This Series-F round of funding values Upgrad at $2.25 billion.
Additionally, Upgrad's founder and chairman, Ronnie Screwvala, has bought out Bharti Enterprises' stake in the company for $20 million, increasing his ownership to 45%. Upgrad is planning to go public within the next 7-8 quarters.
This comes within a week after Upgrad's MD, Mayank Kumar, stepped down from the company.
Temasek has been a consistent investor in Upgrad. Temasek participated in Upgrad's Series E funding round, contributing ₹81 crore (approximately $10 million) in 2023.
With the latest $60 million investment in the Series F round, Temasek's total stake in Upgrad is now 17-18%.
Upgrad has raised funds through multiple rounds of financing. Below is a summary of their previous funding rounds and the total funds raised:
1. Series A: Raised $15 million in 2015.
2. Series B: Raised $40 million in 2017.
3. Series C: Raised $50 million in 2018.
4. Series D: Raised $100 million in 2019.
5. Series E: Raised $120 million in 2021.
6. Series F: Raised $60 million from Temasek in 2024.
In total, Upgrad has raised $385 million across these funding rounds.
In April, Upgrad placed 55,000 learners in FY24, with strong hiring in fields like marketing, data, and tech 3. Approximately half of these placements were in cities like Mumbai, Delhi, Bengaluru, and Chennai.
Late last year, Upgrad reported a 96% rise in revenue to ₹1,194 crore (approximately $150 million) for the financial year 2023, although losses also widened by 67% to 1,142 crore (approximately $145 million).
Upgrad has attracted investments from several prominent investors over the years.
Besides Temasek, Ronnie Screwvala, Upgrad's founder and chairman, has also invested heavily in the company. Bharti Enterprises was an early investor but recently sold its stake to Ronnie Screwvala. IIFL Asset Management has also participated in Upgrad's funding rounds, along with Omidyar Network India, known for its focus on social impact. Educor Holdings has contributed to Upgrad's growth as well. These investors have collectively helped Upgrad raise a total of $385 million across various funding rounds.
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