Ronnie Screwvala-founded edtech startup-upGrad, said it has closed a series of raises from Temasek, IFC (International Finance Corporation, a sister organization to the World Bank and a member of the World Bank Group) and IIFL. It has raised a total of $185 million worth $1.2 billion, making it the newest member of the coveted unicorn club.
The funding would help Grad compete with players such as Byju’s, SoftBank-backed Unacademy, Vedantu, Simplilearn and Amazon Academy.
“We are very focused on our path to the top 3-5” businesses worldwide in edtech and serving the 1 billion employees between the ages of 18 and 60,” said Ronnie Screwvala, chairman and co-founder of upGrad. “We have been pleased with investor interest since we opened for a fundraiser and received our first raise from Temasek, followed by IFC and IIFL in the last 60 days. We will be announcing further updates on mergers and acquisitions and unlocking value as they unfold.”
The company said it was always funded by a promoter, with the founding group still owning 70 percent of the company. The company is reportedly in talks for a $400 million fundraiser at a $4 billion valuation. The company said this unicorn milestone is just one way to the world’s greater mission edtech major – opGrad.
UpGrad, founded by Screwvala along with Mayank Kumar and Phalgun Kompalli, has impacted more than 1 million registered students in more than 50 countries. The company said it is driving deep learning for the real world by creating original content that leverages industry experts around the world. It offers students a hyper-personalized and comprehensive total solution. upGrad’s growing partnerships with leading international universities include Duke Corporate Education (US), Michigan State University (US), Liverpool John Moores University (UK), Deakin Business School (Australia), Swiss School of Business Management, (Geneva), IIT Madras (India) and IIM Kozhikode (India).