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Tax Officials Visit Offices Of Mumbai-based Edtech Unicorn UpGrad For Routine Survey
Edtech startups are on the radar of the government for the past few months. Like overall edtech, upGrad also felt the heat during ongoing funding winter as the Ronnie Screvwala-founded company fired 30 per cent of its workforce in March
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Goods and services tax (GST) department officials have visited the premises of edtech company upGrad, according to media reports.
Edtech startups are on the radar of the government for the past few months. Earlier, media reports suggested that Byju’s may be summoned by the Ministry of Corporate Affairs (MCA) very soon.
Like overall edtech, upGrad also felt the heat during ongoing funding winter as the Ronnie Screvwala-founded company fired 30 per cent of its workforce in March. In the same month, it also raised Rs 300 crore via right issue from Temasek and Screwvala among others. Ahead of the layoffs, upGrad’s chief executive (CEO) Arjun Mohan also resigned after a nearly three-year stint at the company.
The Mumbai-based company turned unicorn in August 2021. Since the entry in the unicorn batch, the firm also acquired five startups namely Talentedge, Global Study Partners, Exampur, Wolves India and Harappa Education.