Higher education platform upgrade raises $210M in funding from investors
UpGrad, a higher education platform based in Mumbai, has raised $210 million (about Rs 1,670 crore) in finance from Temasek, IFC, IIFL, Bodhi Tree, Kaizen Management Advisors in Singapore, Family Office of Bharti Airtel, Narotam Sekhsaria Family Office, and Lakshmi Mittal’s Artian Investments.
The Founder Group also contributed $12.5 million to the round, according to the company’s announcement, keeping a majority stake in the edtech venture.
Ronnie Screwvala, Mayank Kumar, Phalgun Kompalli, and Ravijot Chugh founded upGrad (upGrad Education Pvt. Ltd.) in 2015. Through collaborations with leading Indian universities, upGrad offers higher education courses like MBA, Data Science, Marketing, Law, and Technology.
“Higher education technology will grow during the next four to five decades. Ronnie Screwvala and Mayank Kumar, co-founders of upGrad, said in a joint statement that their company has transformed over the past 12 months to become the most integrated player in this market with career prospects for college students and working professionals from the ages of 18 to 58.
The edtech business, which became a unicorn last year, claimed it is on track to generate $400–500 million in annual gross revenue during FY23, of which around 45% will come from its own-branded online courses and programs.
The business added that it intended to increase its workforce from 4,800 to 7,600 in the following three months. According to the statement, this will also comprise around 5,000 contracted coaches and mentors, 1,600 teachers, and about 170 full-time faculty members.
Ronnie Screwvala and Mayank Kumar continued, “There is a significant re-skilling revolution happening around the world, and over the last five years, our more than 4800 employees have worked hard and smart to be in the epicenter of taking advantage of this, not only in India but around the world.