 "GST officials visit Ronnie Screwvala-led upGrad's offices in Mumbai")
Goods and Services Tax (GST) officials visited the office premises of upGrad, an edtech company co-founded by Ronnie Screwvala. The company clarified that it was a routine survey and assured that it is fully compliant and cooperating with the authorities, according to a report by MoneyControl.
This is the second instance of a startup coming under the attention of government authorities. Earlier, Byju's faced scrutiny from the Enforcement Directorate (ED) and the Ministry of Corporate Affairs (MCA) due to delays in submitting financial statements and concerns over corporate governance issues.
Founded in 2015, upGrad is an education platform catering to working professionals. It has secured more than $400 million in equity funding so far, with backers like Singapore's Temasek Group and James Murdoch's Lupa Systems.
In the financial year 2021-22, upGrad's revenue surged to Rs 682.21 crore on a consolidated basis, marking a significant increase. However, the company also reported a widening loss of Rs 626 crore due to increased employee benefit costs.
Despite the loss, upGrad remains optimistic about achieving profitability and has acquired more than 11 startups to expand its offerings and enhance its services.