Summary:
Indian edtech unicorn, UpGrad, is currently under investigation by officials from India’s GST tax department. The startup, which is backed by investors such as Temasek, Lupa Systems, and the World Bank’s International Finance Corporation, confirmed that the investigation is a routine survey and that they are fully compliant and cooperating with the department.
Key Points:
The GST tax department in India is conducting a routine survey at the offices of edtech unicorn, UpGrad.
UpGrad is a well-known startup in the edtech sector and has received funding from prominent investors including Temasek, Lupa Systems, and the World Bank’s International Finance Corporation.
The investigation is being carried out by the tax department to ensure compliance with tax regulations.
UpGrad has stated that they are fully compliant and are cooperating with the tax department during the investigation.
The startup is focused on providing online education and upskilling programs to individuals and professionals.
Hot Take:
It seems like even edtech unicorns are not immune to tax investigations. UpGrad, with its impressive list of backers, is currently facing a routine survey by India’s GST tax department. While the investigation may cause some temporary disruptions, it’s good to see that UpGrad is fully compliant and cooperating with the authorities. Hopefully, this will be resolved quickly, and UpGrad can continue its mission of providing quality education online.
Conclusion:
UpGrad, an Indian edtech unicorn, is currently under investigation by the country’s GST tax department. The investigation is a routine survey to ensure tax compliance, and UpGrad has confirmed that they are fully compliant and cooperating with the authorities. This incident highlights the importance of adhering to tax regulations, even for successful startups in the edtech sector.
Original article: https://techcrunch.com/2023/07/19/india-tax-officials-search-edtech-upgrad-offices/
