Mumbai 8th August : UpGrad, an online platform for higher education upGrad on Monday announced that it had taken in $210 million (about 1670 crore rupees) in a round that was attended by ETS Global, Bodhi Tree, Kaizen Management Advisors and others at a time when Indian tech companies are busy firing employees in the ongoing funding season.Founder Group also invested $12.5 million in the round of funding to ensure they have a 50 percent ownership in upGrad the company, according to the announcement.
The edtech company has said it is on track for record a record annual gross profit of $400-500 million in FY23, of which 45 percent of total revenues will come through its own online courses and programs.
“Higher education technology is expected to become more prevalent over the next four to five decades.upGrad, in the last 12 months, has reinvented itself to become the largest company in this sector with job opportunities available to college students as well as professionals working in the field,” said upGrad Co-founders, Ronnie Screwvala and Mayank Kumar.
Other investors in the latest round of funding comprised Family office of Bharti Airtel, Narotam Sekhsaria Family Office (Ambuja Cements and ACC) and Artisan Investments (Family Office of Lakshmi Mittal – ArcelorMittal) together with current investors Temasek, IFC and IIFL.
“We have been efficient in our capital expenditure while growing at a 100 percent rate year-over-year and we hope to maintain the same method of growth,” said upGrad Co-founders.
upGrad said that its team strength will increase to 7,600 from 4,800 in the next three months, which includes around 170 full-time faculty members including 1,600 teachers.more than 5,000 contract coaches and mentors.
In its inception in 2015 the edtech platform is home to an active learner base of more than three million in more than 100 nations, more than 300 university partners, and clients of 1000 companies.
In the month of April, upGrad acquired online learning institution Harappa Education for Rs 300 crore (about $38 million).
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