Edtech player upGrad on Monday said it has invested USD 30 million (about Rs 245 crore) to launch its new offline higher education brand ‘UGDX’.
With this investment, UGDX will open 10 institutes by next year, including three in the US. Of these, 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 edtech said in a statement.
The company aims UGDX to reach an operational break-even in five quarters from its launch, it added.
“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.
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