upGrad raises Rs 300 Cr in internal rights issue from Ronnie Screwvala, Temasek, others
Ronnie Screwvala contributed Rs 212 crore and existing shareholder Temasek contributed Rs 81 crore while other minority stakeholders completed the balance.
Wednesday March 29, 2023,
2 min Read
Edtech startupon Wednesday confirmed the completion of an internal rights issue of Rs 300 crore from existing shareholders and founders.
Ronnie Screwvala, Co-founder and Chairperson of upGrad, contributed Rs 212 crore, and existing shareholder Temasek contributed Rs 81 crore in this internal round, while other minority stakeholders completed the balance, as per a statement from the company.
Confirming the round, an upGrad spokesperson said, “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 edtech startup is also focusing on segments like skilling, short certification courses, bootcamps, and job-linked programmes, the spokesperson added.
Last August, upGrad raised $210 million from ETS Global, Bodhi Tree, Singapore's Kaizen Management Advisors, as well as the Family Office of Bharti Airtel, Narotam Sekhsaria Family Office, and Lakshmi Mittal's Artian Investments, along with existing investors Temasek, IFC, and IIFL.
Founded by Ronnie Screwvala, Mayank Kumar, and Phalgun Kompalli in 2015, upGrad spans several segments—from test prep and study abroad to undergrad degrees and campus courses in 250 universities. Its offerings include finance, law, business, and software.
It currently operates out of 31 offices located in India, the USA, the UK, the Middle East, Singapore, and Vietnam, as per the company.
Edited by Akanksha Sarma