India-based online education Platform upGrad has secured an additional $60 million in funding from Singapore-based sovereign wealth fund Temasek at USD 2.25 billion valuations.
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Incorporated in 1974, Temasek is an investment company headquartered in Singapore. Supported by 13 offices internationally, Temasek owns a net portfolio value of S$389 billion (US$288 billion) as of 31 March 2024.
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Marking our unlisted assets to market would provide S$31 billion (US$23b) of value uplift and bring our mark-to-market net portfolio value to S$420 billion (US$311b).
Separately, upGrad founder and chairman Ronnie Screwvala paid $20 million to buy out Bharti Enterprises’ share in the company, according to sources. Bharti Enterprises has a 1% share in upGrad following the latter’s stock swap acquisition of skilling and training solutions provider Centum Learning in 2022.
Screwvala, a serial entrepreneur who founded UTV, currently holds a 45% interest in upGrad. He is taking on a larger position at the edtech startup following the departure of cofounder Mayank Kumar, according to ET on October 16, which also cited the upcoming fundraising round. Screwvala intends to take Upgrad public within the next 7-8 quarters. Screwvala is now one of the few entrepreneurs who own the majority of a venture-backed firm.
“The funding has now closed. Screwvala’s decision to increase his stake further demonstrates his commitment, especially in light of recent changes and the more hands-on role he intends to play going forward,” a source said ET.
upGrad’s Global Learning Engine rests on four pillars: (a) its large repository of original & owned content and IP, (b) its own best-in-class proprietary tech platform, (c) its high-touch human-led delivery service backed by coaches & mentors, and (d) an 85% course completion track record, backed by a further 80% career outcomes guaranteed performance. Already termed Asia’s higher EdTech leader it has offices in the UK, U.S., Middle East, India, Singapore & Vietnam, and a presence in many more countries.
About upGrad
Founded in 2015 by Mayank Kumar, Screwvala, Phalgun Kompalli, and Ravijot Chugh, upGrad is one of the few Integrated LifeLongLearning Tech Companies in the world, spanning the college learner to the working professional from the age group of 18 to 55+ years and across undergrad courses, campus & job-linked programs, studying abroad, short form to executive programs to Degrees, Master’s and Doctoral, with a learner base of over 3 million across 100+ countries and over 300 university partners and robust enterprise business with a client base of 1000 companies worldwide.
