UpGrad acquihires Pyoopil to expand the corporate online education sector
Keeping in tow with the plan of entering the $1 billion corporate training market in India, UpGrad, an online education provider for working professionals, has acquihired Pyoopil Education Technologies Pvt Ltd, which is a mobile-based ‘Software as a Service’ (SaaS) product. This is used by corporate entities and UpGrad will use it to avail all the online training programs that can be utilized by its employees as and when they want.
Aiming to achieve a whooping revenue business of $100 million in the next 5 years, this acquihire focuses on expanding the online education sector by venturing into the $1 billion corporate training market in India. They are looking at a similar growth prospect in the B2C segment and expect to achieve $20 million of business by the next fiscal year.
A strong need of having a data and digitally sound workforce, UpGrad anticipates the corporate training market to grow at the rate of around 20% in the next 5 years. Given the volatile nature of most of the industries today, it expects this market to grow through Mergers & Acquisitions.
A shift from offline to online training is also expected to take place in the corporate training sector. Instead of spending on travel and accommodation, UpGrad hopes to help everyone to cut down on those expenses and channel their resources in learning. It also hopes to expand in the pre-hire market. Freshers joining a company have to go through a 2-3 months training before they start contributing. With this the company can save on revenue as well.
Leading companies like Mahindra, HCL and Tata have been roped in by UpGrad for customized programs in data analytics, digital marketing, product management, etc. There are other companies as well whose employees have enrolled in these programs. Other contributors to this program, through case studies, are Cognizant, Genpact, Star TV, Disney, Microsoft, Google, Uber, BookMyShow and others.
Co-Founder and MD of UpGrad, Mayank Kumar said, “The Pyoopil team is driven by immense passion towards working in Ed-tech and strong product expertise having built an engaging mobile learning product. They will now be part of our team, helping us in the next phase of our product evolution.”
Pyoopil was founded 3 years ago with a focus on building a product that has built in features and elements of peer engagement and mentorship. Harsh Tripathi, Co-Founder and CEO of Pyoopil, said, “Growing an education business is exciting and challenging. We have been in touch with UpGrad for some time now and given our shared drive and values on how we were approaching online education, we decided it would be best to join hands and do this together.”
In a joint statement, Ronnie Screwvala and Mayank Kumar, Co-Founders of UpGrad, said, “We are seeing a strong demand from companies who are looking to train their employees at a large scale. And UpGrad’s highly engaging online learning solution allows us to deploy learning solutions for enterprise at massive scale. Our new programs for corporate will focus on imparting skills around data, digital and innovation for workforce across corporates.”