Upgrad Raises $60 Mn in Series-F from Temasek at Valuation of $2.25 Bn

Singapore’s sovereign wealth fund, Temasek, has invested a further $60 million in Upgrad, an edtech startup targeted on increased schooling and upskilling.

This Sequence-F spherical of funding values Upgrad at $2.25 billion.

Moreover, Upgrad’s founder and chairman, Ronnie Screwvala, has purchased out Bharti Enterprises’ stake within the firm for $20 million, rising his possession to 45%. Upgrad is planning to go public inside the subsequent 7-8 quarters.

This comes inside every week after Upgrad’s MD, Mayank Kumar, stepped down from the corporate.

Temasek has been a constant investor in Upgrad. Temasek participated in Upgrad’s Sequence E funding spherical, contributing ₹81 crore (roughly $10 million) in 2023.

With the newest $60 million funding within the Sequence F spherical, Temasek’s whole stake in Upgrad is now 17-18%.

Upgrad has raised funds via a number of rounds of financing. Under is a abstract of their earlier funding rounds and the full funds raised:

1. Sequence A: Raised $15 million in 2015.

2. Sequence B: Raised $40 million in 2017.

3. Sequence C: Raised $50 million in 2018.

4. Sequence D: Raised $100 million in 2019.

5. Sequence E: Raised $120 million in 2021.

6. Sequence F: Raised $60 million from Temasek in 2024.

In whole, Upgrad has raised $385 million throughout these funding rounds.

In April, Upgrad positioned 55,000 learners in FY24, with robust hiring in fields like advertising and marketing, information, and tech 3. Roughly half of those placements had been in cities like Mumbai, Delhi, Bengaluru, and Chennai.

Late final yr, Upgrad reported a 96% rise in income to ₹1,194 crore (roughly $150 million) for the monetary yr 2023, though losses additionally widened by 67% to 1,142 crore (roughly $145 million).

Upgrad has attracted investments from a number of distinguished buyers over time.

Moreover Temasek, Ronnie Screwvala, Upgrad’s founder and chairman, has additionally invested closely within the firm. Bharti Enterprises was an early investor however not too long ago offered its stake to Ronnie Screwvala. IIFL Asset Administration has additionally participated in Upgrad’s funding rounds, together with Omidyar Community India, recognized for its give attention to social impression. Educor Holdings has contributed to Upgrad’s development as effectively. These buyers have collectively helped Upgrad elevate a complete of $385 million throughout numerous funding rounds.