Sunday, June 23, 2024

UpGrad raises ₹300 crore in an internal rights issue

UpGrad Education Pvt Ltd, which runs the edtech platform UpGrad, has raised 300 crore in an internal round, with cofounder Ronnie Screwvala contributing 212 crore towards the capital raise, the company said in an announcement.

Temasek has invested 81 crore, with the rest coming in from other internal investors.

“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,” the company added in the statement.

UpGrad was founded in 2015 by Screwvala, Mayank Kumar and Phalgun Kompalli.

It last raised $210 million (around 1,638 crore) in August 2022 from investors including ETS Global, Bodhi Tree (a JV of James Murdoch and Uday Shankar) and Singapore’s Kaizen Management Advisors Pvt. Ltd, which put the company’s valuation at around $2.25 billion.

The company reported losses of 626.6 crore in the financial year (FY) ended March 2022, compared to 211.1 crore in the previous year, VCCircle reported on 10 November.

This was on the back of rising expenses in advertising and promotion, for which the company spent 424 crore in FY22, more than double of 205.1 crore it spent in FY21, VCCircle reported.

UpGrad operates out of 31 offices located in India, the US, the UK, Middle East, Singapore and Vietnam.

It offers programs in skilling, short-certification courses, bootcamps and job-linked programs as well as programs through its Study Abroad platform. The company said it completed 22,000 placements into jobs in FY23.

It also announced its foray into the offline higher education space in November. The Mumbai-based startup said it was investing $30 million to set up ten global campuses across India, the US and other regions next year. These will include five in India, three in the US and one each in Singapore and West Asia, the company said in a statement.

In the past, UpGrad has made several acquisitions. Some of the acquired companies include Harappa Education, Exampur, Talentedge, Study Partners, Work Better, Knowledgehut, Impartus Innovation and Rekrut India.

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