Ronnie Screwvala’s upGrad raises $210M in latest funding round
- ByStartupStory | August 8, 2022
Ronnie Screwvala’s edtech unicorn upGrad has secured $210 million in capital from ETS Global, Bodhi Tree, & Kaizen Management Advisors at an undisclosed value. The family offices of Bharti Airtel, Narotam Sekhsaria, and Lakshmi Mittal, as well as current investors Temasek, IFC, and IIFL, took part in the round.
According to the firm, Founder Group has also invested $12.5 million in this funding round to preserve their >50 percent stake in upGrad. Bloomberg reported the fundraising round in June 2022, when Screwvala acknowledged the capital amount and the story cited sources on a further $100 million in fundraising, with a revenue target of $500 million in FY23.
According to the most current figures, upGrad is on target to generate annual gross revenue of $400 – $500 million in FY23. It verified that its in-house online courses & programs will generate around 45 percent of overall income. The new round of funding for the edtech unicorn comes at a time when the sector is seeing enormous layoffs.
The firm, formed in 2015, competes with Coursera, Simplilearn, and Udemy by providing upskilling courses to university students and professionals. Even as offices, as well as colleges open as well as the segment, slows, upGrad claims to be bullish, citing a program completion rate of more than 80%. It says that repetitions and referrals account for 40% of the company’s overall income.
In August 2021, the business raised $185 million at a unicorn value. Screwvala has stated that upGrad has roughly a million students on its platform and that this number would increase to 3 million by the end of FY23.
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