Newest edtech unicorn, upGrad, raises $185 million from Temasek, IFC and IIFL

Our Bureau | | | Updated on: Aug 09, 2021
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“We are very focussed on our path to being in the top 3-5 companies globally in edtech”

Edtech start-up upGrad announced on Monday that it has become a unicorn with a post-funding valuation of $1.2 billion. The start-up raised $185 million in its second round of external funding from Temasek, IFC (International Finance Corporation, a sister organization of the World Bank and member of the World Bank Group), and IIFL (India Infoline).

UpGrad doubled its valuation in 60 days, following an earlier funding round of $120 million from Singapore-based Temasek in April.

Valuation doubled

Ronnie Screwvala, Chairperson and Co-founder, upGrad, said, “We are very focussed on our path to being in the top 3-5 companies globally in edtech and serving the 1 billion strong workforce across the age group of 18 to 60 years. We are pleased with the investor interest ever since we opened up for a fundraise, and had our maiden raise from Temasek, followed by IFC and IIFL in the last 60 days.”

“We will announce further updates on mergers and acquisitions and unlocking value as they unfold. Yes, the last value was at $1.2 Billion but as I keep saying, we are not a fan of the tag name unicorn - for us, it is only a means to a much larger goal,” he added.

During earlier media interactions, upGrad said that it has earmarked $250 million for mergers and acquisitions.

Founded in 2015, the start-up currently operates in the above K-12 segment, offering diplomas and degree courses in association with universities in India and across the globe. “Our focus is on courses running for a span of 10 to 11 months to really establish the credibility of the quality of the product we offer. Seventy per cent of our faculty comprises members of the industry itself,” Screwvala said in an interaction with Businessline .

Published on August 10, 2021

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