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Indian ed-tech giant UpGrad's valuation jumped to $2.25 billion as the company raised fresh funds recently.
Upgrad was founded by Ronnie Screwala, Mayank Kumar, and Phalgun Kompalli in 2015. They founded the company at a time when there weren't enough platforms to assist professionals in their quest for further learning. The company offers several courses in several disciplines which help working individuals learn at a relatively relaxed pace. They offer courses in several fields such as Data Science, Finance, and Management among several others.
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By 2021, the company turned into a unicorn with a valuation of $1.2 billion after raising $185 million. It has spread its operations to almost all continents with its presence in over 100 countries and 2 million+ registered users.
Early in March 2022, it was reported that Upgrad was looking to raise more funds in a new round at a valuation of $2-3 billion. Three months later, the company raised $225 million at a valuation of $2.25 billion.
Lupa Systems LLC and ETS participated in the round while some sources reported that family offices of Indian billionaires Lakshmi Mittal and Sunil Bharti Mittal & Temasek Holdings Pte also took part in this round.
This round of funding comes at a time when several Ed-tech firms have downsized or shut down due to greater competition or slimming margins. This shows how Upgrad enjoys a niche market that caters specifically to higher students or professionals as the company has posted strong growth and is aiming for $500 million in gross revenue in the year ending in March 2023.
Last year in December, the company said that it was looking at launching its IPO in the next 18-24 months as the founders held more than 70% stake in the company at the time but estimated that it would drop to 51% by the time of the IPO.
Article by Aman Agarwal.
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