This funding round also included participation from a prestigious group of angel investors.
This acquisition marks the first step in the massive consolidation that is currently occurring through big-ticket acquisitions led by upGrad.
As many as 77 faculty members from various departments of the institute were involved in setting up startups.
There has been strong investor interest in the edtech space, given how the segment has gained immensely from rapid digital adoption, especially during the pandemic.
The capital raised will be leveraged to invest in technology, strengthen workforce, and launch new product lines to add value to its clients.