upGrad completes $210 million investment round

MUMBAI, India, August 8, 2022–(BUSINESS WIRE)–upGrad, Asia’s leading edtech major, has announced a new round of funding from marquee investors and family offices joining the company’s cap table.

Participating in this round were ETS Global (world’s largest TOEFL and GRE test provider), Bodhi Tree (a JV of James Murdoch and Uday Shankar), Singapore’s Kaizen Management Advisors Pvt. Ltd, Family Office of Bharti Airtel, Narotam Sekhsaria Family Office (Ambuja Cements and ACC) and Artian Investments along with existing investors Temasek, IFC and IIFL.

The founding group also invested $12.5 million in this round to maintain its 50+ percent interest in upGrad.

“We welcome our new investors and industry veterans to the upGrad Cap table. A massive reskilling revolution is taking place across the world and over the past 5 years our 4800+ colleagues have worked hard and smart to be at the epicenter of taking advantage of it, not just in India but around the world. Higher EdTech will be on the rise in the next 4 to 5 decades. UpGrad has reshaped itself in the last 12 months to be the most integrated company in this space with career opportunities for college learners and professionals aged 18-58 and will be a LifeLongLearning partner for millions in the years to come “We’ve always been very capital efficient while growing 100% year over year and hope to maintain that discipline,” said upGrad co-founders Ronnie Screwvala and Mayank Kumar in a joint statement while commenting on the fundraiser.

upGrad’s team strength will grow from the current 4800 to 7600 over the next 3 months and will also include approximately 170 full-time lecturers, 1600 teachers and over 5000 contract trainers and mentors, creating one of the largest full-time Edtech faculty in the world.

Despite the slowing trend within the sector, upGrad has remained optimistic with a program completion rate of over 80% and has become a global leader in higher education. 40% of the company’s total revenue comes from repeats and referrals year after year.

upGrad is on track to achieve annual gross sales of $400-500 million in FY23, of which approximately 45% of total sales will come from its own online courses and programs.

About upGrad

upGrad – Founded in 2015, is a pioneer in the online education revolution focused on driving professional success for a global workforce of over 1.3 billion. It is one of the few integrated lifelong learning technology companies in the world, serving college learners to professionals in the 18-50 age range and through undergrad courses, campus and job-linked programs, study abroad, short form through to executive programs encompassing degrees, masters and doctorates – with a learner base of over 3 million in over 100 countries and over 300 university partners and a robust corporate business with a customer base of 1000 companies worldwide.

upGrad’s Global Learning Engine rests on four pillars – (a) its large inventory of original and proprietary content and intellectual property, (b) its own best-in-class, proprietary technology platform, (c) its human-led, high-touch delivery service supported by Coaches & Mentors, and (d) a track record of 85% course completion backed by a further 80% guaranteed career results.

Already named Asia’s leading EdTech company, the company has offices in the UK, US, the Middle East, India, Singapore and Vietnam, and a presence in many other countries.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220808005299/en/

contacts

upGrad | Neha Prasad | [email protected]

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