upGrad, one of South Asia’s largest online higher education company, today announced that it has raised $ 120 million from Temasek, a global investment company headquartered in Singapore.
This is the first external funding raised by the edtech major. Since its founding six years ago in 2015, upGrad has been 100% owned, funded, and run by its co-founders as a capital-efficient business.
The company plans to use the fresh capital to further strengthen its team, scale its global market operations and bolster its technology and product capabilities. Besides, it plans to pursue M&A opportunities, expand graduate and post-graduate degree portfolio in India, and scale up operations to achieve its USD 2 billion revenue goal by 2026. Thereby, it aims to reinforce its position as a global higher-edtech leader emerging from India.
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 LifeLongLearning 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 acted as the exclusive financial advisor to upGrad, and Rajaram Legal acted as legal advisor.
upGrad has ranked No.1 in the LinkedIn Top Startups India 2020 list. This is the third time in a row that upGrad has been featured in the LinkedIn Top Startup list after 2018 and 2019. It is also amongst GSV Global EdTech 50 and has ranked amongst the Top 50 in the FT Asia-Pacific High-Growth Companies 2021.