upGrad on Monday mentioned it has raised USD 120 million (about Rs 897.3 crore) from Singapore-based Temasek, making this the primary exterior fund-raise by the edtech main.
Since its inception in 2015, upGrad has been 100% owned, funded, and run by its co-founders as a capital-efficient enterprise.
The firm will even pursue merger and acquisition (M&A) alternatives, develop graduate and post-graduate diploma portfolio in India, and scale up operations to realize its USD 2 billion income aim by 2026, it added.
“We welcome Temasek in our mission to power career success for each and every member of the global workforce as their trusted LifeLongLearning partner and drive meaningful career outcomes,” upGrad co-founder Ronnie Screwvala mentioned.
This capital will additional gasoline the corporate’s dedication in direction of international growth in addition to deeper India penetration, because it marches ahead with its aim of constructing India the educating capital of the world, upGrad co-founder Mayank Kumar added.
upGrad is a web based larger edtech firm providing over 100 programs in collaboration with international universities like Duke Corporate Education (US), Michigan State University (US), IIT Madras (India), IIM Kozhikode (India) and others.
The platform has impacted over 1 million whole registered learners in over 50 international locations.
The edtech house has seen robust progress globally with the COVID-19 pandemic serving as an inflection level
While quite a lot of gamers have raised contemporary funding from traders, consolidation can also be being seen within the business with offers like Unacademy buying PrepLadder for USD 50 million and Byju’s shopping for WhiteHat Jr for USD 300 million and Aakash Educational Services for almost USD 1 billion.
Last yr, upGrad additionally acquired The Gate Academy (TGA) and Rekrut India.
