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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.
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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.”