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Upgrad founder Ronnie Screwvala, who owns 22.4% in Upgrad, likely to participate in $100 million round. The company has pitched to external investors for about $50-60 million. The rest would be from existing investors like Temasek. ....
It had recently secured a USD 120 million funding from Singaporean investor Temasek Holdings, The equity infusion of USD 160 million in two quick rounds takes the Mumbai-based startup closer to unicorn status, valuing the around six-year-old company at USD 850 million. This is the second external funding for the company. Upgrad was founded by Ronnie Screwvala, Phalgun Kompalli, Mayank Kumar and Ravijot Chugh in 2015 by investing over Rs 170 crore, most of which was from Screwvala. The work we do has been well-acknowledged by the USD 160 million funding from two of the very reputed global investors this week USD120 million from Temasek this Monday and USD 40 million from the IFC today. That the International Finance Corporation (IFC) has chosen to invest in us is a big reflection of the work we do, chairman and co-founder Screwvala told PTI on Thursday. ....
We ll soon meet in your inbox. Please wait. Screwvala declined to comment on the details during an interaction with ET. “We are not a unicorn yet. But we are not too far behind,” he said. Screwvala, who founded UTV Motion Pictures in the 1990s which was later acquired by Walt Disney Company, has so far ploughed about $25 million of his own capital in upGrad since it was founded. Apart from Screwvala, upGrad’s founding team includes Mayank Kumar and Phalgun Kompalli. The online education segment, both K-12 and higher education, has seen a large rush of risk capital following the Covid-19 epidemic. ....