Edtech platform upGrad on Monday said it has raised $120 million (approximately Rs 898 crore) from Singapore-based global investment company Temasek. The company said that this is the first external funding since its was founded six years ago, which will be utilised to further strengthen its team and scale its global market operations to achieve its $2 billion revenue goal by 2026.
"This capital will further fuel our commitment towards global expansion as well as deeper India penetration, as we march forward with our goal of making India the teaching capital of the world," said upGrad Co-founders Ronnie Screwvala, Mayank Kumar and Phalgun Kompalli in a joint statement.
upGrad is considered as South Asia's largest online higher edtech company offering more than 100 courses in collaboration with top-notch global universities like Duke Corporate Education (US), Michigan State University (US), Liverpool John Moores University (UK), Deakin Business School (Australia), Swiss School of Business Management, (Geneva), IIT Madras (India), and IIM Kozhikode (India).
The edtech platform has impacted over 1 million total registered learners in over 50 countries across the world. upGrad has been ranked No 1 in the LinkedIn â€˜Top Startups India 2020' list.
The edtech company now plans to use the fresh capital to bolster its technology and product capabilities, pursue M&A opportunities and expand graduate and post-graduate degree portfolio in India.