UpGrad, an Indian unicorn in the field of education technology, has raised $210 million from backers including ETS Global, Temasek, and the International Finance Corporation.
In order to preserve their ownership of more than 50% of the business, the startup’s original team additionally contributed US $12.5 million to the round.
Ronnie Screwvala, Mayank Kumar, Phalgun Kompalli, and Ravijot Chugh founded upGrad in 2015 with the intention of making it a platform for lifelong learning that serves individuals of all ages, from college students to working professionals.
According to the business, its course completion rate is 80%, and referral and repeat business account for 40% of its revenue.
The business also stated that for the fiscal year 2023, it anticipates total sales of between $400 million and $500 million. There are already over 3 million users and around 300 university partners using it across more than 100 different countries.
With the additional funding, the edtech leader hopes to increase its workforce size from 4,800 to 7,600 individuals over the next three months. It also hopes to have a total teaching team of 170 full-time lecturers, 1,600 instructors, and more than 5,000 contract coaches and mentors.
After securing a US $185 million fundraising round, the business reached the unicorn club in August of last year. The most recent financing comes after news broke earlier this year that upGrad was considering a fresh fundraising effort that could boost its worth to as much as US $3 billion.
