UpGrad Valued at $2.25 Billion in Latest Round of Funding
Although the company made no official comments regarding the valuation, it is believed that the round valued the company at $2.25 billion. This occurs at a time when several edtech businesses are experiencing a funding shortage and have even lately let go of staff members.
Temasek, IFC, and IIFL, who were already investors, contributed to the round proportionately.
In addition to ETS Global, Bodhi Tree (a partnership between James Murdoch and the former chairman of Star India, Uday Shankar), and Singapore’s Kaizen Management Advisors Pvt Ltd., the family offices of Bharti Airtel’s Mittals, Narotam Sekhsaria, and Lakshmi Mittal of ArcelorMittal have also joined the cap-table.
The upGrad founder group, which consists of co-founder and chair Ronnie Screwvala and managing director Mayank Kumar, has also contributed $12.5 million to the financing to keep a majority stake in the business.
The majority of the funds will be used by the corporation for acquisitions. Additionally, it is now finalizing deals with four more education companies, bringing its total to 12 businesses.
Photo courtesy of Alireza Attari.
Source: IIFL Securities (link opens in a new window)
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