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

Mumbai-based online higher education company upGrad has raised $120 million from Temasek, an investment firm that manages money on behalf of Singapore’s government.

upGrad offers more than 100 courses in collaboration with universities such as Duke Corporate Education, Michigan State University, Liverpool John Moores University, Deakin Business School, Swiss School of Business Management, IIT Madras and IIM Kozhikode. It has registered more than a million total students from over 50 countries.

This is the first external funding since its founding in 2015. Up to now it has been 100% owned, funded, and run by its co-founders as a capital-efficient business.

upGrad stated it plans to use the fresh capital to expand its team, scale its global market operations, bolster its technology and product capabilities, pursue M&A opportunities, expand its graduate and postgraduate degree portfolio in India, and scale up operations to achieve a $2 billion revenue goal by 2026.

upGrad co-founders Ronnie Screwvala, Mayank Kumar and Phalgun Kompalli said in a joint statement: “We welcome Temasek in our mission to power career success for each and every member of the global workforce as their trusted lifelong learning partner and drive meaningful career outcomes. 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 was financial advisor to upGrad, and Rajaram Legal was legal advisor.

Date published: 27 April 2021

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