MAM
Reckitt Benckiser issues first global gender pay report
MUMBAI: As part of its commitment to diversity and inclusion, gender equality and corporate transparency, Reckitt Benckiser today reported on gender pay in its top five markets around the globe in the company’s first global Gender Pay Report.
As one of the first FTSE 100 companies to go beyond the UK’s gender pay disclosure requirements, RB’s 2019 report covers the US, the UK, China, India and Mexico, which represents nearly 50 per cent of RB’s global employees. This is an increase in scope from RB’s 2017 and 2018 Gender Pay Reports that looked solely at RB’s UK businesses.
At RB, diversity and inclusion is a business imperative. Within this one of the focus areas is increasing the proportion of women in RB’s leadership and decision making. There are therefore several ongoing initiatives including last year’s launch of RB’s new global parental leave policy, positioning RB in the top top-tier of FTSE 100 companies. RB’s global ambition is to double the numbers of women in senior management positions to 40 per cent by 2022, from a 2016 baseline of 20 per cent. In 2019, 26 per cent of RB’s senior management positions globally were held by women.
Reckitt Benckiser chief human resources officer Ranjay Radhakrishnan commented, “In 2019, we promised to go beyond what was legally required for gender pay reporting. Today, I’m proud to say that we have delivered on that commitment, issuing our first global Gender Pay Report covering our five largest markets and representing nearly 50 per cent of our global employees. It is clear that RB needs to better reflect our consumers and the profile of the markets we operate in. We recognise there is more to do to achieve our ambition of increasing the number of women in senior management positions to 40 per cent by 2022.”
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UpGrad to acquire Unacademy in share-swap deal, founders confirm
Proposed share-swap could unite two edtech rivals as sector eyes consolidation
MUMBAI: The Indian edtech sector may be inching toward another wave of consolidation, with online learning platform upGrad signing a term sheet to acquire rival Unacademy in an all stock transaction.
If completed, the deal would bring together two of the country’s most prominent education technology companies at a time when the sector is adjusting to slower demand and a sharper focus on profitability after the pandemic driven boom.
UpGrad founder and chairperson Ronnie Screwvala confirmed the development in a post on X, stating that Unacademy co-founder and chief executive Gaurav Munjal would continue to lead the company following the acquisition.
“We at upGrad have signed a term sheet to acquire Unacademy in an all stock deal, with founder and ceo Gaurav Munjal staying on to build Unacademy and focus on what it does best, creating online education products that learners love,” Screwvala wrote.
He added that the agreement includes a break fee provision if the transaction fails to close. Screwvala also said the combined entity could strengthen upGrad’s integrated learning model spanning K12 education, professional training and lifelong learning.
Unacademy confirmed that the proposed transaction will be executed through a 100 per cent share swap, with the valuation to be disclosed only after the deal closes and regulatory filings are completed.
Announcing the development on X, Munjal described the agreement as the beginning of a new chapter for both companies and the wider edtech ecosystem.
He noted that Unacademy had spent the past year reshaping its operations to focus more sharply on online education products. Among the steps taken were consolidating company operated offline centres with franchise partners and launching a Rs 50 crore employee stock ownership plan buyback, in which around 40 per cent of former employees have already participated.
Munjal also highlighted the traction gained by Airlearn, the company’s language learning product, which he said is expanding in markets including the United States, the United Kingdom, Germany and Canada.
“Our cash reserves as of today are more than $100 million,” he said.
The proposed deal also marks a turnaround from earlier talks between the two companies that had stalled over disagreements on valuation and structure. Previous discussions had placed Unacademy’s valuation in the range of $300 million to $400 million, according to media reports.
If the transaction goes through, Munjal will continue as co-founder and chief executive of Unacademy, focusing on building online learning products for students in India and global markets.
For upGrad, the acquisition would broaden its footprint across the education spectrum, from school level learning to professional upskilling and lifelong education.
The move comes as India’s edtech sector enters a more sober phase after years of rapid expansion. Companies across the industry have been trimming costs, restructuring operations and seeking scale to build more sustainable businesses.
Against that backdrop, the potential combination of upGrad and Unacademy could signal that the next phase of edtech growth may be driven less by blitzscaling and more by strategic partnerships and consolidation.
