Sunday, June 16, 2024

Upgrad raises ₹300 cr in rights issue led by co-founder Ronnie Screwvala

Ronnie Screwvala, co-founder, upGrad | file photo

Ronnie Screwvala, co-founder, upGrad | file photo
| Photo Credit: upGrad

Edtech firm Upgrad has raised ₹300 crore in a right issue led by co-founder and chairperson of the company Ronnie Screwvala, the start-up said on Wednesday.

Screwvala contributed ₹212 crore in the internal funding round. Existing investor Temasek contributed ₹81 crore and the rest of the amount was raised from other minority stakeholders in the company, UpGrad said in a statement.

UpGrad said that “an internal Rights Issue was completed for ₹300 crore”.

An Upgrad spokesperson claimed that the company continues to maintain its leadership of being the largest enterprise and workforce development company in Asia.

“Completing 22,000 placements into jobs just this year is a testament to our model and the high level of interactive deep learning we offer our learners and working professionals around the world,” the spokesperson said.

UpGrad operates out of 31 offices located in India, the U.S., the U.K., the Middle East, Singapore and Vietnam.

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