Edtech unicorn has secured $210 million (INR 1670 crore) from ETS Global B.V, Bodhi Tree, Kaizenvest, Narotam Sekhsaria Family Office, and Lakshmi Mittal’s Artian Investments, along with existing investors Temasek, International Finance Corporation, and IIFL Finance also participated this round.
Even The Founder Group also invested $12.5 million in this round to maintain over 50% ownership in the edtech startup.
Founded in 2015 by Ronnie Screwvala, Mayank Kumar, and Phalgun Kompalli, upGrad spans several segments—from test prep and study abroad to undergrad degrees and campus courses in 250 universities. Its offerings include finance, law, business, and software.
Latest: Edtech unicorn LEAD cuts workforce by 80–90 employees
“Higher edtech will be on the rise for the next 4 to 5 decades. upGrad, in the last 12 months, has re-shaped itself to be the most integrated company in this space with career opportunities for college learners and working professionals from the age of 18 to 58 and will be a lifelong learning partner for millions in the coming years. We have always been very capital efficient while growing 100% year-on-year, and hope to retain that discipline,” said upGrad Co-founders Ronnie Screwvala and Mayank Kumar in a joint statement while commenting on the fundraise.
Ronnie Screwvala aims to strengthen its team from the current 4,800 to 7,600 over the next three months. It will also include approximately 170 full-time faculty, 1,600 teachers and over 5,000 contract coaches and mentors.
Last month, Edtech Unicorn upGrad acquires Exampur, New Delhi-based online learning institution Harappa Education, and Bengaluru-based recruitment and staffing firm WOLVES. The startup also launched five new offline experience centres in Delhi, Jabalpur, Kolhapur, Kottayam, and Patna.