MUMBAI, India, August 8, 2022—(BUSINESS WIRE)–upGrad, Asia’s higher education specialty, has announced a new round of fundraising from investors and family offices joining the company’s board.
Participating in this round were ETS Global (world’s largest TOEFL & GRE test leader), Bodhi Tree (JV of James Murdoch & Uday Shankar), Singapore-based Kaizen Management Advisors Pvt. Ltd, Bharti Airtel family office, Narotam Sekhsaria family office (Ambuja Cements and ACC) and Artian Investments along with existing investors Temasek, IFC and IIFL.
Founder Group also invested US$12.5 million in this round to retain its over 50% ownership in upGrad.
“We welcome our new investors and industry veterans to the upGrad cap table. There is a massive reskilling revolution going on around the world and over the last 5 years our 4800+ colleagues have been working hard and smart to be at the epicenter of taking advantage of it not just in India but across the globe. Higher EdTech will be on the rise for the next 4 to 5 decades. upGrad has repositioned itself over the last 12 months to be the most integrated company in this space with career opportunities for college students and working professionals ages 18 to 58, and we will be a LifeLongLearning partner for millions for years to come. We have always been very efficient with capital while growing 100% year-over-year and we hope to maintain that discipline.” said co-founders of upGrad, Ronnie Screwvala and Mayank Kumar in a joint statement while commenting on the fundraising.
upGrad’s team strength will grow to 7,600 from the current 4,800 in the next 3 months and will also include around 170 full-time faculty, 1,600 teachers and over 5,000 contract coaches and mentors, building one of the largest Edtech full-time faculty in the world.
Bucking the slowing trend in the sector, upGrad remains optimistic with its program completion rate of 80%+ and has emerged as a global leader in the higher education segment. 40% of the company’s total revenue is realized from repeat and referred customers on an annual basis.
upGrad is on track to record annual gross revenue of US$400-500 million in FY23, of which around 45% of total revenue will come from its online courses and private-label programs.
upGrad – Launched in 2015, pioneered the online education revolution, focused on enabling career success for a global workforce of over 1.3 billion. It is one of the few integrated LifeLongLearning Tech Companies in the world – spanning college learners to working professionals in the 18-50 age group and across undergraduate courses, campus and work-related programs, study abroad, short form to executive programs to degrees, masters and PhDs – with a base of over 3 million learners in over 100 countries and over 300 university partners and a robust corporate business with a client base of 1000 companies worldwide.
upGrad’s Global Learning Engine is based on four pillars – (a) its large repository of original and proprietary content and IP, (b) its proprietary best-in-class proprietary technology platform, (c) it’s high-tech delivery service driven of people, supported by coaches and mentors, and (d) 85% course completion, supported by a further 80% guaranteed career outcomes.
Already named Asia’s top EdTech leader, it has offices in the UK, US, Middle East, India, Singapore and Vietnam, as well as a presence in many other countries.
Check out the source version on businesswire.com: https://www.businesswire.com/news/home/20220808005299/en/
upGrad | Neha Prasad | [email protected]