upGrad raises $210 million

8 Aug 2022 , 01:38 PM

The edtech platform, founded in 2015, boasts over three million users spanning more than 100 countries, over 300 university partners, and over 1,000 enterprises as clients.’

Online higher education platform upGrad announced on Monday that it has raised $210 million from investors that included ETS Global, Bodhi Tree, Kaizen Management Advisors, and others–at a time when Indian edtech companies are frantically laying off staff due to the ongoing funding winter.

According to the firm, Founder Group contributed $12.5 million to the investment round to keep a majority stake in upGrad.

The edtech company predicted that during FY23, it will generate annual gross revenues of Rs400—500 crore, of which around 45% will come from its own-branded online courses and programs.

Higher education technology will grow for the next four to five decades. According to co-founders Ronnie Screwvala and Mayank Kumar of upGrad, the company has transformed over the past year to become the most integrated player in this market, with job options for both working people and college students.

Additionally, UpGrad purchased the online education company, Harappa Education, last month for Rs300 crore.