EvolutionX has contributed Rs 287.5 crore, or roughly $35 million, to the edtech unicorn upGrad. This is the Mumbai-based company’s first debt financing of the year.
According to upGrad’s regulatory filing, which can be accessed through the Registrar of Companies, the board approved a special resolution to issue 28,75,000 debentures at an issue price of Rs 1,000 each in order to raise Rs 287.5 crore, or $35 million.
According to the filings, the company will use these funds for general corporate purposes, operating expenses, and growth.
Founder Ronnie Screwala of Teamsek and others have contributed $36.5 million to upGrad’s total fundraising efforts, which now exceed $265 million. This was done in March of last year.
According to reports, the Temasek-backed business was in negotiations to raise $100 million in order to finalize the purchase of online learning company Udacity.
Media states that Ronnie Screwvala, co-founder and chair of Upgrad, owns a significant 22.4% of the company, with Temasek being the largest external stakeholder at 20.7%.
In 2022, upGrad ventured into the offline higher education market, investing $30 million to establish ten global campuses in the US, India, and other countries.
UpGrad saw significant growth, with its operating revenue rising from Rs 692 crore in FY22 to Rs 1,194 crore in FY23, a 72% increase. The company’s losses increased by 82% to Rs 1,114 crore in FY23, despite this growth. The business still hasn’t submitted its FY24 annual report.
