Upgrad Raises $36.4 Million Through Rights Issue From Ronnie Screwvala, Temasek, Others
03/29/23, 8:06 AM
Location
mumbaiMoney raised
$36.4 million
upGrad, an upskilling platform services provider for management professionals, on Wednesday said it has raised Rs 300 crore ($36.4 million) from Singapore government investment vehicle Temasek, co-founder and chairperson Ronnie Screwvala as well as other minority shareholders, through a rights issue.While Screwvala contributed Rs 212 crore ($25.7 million), Temasek infused Rs 81 crore ($9.8 million). The undisclosed set of minority shareholders put in the balance Rs 7 crore ($850,014.9), as per the company’s statement.A rights issue is a dividend of subscription rights to buy additional stock in a company offered to existing shareholders. “The company is focused on its organic and inorganic growth across multiple verticals of formal education via degree, diploma and doctorate courses in partnership with the best universities in India and globally,” the statement said.The Mumbai-based startup, founded in 2015, acquired 10 companies between 2020 and 2022, including two in the recruitment space, namely Wolves India and Rekrut India. upGrad added in the statement that it had placed 22,000 candidates with jobs in the year so far.The company, which operates out of 31 offices across India, the United States, the United Kingdom, Singapore, Vietnam and West Asia, runs on skilling, short-certification courses, bootcamps and job-linked programmes, as well as study-abroad businesses across its acquired and main subsidiaries.upGrad has made some big spends this month
Company Info
Location
mumbai, maharashtra, india
Additional Info
upGrad is a pioneer in the online education revolution, changing the lives of millions for the better by “Powering career success for every member of the global workforce as their trusted lifelong learning partner.” Co-Founded by one of the world’s most impactful entrepreneurs, Ronnie Screwvala along with Mayank Kumar and Phalgun Kompalli, upGrad has impacted over 1 million total registered learners over 50+ countries.
upGrad, Asia’s higher EdTech leader, uniquely drives deep learning for the real world, by creating original content harnessing industry experts across the globe and offers learners a hyper-personalized, comprehensive one stop solution, combining the power of its proprietary AI driven technology platform with its army of counsellors who handhold learners for the entire duration of their course.
To provide the best university quality education, upGrad brings together the world’s leading universities, faculty & industry experts on an integrated digital platform, delivering an immersive experience with full flexibility to study at one’s own pace. upGrad’s ever expanding roster of leading global 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), IIM Kozhikode (India).
upGrad’s alumni base is employed by blue chip organizations like Gojek, PayTM, Gartner, Flipkart (Walmart-acquired), Accenture, and E&Y. upGrad is #1, LinkedIn Top Startups India 2020 and is in Top 50 of the FT Asia-Pacific High-Growth Companies 2021 and the GSV Global EdTech 50.