.