upGrad enters unicorn club after funding from Temasek, IFC, IIFL

New Delhi: Edtech startup upGrad has closed a $185-million funding round at a valuation of $1.2 billion, thus entering the coveted unicorn club. Singapore’s Temasek Holdings Ltd, the World Bank’s International Finance Corporation and IIFL participated in the fundraising.

“We are pleased with the investor interest ever since we opened up for fundraise, and had our maiden raise from Temasek, followed by IFC and IIFL in the last 60 days,” said Ronnie Screwvala, cofounder and chairperson of upGrad. “We will announce further updates on M&As, and unlock value as they unfold.”

“Yes, the last value was at $ 1.2 billion, but as I keep saying, we are not a fan of the tag name unicorn—for us, it is only a means to a much larger goal,” he added.

The edtech startup continues to be promoter-led with the founders group owning 70%-plus stake in the company. The other unicorns in the edtech space include companies like Byju’s and Unacademy.

ETtech

Graphic: Rahul Awasthi