Officials from India’s GST tax department are searching the offices of UpGrad, an edtech unicorn whose investors include Temasek, James Murdoch’s Lupa Systems, and the International Finance Corporation of the World Bank, according to a statement released by the company on Wednesday.
UpGrad stated, “This is a routine audit, and we are fully compliant and cooperative with the department.”
The business that Ronnie Screwvala founded (shown above) raised $600 million in total and had a $2.25 billion valuation last year.
Reuters was the first to report on the investigations.
UpGrad, which is eight years old, specializes in higher education and upskilling courses. It offers over one hundred courses in data science, machine learning, artificial intelligence, blockchain, finance, programming, and law in collaboration with universities such as Michigan State University, IIT Madras, IIT Delhi, and the Swiss School of Business Management, Geneva.
Earlier this year, India’s crime-fighting agency searched three locations of edtech titan Byju’s and its creator, Byju Raveendran.