So far till August 2021 we have witnessed the entrance of 21 startups entering the unicorn club and this is the fourth to become a unicorn in the last 10 days followed by OfBusiness, BharatPe, and MindTckle, and upGrad being the latest entrant with a valuation of $1.2 billion through the recent round of funding with a fund of $185-million that was led by Singapore’s Temasek Holdings Ltd, the World Bank’s International Finance Corporation and IIFL in the fundraising.
“We are pleased with the investor interest ever since we opened up for a fundraiser, and had our maiden raise from Temasek, followed by IFC and IIFL in the last 60 days,” said Screwvala, co-founder and Chairperson at UpGrad.
upGrad is an EdTech that was started by Bollywood filmmaker Ronnie Screwvala and Mayank Kumar, Ravijot Chugh, Phalgun Kompalli in 2015.
A Mumbai-based upGrad is India’s largest online higher education company providing programs in Data Science, Technology, Management, and Law, to students, working professionals, and enterprises bringing the best out of the online education segment. upGrad has tied up with world-class institutes to facilitate access to career-oriented courses and assist Indian students and working professionals who want to upgrade their careers.
It has several collaborations and associations with various national and international institutions such as IIIT Bangalore and validations from the National Association of Software and Services Companies (NASSCOM) and government-approved National Occupational Standards (NOS) and also the UGC (University Grants Commission) has given a nod to run and issue undergraduate and postgraduate formal degrees to students who go through the program in the online format.
“We will announce further updates on acquisitions, and unlocking value as they unfold. Yes, the last value was at $1.2 billion, but as I keep saying, we are not a fan of the tag name unicorn – for us, it is only a means to a much larger goal,” added Screwala, in a written response.
upGrad has on-boarded over 40,000 paid learners while impacting more than a million individuals, globally.