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Edtech startup upGrad has raised $210 million in its latest round from ETS Global, Bodhi Tree, and Singapore’s Kaizen Management Advisors. To maintain over 50% ownership, the founder group has invested $12.5 million in the startup.
The family office of Bharti Airtel, Narotam Sekhsaria, and Lakshmi Mittal’s Artisan Investments took part in the round, along with existing investors Temasek, IFC, and IIFL.
The firm aims to strengthen its team from 4,800 to 7,600 in the next three months, which will include 170 full-time faculty, 1,600 teachers, and over 5,000 on-contract coaches.
Commenting on the funding in a joint statement, the co-founders said, “Higher edtech will be on the rise for the next 4 to 5 decades. upGrad, in the past 12 months, has re-shaped itself to be the most integrated company in this space with career opportunities for college-goers and working professionals from the age of 18 to 58 and will be a lifelong learning partner for millions in the coming years. We have always been capital efficient while growing 100% year-on-year, and hope to retain that discipline.”
Established in 2015 by Ronnie Screwvala, Mayank Kumar, and Phalgun Kompalli, upGrad has a learner base of over 3 million across 100 countries, along with 300 university partners.
