UpGrad increases Rs 300 crore in an internal rights issue
UpGrad Education Pvt Ltd, which keeps running the ed-tech platform UpGrad, has increased Rs 300 crore in an inner round, with cofounder Ronnie Screwvala contributing Rs 212 crore towards the capital raise, the company said in an announcement. Temasek has contributed Rs 81 crore, while the remaining sum was contributed by other internal investors.
"The company is focused on its organic and in-organic growth across multiple verticals of formal education via degree, diploma and doctorate courses in partnership with the best universities in India and globally," the company added in the statement. UpGrad was founded in 2015 by Screwvala, Mayank Kumar and Phalgun Kompalli.
It last raised $210 million, around Rs 1,638 crore in August 2022 from investors, including ETS Global, Bodhi Tree, a JV of James Murdoch and Uday Shankar and Singapore's Kaizen Management Advisors Pvt. Ltd, which put the company’s valuation at around $2.25 billion.
The company reported losses of Rs 626.6 crore in the financial year (FY) ended March 2022, compared to Rs 211.1 crore in the previous year, VCCircle reported on 10 November. This was on the back of rising expenses in advertising and promotion, for which the company spent Rs 424 crore in FY22, more than double of Rs 205.1 crore it spent in FY21, VCCircle reported. UpGrad operates out of 31 offices located in India, the US, the UK, the Middle East, Singapore, and Vietnam.
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