Online higher education platform upGrad on Monday said it has raised $210 million (about Rs 1,670 crore) in a round that saw participation from ETS Global, Bodhi Tree, Kaizen Management Advisors and others -- at a time when the Indian edtech companies are busy sacking employees amid the ongoing funding winter.
Founder Group also invested $12.5 million in the funding round to maintain their over 50 per cent ownership in upGrad, the company announced.
The edtech company said it is on track to record annual gross revenue of $400-500 million during FY23, out of which about 45 per cent of total revenue will be realised from its own-branded online courses and programmes.
"Higher edtech will be on the rise for the next 4 to 5 decades. upGrad, in the last 12 months, has re-shaped itself to be the most integrated company in this space with career opportunities for college learners 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 while growing 100 per cent year-on-year and hope to retain that discipline," said upGrad Co-founders.
upGrad said its team strength will grow to 7,600 from the present 4,800 in the next three months, including about 170 full-time faculty, 1,600 teachers, and over 5,000 on-contract coaches and mentors.
Started in 2015, the edtech platform has a learner base of over three million across more than 100 countries, over 300 university partners and a client base of 1,000 companies.
Last month, upGrad acquired online learning institution Harappa Education for Rs 300 crore (about $38 million).
Mahadev betting scam: Actress Tamannaah Bhatia summoned by Maha Police
Bollywood actress Tamannaah Bhatia has been summoned by the Maharashtra Cyber Police for the ongoing investigations into the multi-crore Mahadev online gambling and betting scam, officials here said on Thursday.
Salman house firing case: Mumbai cops fish out arms, ammunition from River Tapi in Surat
In a big breakthrough, the Mumbai Police have recovered some arms and ammunition that were reportedly used in the firing at the house of Bollywood megastar Salman Khan on April 14, official sources said on Tuesday.
NCP manifesto: Caste-based census, MSP for farmers
The Nationalist Congress Party (NCP), which is now an ally of the NDA and the ruling partner in the MahaYuti government in Maharashtra, has demanded the caste-based census and Minimum Support Price for farmers.
Uddhav Thackeray skips INDIA bloc's rally in Ranchi, sends representative
Shiv Sena (UBT) President and former chief minister Uddhav Thackeray skipped the INDIA bloc rally scheduled in Ranchi this evening, an aide said here on Sunday.
Congress, INDIA bloc against development & farmers: PM Modi says in Maharashtra
Criticising the Congress and the INDIA bloc, Prime Minister Narendra Modi on Friday said that the unwavering faith of the people in 'Modi's Guarantee' is giving sleepless nights to the Opposition alliance leaders.
Bitcoin scam case: ED attaches assets worth over Rs 97 cr of Raj Kundra, Shilpa Shetty
The attached properties include a residential flat in Juhu, which is in the name of Shilpa Shetty, another residential bungalow in Pune and equity shares in Raj Kundra's name.
Congress in Tripura blocks rail stations to protest police fired-killing of 5 farmers in MP
The firing on Tuesday came during raucous protests to demand better crop prices in the drought-ravaged region that saw one farmer suicide every five hours in the past two years.
DMs, SPs of violence-hit MP districts transferred
The farmers agitation entered its eighth day on Thursday. The peasants have been on strike since June 1, demanding loan waiver and fair price for their produce.