 |
– Fresh capital to scale operations in international markets, pursue M&A opportunities, and expand graduate and post-graduate degree portfolio
MUMBAI, India, April 26, 2021 /PRNewswire/ — upGrad, South Asia’s largest online higher education company, today announced that it has raised USD 120 million from Temasek, a global investment company headquartered in Singapore. This is the first external funding raised by the edtech major. Since its founding six years ago in 2015, upGrad has been 100% owned, funded, and run by its co-founders as a capital-efficient business.
(L-R) Phalgun Kompalli – Co-founder; Mayank Kumar – Co-founder, MD and Ronnie Screwvala – Chairman, Co-founder upGrad
upGrad plans to use the fresh capital to further strengthen its team, scale its global market operations, bolster its technology and product capabilities, pursue M&A opportunities, expand graduate and post-graduate degree portfolio in India, and scale up operations to achieve its USD 2 billion revenue goal by 2026, thereby reinforcing its position as a global higher-edtech leader emerging from India.
upGrad Co-Founders Ronnie Screwvala, Mayank Kumar and Phalgun Kompalli said in a joint statement, “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. This capital will further fuel our commitment towards global expansion as well as deeper India penetration, as we march forward with our goal of making India the teaching capital of the world.”
Credit Suisse acted as the exclusive financial advisor to upGrad, and Rajaram Legal acted as legal advisor.
About upGrad
upGrad is South Asia’s largest online higher edtech company offering 100+ courses in collaboration with top-notch global universities like Duke Corporate Education (US), Michigan State University (US), Liverpool John Moores University (UK), Deakin Business School (Australia), Swiss School of Business Management, (Geneva), IIT Madras (India), IIM Kozhikode (India), and others. Founded in 2015, the international edtech leader has impacted over 1 million total registered learners over 50+ countries across the world.
upGrad has ranked No.1 in the LinkedIn Top Startups India 2020 list. This is the third time in a row that upGrad has been featured in the LinkedIn Top Startup list after 2018 and 2019. It is also amongst GSV Global EdTech 50 and has ranked amongst the Top 50 in the FT Asia-Pacific High-Growth Companies 2021.
To know more, visit: www.upgrad.com
Contact:
Neha Prasad
neha.prasad@upgrad.com
Logo: https://mma.prnasia.com/media2/1496188/upGrad_Logo.jpg?p=medium600
Photo: https://mma.prnasia.com/media2/1496189/upgrad_team.jpg?p=medium600
Donate To The Indian Sun
Dear Reader,The Indian Sun is an independent organisation committed to community journalism. We have, through the years, been able to reach a wide audience especially with the growth of social media, where we also have a strong presence. With platforms such as YouTube videos, we have been able to engage in different forms of storytelling. However, the past few years, like many media organisations around the world, it has not been an easy path. We have a greater challenge. We believe community journalism is very important for a multicultural country like Australia. We’re not able to do everything, but we aim for some of the most interesting stories and journalism of quality. We call upon readers like you to support us and make any contribution. Do make a DONATION NOW so we can continue with the volume and quality journalism that we are able to practice.
Thank you for your support.
Best wishes,
Team The Indian Sun
