[Funding alert] upGrad raises $120 M from Temasek Since its inception in 2015, upGrad has been 100 percent owned, funded, and run by its co-founders as a capital-efficient business. 0 claps Temasek, making this the first external fund-raise by the edtech major. Since its inception in 2015, upGrad has been 100 percent 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. 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.