upGrad Closes Investment Round of USD 210 Million
August 08 2022 - 7:23AM
Business Wire
upGrad, Asia's higher edtech major, has announced a fresh round
of fundraise from marquee investors and Family Offices who join the
company cap-table.
This round has witnessed participation from ETS Global (world’s
largest TOEFL & GRE Test Leader), Bodhi Tree (a JV of James
Murdoch & 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.
Founder Group also invested USD 12.5 million in this round to
maintain their over 50% ownership in upGrad.
“We welcome our new investors and industry veterans to the
upGrad cap table. There is a massive Re-skilling Revolution taking
place around the world and over the last 5 years our 4800+
colleagues have worked hard & smart to be at the epicenter of
taking advantage of this, not just in India but around the world.
Higher EdTech will be on the rise for the next 4 to 5 decades.
upGrad in the last 12 months has re-shaped itself to be the most
integrated company in this space with career opportunities for the
College learners and Working Professionals from the age of 18 to 58
and will be a LifeLongLearning partner for millions in the coming
years. We have always been very capital efficient while growing
100% year-on-year and hope to retain that discipline," said
upGrad Co-founders, Ronnie Screwvala and Mayank Kumar in a
joint statement while commenting on the fund raise.
upGrad team strength will grow to 7600 from the present 4800 in
the next 3 months and will also include about 170 full-time
faculty, 1600 teachers, and over 5000 on-contract coaches and
mentors, thereby building one of the largest full-time Edtech
faculty in the world.
Bucking the slowdown trend within the sector, upGrad has
remained bullish with its program completion rate of 80%+ and has
emerged as a global leader in the higher education segment. 40% of
the company's total revenue is realised from Repeats and Referrals
year-on-year.
upGrad is on track to record annual gross revenue of USD 400-500
million during FY23 out of which about 45% of total revenue will be
realised from its own-branded online courses and programs.
About upGrad
upGrad - started in 2015 is a pioneer in the online education
revolution, focused on powering career success for a global
workforce of over 1.3 billion. It 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 18-50
years and across Undergrad courses, Campus & Job Linked
Programs, Studying Abroad, short form to executive programs to
Degrees, Masters and Doctoral - with a learner base of over 3
million across 100+ countries and over 300 University partners and
a robust enterprise business with a client base of 1000 companies
worldwide.
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) it's 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 with a
presence in many more countries.
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upGrad | Neha Prasad | neha.prasad@upgrad.com