Mon. Apr 22nd, 2024
upgrad k12 120m singapore temasek 575m675mchandrasekaran

Noted ed-tech firm upGrad has raised funding of $120 million from Singapore-based Temasek. This is the company’s first external funding round and it is backed by leading entrepreneur, Ronnie Screwvala. The Mumbai-based company is expecting a valuation of $575-675 million after the funding round. Screwvala has stated that the company is not a unicorn although it is getting there soon. Screwvala set up UTV Motion Pictures in the 1990s, selling it to the Walt Disney Company eventually. He has put in $25 million of his own funds into the company as per reports. The founding team also comprises Mayank Kumar and Phalgun Kompalli.

Screwvala is the executive chairman of the company and has stated that the new funds will help with more mergers and acquisitions for building higher education and working professional ecosystems.It will also help upGrad boost its presence across the UK, U.S. and Middle East, along with the Asia-Pacific. The company has already established its presence physically in the Asia-Pacific over the last few months. upGrad offers online educational programs and courses from leading global universities, operating in the K-12 education category. Screwvala also opined that the post-K-12 segment may surpass the K-12 category over the next few years. He stated that there are many sub-divisions in the former category, including degrees, colleges, lifelong learning, preparing for examinations, and so on. There are top-up, smaller and intensive courses as well. Mergers and acquisitions are being explored in these sectors according to him. upGrad ultimately wishes to go for an IPO in the future.

It touched monthly revenues of Rs. 100 crore in April, touching Rs. 1,200 crores in annual revenue run rate. It should post 100% of growth annually for several years to come, according to Screwvala.

By earthao