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Ronnie Screwvala’s upGrad to invest Rs 30 crore in TuringMinds to roll out tech products

Ronnie Screwvala’s upGrad to invest Rs 30 crore in TuringMinds to roll out tech products

TuringMinds was set up last year with an aim to build a complete ecosystem of senior data scientists, machine learning engineers through campus recruitments in India.

Bhavya Kaushal
Bhavya Kaushal
  • Updated Dec 22, 2022 5:27 PM IST
Ronnie Screwvala’s upGrad to invest Rs 30 crore in TuringMinds to roll out tech productsAccording to the company, TuringMinds has set a target to reach Rs 800 crore in revenues over the next five years.

Ronnie Screwvala-founded edtech start-up, upGrad, is investing Rs 30 crore in TuringMinds to make tech products for the new economy. TuringMinds, which was launched last year, currently operates across 15 offline facilities in the US, India, Europe, UK, and Middle East. The aim of this vertical is to build a complete ecosystem of senior data scientists, machine learning engineers through campus recruitments in India.
 
Commenting on the infusion of these funds, Screwvala who is also the Chairperson of upGrad, said, “In addition to our LifeLongLearning suite, we are hiring bachelor’s to doctorate degree holders in large numbers to fuel our mission of developing full-fledged marketable products. This further gives upGrad an edge over its peers and strengthens our stature as the key employment enabler within the country.”
 
According to the company, TuringMinds has set a target to reach Rs 800 crore in revenues over the next five years. upGrad wants to make TuringMinds a market leader which has strong intellectual properties. 
 
Anuradha Sharma, President of TuringMinds, said that they are aiming to incubate 50 prototypes (including products and accelerators) and file 8 to 10 patents to support small and medium-scale industries in the next 8 months. “We are seeing tremendous response from industries globally (SMEs to MNCs) for developing world-class products and services in emerging technology areas like AI and ML,” she shared.
 
upGrad was founded in 2015 by Screwvala, Mayank Kumar and Phalgun Kompalli. The firm operates out of 30 offices in India across 10 cities. Outside of these, its global offices are located across San Francisco, New York, Washington, London, Singapore, Dubai, Jakarta, Vietnam, Sydney, Melbourne, and Nairobi.
 
In July this year, it acquired another edtech company - Harappa Foundation- for Rs 300 crore. upGrad also announced its plans to earmark $30 million for offline expansion as well as open 10 new campuses in 2023. 

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Also Read: upGrad-backed Harappa forays into US; plans to upskill 55,000 managers

Published on: Dec 22, 2022 5:27 PM IST
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