(L-R) Phalgun Kompalli, co-founder; Mayank Kumar, co-founder, MD and Ronnie Screwvala, chairman, co-founder upGrad.

Singaporean investment company Temasek Holdings and World Bank sister company International Finance Corporation (IFC) have invested an additional 220 crore rupees (£21.3 million) into upGrad by buying out employees’ equity holdings through the employee stock option scheme (Esops), The Economic Times has reported.

Mumbai-based online education provider upGrad focuses on up-skilling and reskilling professionals.

In April, in its maiden external fund raising, upGrad raised $120 million from Temasek Holdings and $40 million from IFS, with the promoters divested 25% of their equity.

Temasek and IFC put the additional 220 crore rupees into upGrad by buying out the Esops from 37 employees.

upGrad co-founder and chairman Ronnie Screwvala told the Press Trust of India that the company’s founder group still owns more than 70% of the company and has created a large Esop pool of close to 13% of the enlarged equity base.

upGrad also stated it has created a $250 million war chest for acquisitions and the first two deals will be closed within two months.

Date published: 14 July 2021

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