Edtech unicorn UpGrad secures $225 million funding at a valuation of $2.25 billion
- ByStartupStory | June 17, 2022
UpGrad, the edtech unicorn, has allegedly secured $225 million in a new round of fundraising, valuing the company at $2.25 billion. The round’s investors include James Murdoch’s Lupa Systems, Educational Testing Service, Lakshmi Mittal’s (ArcelorMittal SA) family offices, and Sunil Bharti Mittal’s (Bharti Airtel) family offices. Existing upGrad investors, like as Temasek Holdings Pte, also participated in the funding round.
UpGrad’s worth has nearly quadrupled since it became a unicorn in 2021. According to the article, the investment round is expected to grow by another $100 million at a second closing at a higher value. Ronnie Screwvala, Mayank Kumar, and Phalgun Kompalli established UpGrad in 2015.
UpGrad has secured funds at a time when investment for startups is slowing. The platform aims to generate $500 million in gross revenue this year, which will finish in March 2023. The edtech unicorn’s primary market is India, but it has also expanded into Indonesia, Vietnam, and the Middle East.
UpGrad offers a variety of services ranging from test prep to study abroad, undergrad degrees to on-campus courses at more than 250 colleges. Finance, legal, business, and software are among the services it provides to those aged 18 to 60.
UpGrad courses, which range in length from a few months to a few years and cost between 50,000 rupees ($640) and 800,000 rupees, will be taken by an estimated 3 million people in the fiscal year ending in March. Apart from India, the company is quickly expanding in Indonesia, Vietnam, and the Middle East.
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