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Ronnie Screwvala’s edtech company upGrad bags ₹1,670 crore

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Online platform for higher education upGrad on Monday it said it has raised $210 million (approximately Rs 1,670 crore) in a round involving ETS Global, Bodhi Tree, Kaizen Management Advisors and others – at a time when India’s edtech companies are laying off workers amid of the ongoing financing winter.



Founder Group also invested $12.5 million in the funding round to maintain their more than 50 percent ownership in upGrad, the company announced.

The edtech company said it is on track to achieve annual gross sales of $400-500 million in FY23, of which about 45 percent of total sales will come from its own online courses and programs.

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“Higher edtech will be on the rise over the next 4 to 5 decades. upGrad has reshaped itself in the past 12 months as the most integrated company in this space with career opportunities for students and working professionals,” said upGrad co-founders, Ronnie Screwvala and Mayank Kumar.

Other investors in the new funding round included Family office of Bharti Airtel, Narotam Sekhsaria Family Office (Ambuja Cements and ACC) and Artisan Investments (Family Office of Lakshmi Mittal – ArcelorMittal), along with existing investors Temasek, IFC and IIFL.

“We have always been very capital efficient as we grew 100 percent year over year and hope to maintain that discipline,” said upGrad’s co-founders.

upGrad said its team strength will grow to 7,600 from its current 4,800 over the next three months, including about 170 full-time teachers, 1,600 teachers and more than 5,000 contract coaches and mentors.

Launched in 2015, the edtech platform has a student base of more than three million in more than 100 countries, more than 300 university partners and a customer base of 1,000 companies.

Last month, upGrad acquired online learning institution Harappa Education for Rs 300 crore (about $38 million).

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