Ronnie Screwvala’s edtech company bags ₹1,670 crore

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Online Higher Education Platform upGrad said on Monday it had raised $210 million (around Rs 1,670 crore) in a round that saw participation from ETS Global, Bodhi Tree, Kaizen Management Advisors and others – at a time when Indian edtech companies are busy laying off employees amid ongoing funding winter.



Founder Group also invested $12.5 million in the funding round to retain its more than 50% stake in upGrad, the company said.

The edtech company said it is on track to record annual gross revenue of $400 million to $500 million in FY23, with about 45% of total revenue coming from its online courses and programs. its own brand.

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“Advanced technology will be on the rise over the next 4-5 decades. upGrad, over the past 12 months, has reshaped itself to become the most integrated company in this space with career opportunities for learners academics and working professionals,” said co-founders of upGrad, Ronnie Screwvala and Mayank Kumar.

Other investors in the new funding round included Bharti Airtel Family Office, Narotam Sekhsaria Family Office (Ambuja Cements and ACC) and Artisan Investments (Lakshmi Mittal Family Office – ArcelorMittal), as well as existing investors Temasek, IFC and IIFL.

“We’ve always been very capital efficient while delivering 100% year-over-year growth and we hope to maintain that discipline,” the co-founders of upGrad said.

upGrad said its team strength will increase to 7,600 from the current 4,800 over the next three months, including about 170 full-time faculty, 1,600 teachers and more than 5,000 contracted coaches and mentors.

Launched in 2015, the edtech platform has more than three million learners in more than 100 countries, more than 300 partner universities and a customer base of 1,000 companies.

Last month, upGrad acquired online learning institution Harappa Education for Rs 300 crore (about $38 million).

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