Edtech platform upGrad raises $36.4 million from existing investors
Munbai-based ed-tech platform upGrad has announced that it has raised Rs 300 crore ($36.4 million) via rights issue in the first fundraiser for the Mumbai-based unicorn in 2023.
upGrad is an Indian online learning platform focused on its organic and in-organic growth across multiple verticals of formal education via degree, diploma, and doctorate courses in partnership with the best universities.
upGrad’s Skilling ProgramsUpGrad offers skilling, short-certification courses, boot camps, job-linked programmes, and study-abroad companies across its acquired and major subsidiaries. The company claims to have completed 22,000 placements in FY23.
The ed-tech which operates out of 31 offices located in India, the U.S., the UK, the Middle East, Singapore and Vietnam claims to have taught more than 7 million applicants in more than 100 countries through its network of more than 300 direct worldwide universities.
The fundraising round involved a contribution of Rs 81 crore from Singapore-based global investment firm Temasek and Rs 212 crore in-house from Ronnie Screwvala, co-founder, and chairperson, upGrad, with other minority stakeholders completing the balance.
The latest fundraise follows a $255 million raise from ETS Global, Bodhi Tree and Singapore-based Kaizen Management Advisors at a post-money valuation of $2.25 billion in August last year.
To date, upGrad has raised over $600 million in funding.
