Online higher education company, upGrad has raised $120 million from Temasek, a global investment company headquartered in Singapore. This is the first external funding raised by the edtech major.
Since its inception in 2015, upGrad has been fully owned, funded, and run by its co-founders and plans to use the fresh capital to further strengthen its team, scale its global market operations, bolster its technology and product capabilities, pursue M&A opportunities, expand graduate and post-graduate degree portfolio in India and scale up operations to achieve its $2 billion revenue goal by 2026.
upGrad Co-founders Ronnie Screwvala, Mayank Kumar and Phalgun Kompalli said in a joint statement, "We welcome Temasek in our mission to power career success for each and every member of the global workforce as their trusted LifeLongLearning partner and drive meaningful career outcomes. This capital will further fuel our commitment towards global expansion as well as deeper India penetration, as we march forward with our goal of making India the teaching capital of the world.”
Credit Suisse acted as the exclusive financial advisor to upGrad, and Rajaram Legal acted as legal advisor.
upGrad offers 100+ courses in collaboration with global universities like 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), and others. Founded in 2015, the international edtech leader has impacted over 1 million total registered learners over 50+ countries across the world.