Investment capital to scale operations in international markets, pursue M&A opportunities, and expand graduate and post-graduate degree portfolio
MUMBAI, India, April 26, 2021 (GLOBE NEWSWIRE) — upGrad, South Asia’s largest online higher education company, today announced that it has raised USD 120 million from Temasek, a global investment company headquartered in Singapore. This is the first external funding raised by the edtech major. Since its founding six years ago in 2015, upGrad has been 100% owned, funded, and run by its co-founders as a capital-efficient business.
upGrad plans to use the funding to further strengthen its team, scale its operations globally in the U.S. and other growth markets, bolster its technology and product capabilities, pursue M&A opportunities, expand graduate and post-graduate degree portfolio in India, and scale up operations to achieve its USD $2 billion revenue goal by 2026, thereby reinforcing its position as a global higher-edtech leader emerging from India.
“We welcome Temasek in our mission to power career success for each and every member of the global workforce as their trusted LifeLongLearning partner and drive meaningful career outcomes,” said upGrad Co-Founders Ronnie Screwvala, Mayank Kumar and Phalgun Kompalli. “This capital will further fuel our commitment towards global expansion as well as deeper India penetration, as we march forward with our goal of making India the teaching capital of the world.”
Credit Suisse acted as the exclusive financial advisor to upGrad, and Rajaram Legal acted as legal advisor.
upGrad is South Asia’s largest online higher edtech company offering 100+ courses in collaboration with top-notch global universities like Duke Corporate Education (US), Michigan State University (US), Liverpool John Moores University (UK), Deakin Business School (Australia), Swiss School of Business Management, (Geneva), IIT Madras (India), IIM Kozhikode (India), and others. Founded in 2015, the international edtech leader has impacted over 1 million total registered learners over 50+ countries across the world.
upGrad has ranked No.1 in the LinkedIn Top Startups India 2020 list. This is the third time in a row that upGrad has been featured in the LinkedIn Top Startup list after 2018 and 2019. It is also amongst GSV Global EdTech 50 and has ranked amongst the Top 50 in the FT Asia-Pacific High-Growth Companies 2021.
To know more, visit: www.upgrad.com
Temasek is an investment company with a net portfolio value of S$306 billion (US$214 billion) as of 31 March 2020. Its three roles as an Investor, Institution and Steward, as defined in the Temasek Charter, shape Temasek’s ethos to do well, do right and do good. Temasek actively seeks sustainable solutions to address present and future challenges, through investment and other opportunities that help to bring about a better, smarter and more sustainable world.
For more information on Temasek, please visit www.temasek.com.sg
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