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upGrad Raises USD45 Million Funding From International Finance Corporation

upGrad Raises USD45 Million Funding From International Finance Corporation

Recently, the popular online tutor platform, upGrad announced that it will raise funding of around USD45 Million from the International Finance Corporation (IFC). According to sources, with the funding, the online education platform will expand its services. 

As per reports, the investment arm of the World Bank, IFC stated that it will make an equity investment of USD 45 million in the company. Last fiscal, the edtech platform generated INR 230 crore and aims to close this with an annual revenue run rate of INR 1200 crore.

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upGrad or upGrad Education Private Ltd. can be said as one of the largest online higher education platforms in India based on gross revenue generated in 2018-19. At present, the platform includes more than 21,000 paid learners and has also assisted more than 370,000 individuals globally in five years.

The company was founded by Ronnie Screwvala, Phalgun Kompalli and Mayank Kumar, upGrad is an online edtech platform that provides degrees, certifications, diplomas and more. A few months ago, in August, the company witnessed a 40% rise in data science enrolments amid this lockdown. 

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Also, in March 2020, upGrad has recorded a 50% surge in learners on the platform. According to Founder & MD of upGrad Mayank Kumar, the company used to get 2,500 enquiries a day until March this year. This went up by 50% to 3,800 enquiries per day today.

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