Samreen Ahmad · · 1 min readIndia’s upGrad scoops $36.4m from existing investors
From left: UpGrad co-founders Phalgun Kompalli, Mayank Kumar, and Ronnie Screwvala / Photo credit: upGrad
UpGrad, an India-headquartered edtech unicorn, has raised 300 crore rupees (US$36.4 million) via an internal rights issue, with Temasek investing about US$9.8 million as part of the deal.
Ronnie Screwvala, co-founder and chairperson of upGrad, injected US$25.74 million into the company, while other minority stakeholders completed the balance, the company stated.
Co-founded by Screwvala, Phalgun Kompalli, and Mayank Kumar in 2015, upGrad provides online education ranging from college learning to training for working professionals. It has offices in India, Singapore, Vietnam, the UK, the US, and the Middle East.
The company said it has completed placed 22,000 workers into jobs so far this year.
See also: Exclusive: Byju’s secures $2.4b financing to buy US edtech firm 2U
The firm secured US$210 million in funding last August. UpGrad has been betting on inorganic growth, acquiring at least three startups since last July, namely Harappa Education, Exampur, and Centum Learning.
Currency converted from Indian rupees to US dollars: US$1 = 82.3 rupees.
Editing by Miguel Angel Cordon and Arpit Nayak
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