Temasek, Singapore’s sovereign wealth fund, has invested an additional US$60 million in upGrad, a startup focused on higher education and upskilling.

This acquisition maintains upGrad’s valuation at US$2.25 billion, according to sources.

The recent investments are part of Upgrad’s US$80 million funding round, which includes the secondary transaction involving Indian conglomerate Bharti Enterprises. Key investors in the company include Temasek and the International Finance Corporation (IFC).

The funding comes as the edtech sector has witnessed a significant reduction in funding, as it has dropped from US$4.1 billion in 2021 to US$650 million in 2023.