upGrad – the new unicorn; raises a total of USD 185 million at the valuation of USD 1.2 billion. It doubles in valuation in 60 days from the first fundraise. Reports also claim that upGrad is in advanced talks for a USD 400 Million fundraise at a valuation of USD 4 Billion.
upGrad Joins Unicorn Club
upGrad, Asia’s higher edtech major, has turned a unicorn as it closes a series of raises from Temasek, IFC (International Finance Corporation, a sister organization of the World Bank and member of the World Bank Group), and IIFL. It has raised a total of USD 185 Million at a value of USD 1.2 Billion.
“We are very focussed on our path to being in the top 3-5 companies globally in EdTech and serving the 1 Billion workforces across the age group of 18 to 60 years. 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. 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,” said Ronnie Screwvala, Chairperson and Co-founder, upGrad confirming the news.
The edtech leader has always been promoter-funded with the founder group still owning 70% plus in the company. Recent reports suggest, the company is in advanced talks for a USD 400 Million fundraise at a valuation of USD 4 Billion, and so this milestone of unicorn is just a path to the larger mission of the global edtech major – upGrad.
About upGrad
upGrad is a pioneer in the online education revolution, changing the lives of millions for the better by “Powering career success for every member of the global workforce as their trusted lifelong learning partner”. Co-Founded by one of the world’s most impactful entrepreneurs, Ronnie Screwvala along with Mayank Kumar and Phalgun Kompalli, upGrad has impacted over 1 million total registered learners in over 50+ countries.
upGrad, Asia’s higher EdTech leader, uniquely drives deep learning for the real world, by creating original content harnessing industry experts across the globe and offers learners a hyper-personalized, comprehensive one-stop solution, combining the power of its’ proprietary AI-driven technology platform with its army of counselors who handhold learners for the entire duration of their course.
To provide the best university quality education, upGrad brings together the world’s leading universities, faculty & industry experts on an integrated digital platform, delivering an immersive experience with full flexibility to study at one’s own pace. upGrad’s ever-expanding roster of leading global universities includes Duke Corporate Education (US), Michigan State University (US), Liverpool John Moores University (UK), Deakin Business School (Australia), Swiss School of Business Management, (Geneva), IIT Madras (India), IIM Kozhikode (India).
upGrad’s alumni base is employed by blue-chip organizations like Gojek, PayTM, Gartner, Flipkart (Walmart-acquired), Accenture, and E&Y. upGrad is #1, LinkedIn Top Startups India 2020 and is in Top 50 of the FT Asia-Pacific High-Growth Companies 2021 and the GSV Global EdTech 50.
upGrad is also on an acquisition spree. Recently, it has acquired KnowledgeHut, Impartus, and Rekrut.
