UpGrad, an edtech platform, has announced that it has received Rs 300 crore through a right issue from investors including Temasek and Ronnie Screwvala. This is the Mumbai-based unicorn’s first fundraising effort for 2023.
Screwvala, the co-founder and chairperson of upGrad, invested Rs 212 crore, while Temasek, an existing investor, contributed Rs 81 crore. According to a press statement from the corporation, the remaining funds came from additional small shareholders.
Via degree, certificate, and doctoral programs offered in collaboration with the top institutions, the organization is concentrating on its organic and inorganic expansion across several formal education sectors. Together with the quickly expanding study abroad market, upGrad also focuses on a sizable part of skilling, short-certification courses, bootcamps, and job-linked programs. According to the firm, 22,000 placements were accomplished in FY23.
To date, upGrad has raised more than $600 million. With a post-money valuation of $2.25 billion, it received $210 million in August of last year from Singapore-based Kaizen Management Consultants, Bodhi Tree, and ETS Global.
It also declared its entry into the offline higher education market in November and stated it will invest $30 million (about Rs. 246 crore) to open 10 international campuses in India, the US, and other countries the following year.
From Rs 327 crore in FY21 to Rs 679 crore in FY22, upGrad’s operational income increased by around 2X. Due to the substantial increase in labor and promotional expenditures, the company’s losses also increased 2.9X to Rs 627 crore during the year, from Rs 211 crore in FY21.
The ESOP Pool at upGard was increased by 13% to Rs 2,058 crore ($260 million). Harappa Education, Exampur, Talentedge, Study Partners, Work Better, Knowledgehut, Impartus Innovation, Rekrut India, and other companies are included in UpGrad’s portfolio.
