The funds will be used for mergers and acquisitions and to complement higher education. upGrad wants to list itself in the market eventually by issuing IPOs.
Ed-Tech start-up upGrad, has raised $120 million/ INR 900 crore from Temasek, which is Singapore’s sovereign fund. The Mumbai-based start-up is expected to be valued at $575-675 million after this round of funding. The funds will be used for mergers and acquisitions and to complement higher education. upGrad wants to list itself in the market eventually by issuing IPOs.
Media entrepreneur, Ronnie Screwvala, has so far invested about $25 million of his own capital in upGrad thus far. In addition to Screwvala, upGrad’s founding team includes Phalgun Kompalli, and Mayank Kumar. In April this year, the company announced crossing INR100 crore in monthly revenue, thereby generating an annual revenue of INR1,200 crore.
The online education segment has seen a large rush of risk capital inflow, following the Covid-19 pandemic. The investment cycle was led by Unacademy and Byjus.
Source: Business World
