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Officials of the Goods and Services (GST) department visited edtechstart-up upGrad”s Mumbai premises for a routine survey, the company said on Wednesday.
“It’s a routine survey and we are fully compliant and cooperating with the GST department” said Koel Hemdev, Head of Legal, upGrad.
This comes at a time when the edtech sector is facing financial and regulatory troubles. In April, Byju’s, country’s most valuable edtech start-up faced scrutiny when the Enforcement Directorate (ED) conducted searches in three of its premises. According to recent reports, Byju’s parent, Think and Learn Pvt Ltd, may be summoned by the Ministry of Corporate Affairs (MCA) in their probe over alleged corporate governance lapses.
Founded in 2015, UpGrad, backed by Temasek and James Murdoch’s Lupa Systems, was valued at more than $2 billion last year. The company has raised more than $400 million in equity to date. It offers online MBA and executive education courses by partnering with local and foreign universities.
The company, founded by film producer Ronnie Screwvala, Mayank Kumar, and Phalgun Kompalli, competes with firms including Softbank-backed Eruditus and Byju’s, among the country’s biggest start-ups. upGrad’s India CEO Arjun Mohan had left the company in January and was roped in by Byju’s.
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