• Notification Date: 21-07-2023
• Notification No: N/A

GST Officials visit UpGrad Office – Company says “Routine Survey”

Officials from the Goods and Services Tax (GST) department have visited an office of higher education and upskilling focussed edtech UpGrad for a routine survey, the company said on Wednesday. 
 
"It's a routine survey and we are fully compliant and cooperating with the department," Koell Hemdev, legal head, Upgrad, said in a statement. The development was reported by news wire service Reuters. 
 

A finance ministry spokesperson did not respond to ET’s request for a comment on the matter. 

The news comes a day after ET reported that the directors of embattled edtech major 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. 
 
UpGrad, backed by Temasek and James Murdoch's Lupa Systems, was valued at more than $2 billion last year. It offers online MBA and executive education courses by partnering with local and foreign universities. 

Founded by film producer Ronnie Screwvala, UpGrad competes with the likes of Softbank-backed Eruditus and Bjyu’s owned - Great Learning. 

UpGrad's India CEO Arjun Mohan, who left the company in January, joined Byju's last week. ET had reported that Mohan has been roped in as the chief executive of the company’s international business unit, and sources said he may be given additional responsibilities. 

Late last month, ET had reported that UpGrad was in talks to acquire US-based Udacity. The edtech industry, post-pandemic, has been struggling to retain business from the peak years of 2020 and 2021. 
 
Byju’s — India’s largest edtech as well as its most valued startup — has been hit by multiple issues such as corporate governance lapses and director exits in recent weeks. 

In April, the Directorate of Enforcement (ED) conducted searches on several premises linked to Byju’s, as part of a probe into alleged violation of foreign exchange rules over the investments received and transfer of funds abroad by the company.