9.August.2021 – India’s one of the most popular edtech startups, UpGrad announced that it raised USD 100 Million in a continuous round led by IFC, India Infoline Finance and Temasek.
After this funding round, UpGrad has listed itself as a Unicorn with a valuation of USD 1.2 Billion. It is the 21st startup to become a unicorn this year in India.
70 per cent of the ownership of the company is with the group of the founders Phalgun Kompalli, Ronnie Screwvala, and Mayank Kumar.
On the unicorn status gained by the startup, Co-Founder stated –
“We are pleased with the investor interest ever since we opened up for a fundraiser, 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. The valuation is at $1.2 billion, but as I keep saying, we are not a fan of the tag ‘unicorn’. For us, it is only a means to a much larger goal.”
“We are very focused on our path to being in the top three to five companies in global edtech, and serving a one-billion workforce across the 18 to 60 age group,” he added.
Screwvala said in a statement,
“The definition of ‘Best places to work for ‘ is changing dramatically. The new benchmark will have companies, where you have the maximum learning and growth opportunities. ESOP is still a less understood and appreciated currency that allows team members to take a much longer-term view on their current place of work.”
Some of the reports published by the media say that upGrad is in further talks to USD 400 Million. And at the valuation of USD 4 Billion, although the company hasn’t made any solid statement about it.
The startup became a unicorn in the time span when the Indian edtech sector was flushed by the funding, with the leaders of the market earning “disproportionate premium” and definite consolidation underway as stated by the investors.
The company has earmarked $250 million to drive inorganic growth. Its upskilling platform currently offers over 100 professional courses from global universities and has impacted more than one million registered learners from 50 countries.
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