Indian edtech unicorn upGrad, founded by media mogul and serial entrepreneur Ronnie Screwvala, has raised an additional $60 million from existing backer and Singapore state investor Temasek, The Economic Times (ET) reported on Monday (Oct. 21).
The Mumbai-based firm is said to have garnered the funding at a flat valuation of $2.25 billion.
Meanwhile, in a separate deal, Screwvala has acquired Bharti Enterprises’ stake in the company for $20 million, added the ET report, quoting sources.
Bharti Enterprises, one of the prominent business conglomerates in the country known for its flagship telcom company Bharti Airtel, held a 1% stake in upGrad.
The funding comes at a time when Screwvala is planning to take upGrad public. According to the ET report, the company could launch its IPO within the next 7-8 quarters.
upGgrad first raised $120 million from Singapore’s Temasek in its first external funding in 2021.
Subsequently, it has roped in Murdoch’s Lupa Systems, International Finance Corporation and IIFL among its marquee investors.
Screwvala founded upGrad in 2015 with Mayank Kumar and Phalgun Kompalli to offer short courses on entrepreneurship and data science. Today, it provides online higher education courses for working professionals. Its programmes include digital marketing, entrepreneurship, and data-driven management, among other things.
Recently, the company made headlines when Kumar was said to have stepped down from his executive role to start a new venture.
Screwvala owns about 44% stake in the company, while Kumar has about 8%. The departure of Kumar is unlikely to result in any changes in the shareholding pattern.
