Upgrad now a unicorn after raisin $185 million from Temasek, others
Ronnie Screwvala’s upgrad Education, which focuses on higher education and upskilling working professionals has joined India’s coveted league of unicorns--those startups valued at $1 billion or more.
The edtech said on Monday it has closed $185 million in external funding from Temasek Holdings, International Finance Corporation (IFC), a member of the World Bank Group, and IIFL at a valuation of $1.2 billion.
upgrad had announced the first close of $120 million from Temasek earlier in April this year, marking the first external fund raise by the firm since its inception in 2015. The edtech company also stated in February this year, that it will be raising around $45 million from IFC.
The company is now in talks to raise another $400 million at a valuation of $4 billion, confirmed two individuals aware of the discussions. The new round is expected to be closed in the coming weeks with existing investors also participating as a part of the round, said one of the people quoted above.
IIFL has invested around $20 million as a part of the round. With the fundraise, upgrad’s founders continue to hold more than 70% stake in the company.
The round makes upgrad the third edtech to enter the Indian unicorn startup league. Two Indian edtech companies targeting the kindergarten -12 (K-12) and test prep market--naspers and Tiger Global-funded Byju’s and Softbank-backed Unacademy--are already unicorns.
Last week, upgrad’s biggest external backer Temasek also led Unacademy’s $440 million Series H round, valuing the company at $3.44 billion.
upgrad’s entry takes the count of Indian startups tur into unicorns to 21, this yea
“We are very focussed on path to being in the top 3-5 c panies globally for edtech serving the 1 billion workf across the age group of 18 t years. We are pleased with investor interest ever sinc opened up for a fund raise, had our maiden raise from T asek, followed by IFC and IIF the last 60 days,” said Ro Screwvala, chairperson Co-founder, upgrad confir the news.
“We will announce fur updates on acquisitions, unlocking value as they un Yes, the last value was at $1.2 lion, but as I keep saying, w not a fan of the tag name corn - for us, it is only a mea a much larger goal,” ad Screwala, in a written respo
This year, upgrad has alr made two acquisitions—bu upskilling platform Knowle Hut to mark its foray in sh duration professional cou segment; and video-lear solutions provider, Impart provide digital learning too education institutions and leges.