Goods and Services Tax (GST) Department officials made searches at Ronnie Screwvala-founded edtech unicorn upGrad offices on Wednesday. The company said that it was a “routine survey”.
In a statement to IANS, Koell Hemdev, Head of Legal at upGrad, said that it is a “routine survey” and “we are fully compliant and cooperating with the GST Department”.
Backed by investors such as Temasek, James Murdoch’s Lupa Systems, and World Bank’s International Finance Corporation, upGrad has raised $600 million to date, and was valued at $2.25 billion last year.
In March this year, the online higher education company laid off nearly 30 per cent of its workforce at its subsidiary “Campus”.
This was the second layoff at an upGrad-owned company.
Harappa Education, which was acquired by upGrad for Rs 300 crore in July 2022, laid off 30 per cent of its workforce in January, affecting nearly 60 employees, according to reports.
upGrad Campus is the rebranded version of Impartus, which was purchased by upGrad for Rs 150 crore in March 2021.
Founded in 2015, upGrad offers more than 100 courses in data science, machine learning, artificial intelligence, Blockchain, finance, programming and law in collaboration with foreign universities.