Ronnie Screwvala's edtech startup upGrad a unicorn; valuation tops $1.2 bn

Closes a series of raises from Temasek, IFC and IIFL, mopping up a total of $185 million

Ronnie Screwvala-founded edtech start-up upGrad, said that it has closed 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 $185 million at a value of $1.2 billion, making it the newest member of the coveted unicorn club.

The funding would help upGrad compete with players such as Byju’s, SoftBank backed Unacademy, Vedantu, Simplilearn and Amazon Academy.

“We are very focussed on our path to being in the top 3-5 companies globally in edtech and serving the 1