Higher education startup upGrad has become India’s 21st unicorn this year as it hit a valuation of $1.2 billion with a $185 million funding round on Monday.
It is also the third homegrown edtech unicorn after BYJU’S and Unacademy.
Funding and Promoters
The Ronnie Screwvala firm got its maiden external funding in late April when the Singaporean investment giant Temasek Holdings invested $120 million, and in the same week the World Bank Group arm International Finance Corporation chipped in with $40 million, valuing it at $850 million.
upGrad founder group consisting of Ronnie Screwvala, Mayank Kumar, and Phalgun Kompalli, continue to own over 70 percent of the company.
Comment from Chairman
Ronnie Screwvala, “We are pleased with the investor interest ever since we opened up for a fundraise, and had our maiden raise from Temasek, followed by IFC and IIFL in the last 60 days.
We will announce further updates on M&As, and unlocking value as they unfold. The valuation is at $1.2 billion, but as I keep saying, we are not a fan of the tag ‘unicorn’. For us, it is only a means to a much larger goal.
We are very focused on our path to being in the top three to five companies in global edtech, and serving a one-billion workforce across the 18 to 60 age group.”
About Company
upGrad is an online higher education platform providing rigorous industry-relevant programs designed and delivered in collaboration with world-class faculty and industry. Merging the latest technology, pedagogy, and services, upGrad is creating an immersive learning experience – anytime and anywhere.
It spent more than $50 million in acquisitions this year alone. The company made seven acquisitions and acquihires till date, including online training software platform Pyoopil, online job skilling platform Acadview, and product community platform CohortPlus.
In 2020, it had acquired The Gate Academy to enter the competitive test preparation segment, and staffing solutions platform Rekrut India.
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