Mumbai: Edtech platform upGrad said on Monday that it had raised $ 120 million (approximately 898 million euros) from the global investment firm Temasek in Singapore.
The company said it was the first external funding since its inception six years ago, which will be used to further strengthen its team and expand its global market operations to reach its $ 2 billion revenue target by 2026.
“This capital will boost our commitment to global expansion as well as deeper penetration in India as we move forward with the goal of making India the education capital of the world,” said co-founders Ronnie Screwvala, Mayank Kumar and Phalgun Kompalli a joint statement.
upGrad is the largest online higher education company in South Asia offering more than 100 courses in collaboration with global universities such as Duke Corporate Education (USA), Michigan State University (USA), Liverpool John Moores University (UK), Deakin Business School (Australia) ). ), Swiss School of Business Management, (Geneva), IIT Madras (India) and IIM Kozhikode (India).
The edtech platform has affected more than 1 million registered students in more than 50 countries around the world.
upGrad was ranked first on LinkedIn’s Top Startups India 2020.
The edtech company now plans to use the new capital to strengthen its technology and product capabilities, pursue M&A opportunities and expand its portfolio of graduate and graduate degrees in India.
Source: Telangana Today