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Miguel Cordon · · 1 min readSingapore’s Temasek pours $120m into Indian edtech startup upGrad
“Education technology startup upGrad, promoted by media entrepreneur Ronnie Screwvala, said it has raised US$120 million from Singapore’s Temasek in its first external fundraising,” The Economic Times reported.
Details:
- The investment is expected to give the Indian startup a US$575 million to US$675 million post-money valuation, a source with knowledge on the matter said. According to the report, Screwvala said upGrad is “not too far behind” from reaching unicorn status.
- The company plans to use the new funds to explore merger and acquisition deals and bankroll its expansion efforts into the US, UK, Middle East, and Asia Pacific.
Context:
- UpGrad offers online courses from global universities for students who have finished their K-12 education.
- The funding announcement comes after the company allotted 70 million shares to raise 700 million rupees (US$9.3 million) from Unilazer Ventures earlier this month.
Currency converted from rupee to US dollar: US$1 = 74.77 rupees.
Editing by Collin Furtado and Jaclyn Tiu
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