Global edtech major upGrad raises USD 120 million
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- Fresh capital to scale operations in international markets, pursue M&A opportunities, and expand graduate and post-graduate degree portfolio
MUMBAI, India, April 26, 2021 /PRNewswire/ upGrad, South Asia s largest online higher education company, today announced that it has raised USD 120 million from Temasek, a global investment company headquartered in Singapore. This is the first external funding raised by the edtech major. Since its founding six years ago in 2015, upGrad has been 100% owned, funded, and run by its co-founders as a capital-efficient business.
(L-R) Phalgun Kompalli - Co-founder; Mayank Kumar - Co-founder, MD and Ronnie Screwvala - Chairman, Co-founder upGrad
Edtech platform upGrad raises $120 mn from Temasek in first external funding round
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Edtech platform upGrad has made its first external fund-raise since inception in 2015. On Monday, it announced it has raised $120 million (about Rs 897.3 crore) from Singapore-based Temasek. Since its inception , upGrad has been 100 percent owned, funded, and run by its co-founders as a capital-efficient business.
The education major plans to use the fresh capital to further strengthen its team, scale its global market operations and bolster its technology and product capabilities, a statement said. The company will also pursue merger and acquisition (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, it added.
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Edtech platform upGrad raises Rs 898 cr from Temasek
By IANS |
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Mumbai, April 26 : Edtech platform upGrad on Monday said it has raised $120 million (approximately Rs 898 crore) from Singapore-based global investment company Temasek.
The company said that this is the first external funding since its was founded six years ago, which will be utilised to further strengthen its team and scale its global market operations to achieve its $2 billion revenue goal by 2026. 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, said upGrad Co-founders Ronnie Screwvala, Mayank Kumar and Phalgun Kompalli in a joint statement.
upGrad raises Rs 897 crore from Temasek
upGrad plans to use the fresh capital to further strengthen its team, scale its global market operations and bolster its technology and product capabilities
PTI | April 26, 2021 | Updated 11:54 IST
upGrad on Monday said it has raised $120 million (about Rs 897.3 crore) from Singapore-based Temasek, making this the first external fund-raise by the edtech major.
Since its inception in 2015, upGrad has been 100 per cent owned, funded, and run by its co-founders as a capital-efficient business.
upGrad plans to use the fresh capital to further strengthen its team, scale its global market operations and bolster its technology and product capabilities, a statement said.