New Delhi: Global online higher education provider upGrad on Monday became another unicorn from the country, after it announced to close a total of USD 185 million funding round at a market valuation of USD 1.2 billion.

  • The company raised fresh funds from Temasek, IFC (International Finance Corporation, a sister organisation of World Bank) and IIFL.
  • “We are very focused on our path to being in the top three-five companies globally in edtech and serving the one billion workforce across the age group of 18-60. We are pleased with the investor interest ever since we opened up for a fundraise, and had our maiden raise from Temasek, followed by IFC and IIFL in the last 60 days,” said Ronnie Screwvala, Chairperson and Co-founder, upGrad.
  • In April, UpGrad had raised USD 120 million from Temasek, a global investment company headquartered in Singapore.
  • “We will announce further updates on M&As, and unlocking value as they unfold. Yes, the last value was at USD 1.2 billion but as I keep saying, we are not a fan of the tag name, unicorn. For us, it is only a means to a much larger goal,” he said in a statement.
  • Recent reports suggested that company is in advanced talks for a USD 400 million fundraise at a valuation of USD 4 billion.
  • upGrad has earmarked USD 250 million for mergers and acquisitions (M&As) over the next seven-nine months, as it strengthens non-linear growth strategy.
  • upGrad is set to cross USD 500 million annual revenue run rate by March 2022 and is looking to raise close to USD 400 million at a USD 4 billion valuation.
  • upGrad has built out a strong tech platform and deep immersive learning experience with high touch-points to capture close to 70 per cent of the Indian higher education market for working professionals.
  • Earlier this month, upGrad acquired global firm KnowledgeHut for an undisclosed sum.
  • KnowledgeHut, an upGrad Company, expects to cross Rs 300 crore in revenue next year, 65 per cent of which will be from countries across North America, Middle East and South-East Asia.
  • As per industry estimates, there are 53 unicorns currently in India, with a tentative valuation of Rs. 1.4 lakh crore.