Co-founder Ronnie Screwvala leads funding round with a contribution of Rs 212 crore
On Wednesday, edtech firm upGrad announced that it raised Rs 300 crore in a right issue led by co-founder and chairperson Ronnie Screwvala.
Screwvala contributed Rs 212 crore in the internal funding round, while existing investor Temasek contributed Rs 81 crore, and the remainder was raised from other minority stakeholders in the company. upGrad claims to be the largest enterprise and workforce development company in Asia, with 22,000 job placements completed this year.
The edtech has claimed that the company continues to maintain its leadership of being the largest enterprise and workforce development company in Asia.
Moreover, it added that it had completed 22,000 placements into jobs just this year is a testament to our model and the high level of interactive deep learning we offer our learners and working professionals around the world.
UpGrad operates out of 31 offices located in India along with countries such as US, the UK, the Middle East, Singapore and Vietnam.
It also announced its entry into the offline higher education industry in November, saying it would invest USD 30 million (Rs 246 crore) next year to establish ten global campuses spanning India, the United States, and other locations.
UpGrad’s revenue from operations more than doubled to Rs 679 crore in FY22, from Rs 327 crore in FY21. With a steep increase in advertising and staff costs, the company’s losses increased 2.9X to Rs 627 crore for the year, up from Rs 211 crore in FY21.
