Ronnie Screwvala's UpGrad reportedly worth over $2 billion after fund infusion by Lakshmi Mittal and Sunil Bharti Mittal
UpGradraised $225 million from James Murdoch’s Lupa Systems, Educational Testing Service. Lakshmi Mittalof ArcelorMittal SA and Sunil Bharti Mittalof Bharti Airtel also participated in the round.
- UpGrad offers higher education courses in collaboration with 300 universities such as Liverpool Business School.
AdvertisementRonnie 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
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.
Domestic travel, fuelled by revenge tourism, aids growth in hospitality sector
Tata Group is once again the biggest brand in India — check out others in top 10
Burger King, Domino's & KFC to see high growth even as consumer staples suffer
Popular on BI
- Four-days work week, full and final settlement within 2 days of exit — new changes at workplaces to reflect from July 1
- New Maruti Suzuki Brezza launched at ₹7.99 Lakh — check features, specifications
- GST rates raised again, take out your cheque books. Wait, that’s taxed too
- Eknath Shinde to be the new Chief Minister of Maharashtra
- Lenskart acquires majority stake in Japanese eyewear brand for $400 million