Singapore’s Temasek pours $120m into Indian edtech startup upGrad

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.