PE Fund Investments
Edtech unicorn UpGrad bags addnl $60-M from Temasek; Screwvala buys Bharti’s 1% stake for $20-M
Singapore’s sovereign wealth fund Temasek has invested an additional USD 60 million in higher education and upskilling startup UpGrad at a flat valuation of USD 2.25 Billion.Separately, UpGrad founder and chairman Ronnie Screwvala has bought out Bharti Enterprises’ 1% stake in the firm for USD 20 million. Bharti had acquired the stake after UpGrad’s stock swap acquisition of Centum Learning in 2022. Screwvala now owns a 45% stake in UpGrad.Prior to the equity funding, UpGrad also closed a USD 35-million debt financing from Evolution X, a joint venture between DBS and Temasek.UpGrad has tie-ups with over 20 tier-I and tier-II universities, offering more than 70 courses in the fields of data science, management, digital transformation, tech and law. Currently, UpGrad is doing a quarterly revenue of around INR 600 crore.
Between Jan 2015 and Jun 2024, upGrad had raised about USD 472.95 M from EvolutionX Debt Capital, 360 ONE, ETS Strategic Capital, IFC, Lupa Systems, Temasek, Unilazer Ventures and Unilazer Ventures.For FY23, upGrad had reported about INR 1,169.66 Cr in Operating Income and about INR 1,141.57 Cr in net loss.
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