(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 $40 million from International Finance Corporation, a sister organisation of the World Bank.

The funding was announced a few days after upGrad secured $120 million in funding from Temasek, an investment firm that manages money on behalf of Singapore’s government in the company’s first external funding round.

The company stated it will use the funds to scale its operations in international markets, pursue ed tech mergers and acquisitions and expand its graduate and postgraduate degree portfolio.

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.

Date published: 4 May 2021

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