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Ronnie Screwvala-led upGrad has raised $120 million from Singapore-based Temasek.
“This capital will further fuel our commitment towards global expansion as well as deeper India penetration, as we march forward with our goal of making India the teaching capital of the world,” said upGrad co-founders Ronnie Screwvala, Mayank Kumar, and Phalgun Kompalli in a joint statement.
This is the first external funding raised by the edtech major. Since its founding in 2015, upGrad has been 100 per cent owned, funded, and run by its co-founders as a capital-efficient business.
upGrad plans to use the fresh capital to further strengthen its team, scale its global market operations, bolster its technology and product capabilities, pursue M&A opportunities, expand graduate and post-graduate degree portfolio in India, and scale up operations to achieve its $2 billion revenue goal by 2026, thereby reinforcing its position as a global higher-edtech leader emerging from India.
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