Business Standard

upGrad closes Rs 300 cr internal funding round from existing investors

Major investors in the rights include co-founder Ronnie Screwvala (Rs 212 cr) and Singapore-based Temasek (Rs 81 cr)

Ed-tech platforms began offering many products for free in a race to pull in new and to convince existing users to stay with their platforms

Peerzada Abrar Bengaluru

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Edtech unicorn upGrad confirmed that it has concluded an internal rights issue for Rs 300 crore, in which Singapore-based Temasek contributed Rs 81 crore and Ronnie Screwvala, co-founder and chairperson at upGrad, contributed Rs 212 crore. Other minority stakeholders subscribed to the balance. A rights issue is an invitation to existing shareholders to buy additional shares in the company.

“Yes, we confirm the internal round,” the firm 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.”

upGrad is also engaged in skilling in a big way, apart from offering short-certification courses, boot camps, job-linked programmes, and the fast-growing sector of 'study abroad'.

“We continue to maintain our leadership of being the largest enterprise and workforce development company in Asia,” said the company.

upGrad is witnessing an uptick in the number of working professionals upskilling themselves amid massive layoffs in the tech sector. In the past two years, working professionals' intent towards science, technology, engineering, and mathematics (STEM) courses has risen by 54 per cent at upGrad, thereby highlighting the job market trends. upGrad said placements grew over 190 per cent since last financial year. It works with over 400 global companies to upskill their talent.

“Completing 22,000 placements into jobs just this year is a testament to our model and the high level of interactive deep learning we offer our learners and working professionals around the world,” said the firm.

upGrad operates out of 31 offices located in India, the USA, the UK, the Middle East, Singapore and Vietnam.

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First Published: Mar 29 2023 | 1:38 PM IST

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