upGrad announced on Monday that it has raised $ 120 million (approximately Rs 897.3 billion) from Temasek in Singapore. This is the Edtech major’s first external fundraising campaign.
Since its inception in 2015, upGrad has been 100 percent owned, funded and run by its co-founders as a capital efficient company.
The company will also pursue merger and acquisition (M&A) opportunities, expand its graduate and postgraduate portfolio in India, and expand operations to meet its $ 2 billion revenue target by 2026.
“We applaud Temasek in our mission to promote career success for every single member of the global workforce as a trusted LifeLongLearning partner and achieve meaningful career results,” said Ronnie Screwvala, co-founder of upGrad.
This capital will further strengthen the company’s commitment to global expansion and deeper penetration of India as it advances its goal of making India the teaching capital of the world, added Mayank Kumar, co-founder of upGrad.
upGrad is an online higher edtech technology company that offers over 100 courses in partnership with global universities such as Duke Corporate Education (USA), Michigan State University (USA), IIT Madras (India), IIM Kozhikode (India) and others .
The platform has affected over 1 million registered learners in over 50 countries.
The edtech space has grown rapidly around the world, with the COVID-19 pandemic serving as a turning point
While a number of players have raised new funds from investors, there is also a consolidation in the industry, with Unacademy acquiring PrepLadder for $ 50 million and Byju WhiteHat Jr for $ 300 million and Aakash Educational Services for nearly $ 1 billion. USD buys.
Last year, upGrad also acquired The Gate Academy (TGA) and Rekrut India.
