UpGrad Secures Rs 300 Crore in Right Issue Led by Chairperson Ronnie Screwvala
On Wednesday, UpGrad, the edtech company, announced that it had raised Rs 300 crore in a rights issue, with co-founder and chairperson Ronnie Screwvala leading the way by contributing Rs 212 crore. Existing investor Temasek contributed Rs 81 crore, and the remaining amount came from other minority stakeholders, according to a statement from UpGrad.
According to an UpGrad spokesperson, the company has successfully concluded an internal Rights Issue to raise Rs 300 crore. They further added that UpGrad remains the leading company in Asia for enterprise and workforce development.
upGrad spokesperson said, “The company is focused on its organic and in-organic growth across multiple verticals of formal education via degree, diploma and doctorate courses in partnership with the best universities in India and globally.”
UpGrad, which was established in 2015 by Ronnie Screwvala, Mayank Kumar, and Phalgun Kompalli, provides a diverse range of services across various segments such as test preparation, study abroad, undergraduate degrees, and campus courses in 250 universities. The company’s offerings encompass fields like finance, law, business, and software.
UpGrad has a presence in 31 different locations, including India, the US, the UK, the Middle East, Singapore, and Vietnam.
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