upGrad, which is into online technology for higher education has acquired 100% stake in Rekrut India, a recruitment and staffing solutions company for an unspecified amount. “Rekrut will now open the floodgate of career opportunities for upGrad learners.
“This move is integrally aligned with our company’s vision of powering career success for every member of the global workforce as their trusted lifelong learning partner,” upGrad co-founders Ronnie Screwvala, Mayank Kumar and Phalgun Kompalli said in a statement.
Post the acquisition, Rekrut India will operate independently, with Ajay Shah continuing as the Managing Director. “Given the massive potential of the recruitment sector, which in itself is a ₹15,000-crore market, upGrad firmly believes an independent business in this sector will provide strong non-linear growth opportunities for the edtech major,” upGrad said in a statement.