Ronnie Screwvala's UpGrad reportedly worth over $2 billion after fund infusion by Lakshmi Mittal and Sunil Bharti Mittal

• UpGrad raised $225 million from James Murdoch’s Lupa Systems, Educational Testing Service.
• Lakshmi Mittal of ArcelorMittal SA and Sunil Bharti Mittal of Bharti Airtel also participated in the round.
• UpGrad offers higher education courses in collaboration with 300 universities such as Liverpool Business School.

Ronnie Screwvala’s higher education company UpGrad has reportedly doubled its valuation to $2.25 billion after a fresh round of fundraising.

The seven-year-old edtech startup raised $225 million from James Murdoch’s Lupa Systems, Educational Testing Service and existing investor Temasek, according to an Economic Times report citing sources.

The family offices of Indian billionaires like Lakshmi Mittal of ArcelorMittal SA and Sunil Bharti Mittal of Bharti Airtel also participated in the round. Business Insider India has reached out to UpGrad seeking more details about the fundraiser.

Founded in 2015 by serial entrepreneur Ronnie Screwvala, Mayank Kumar, Phalgun Kompalli and Ravijot Chugh, UpGrad offers higher education courses in collaboration with 300 universities such as Liverpool Business School, Deakin University, Swiss School of Business and Management.

The company claims to have a student base of over 2 million students across 100 countries. It also claims to have a client base of 1,000 companies, looking to offer upskilling courses for its employees.

The company has raised $200 million fundraise to date, excluding this current round. It counts IIFL Finance, International Finance Corporation and Unilazer Ventures as investors. The company raised $185 million in August 2021at a valuation of $1.2 billion.

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