upGrad Founder Ronnie Screvwala

Indian Edtech Company upGrad has raised $120 Mn from Singapore-based global investment firm, Temasek. The investment marked upGrad’s first external equity funding since it began operations.

UpGrad looks forward to expanding its education portfolio and operations to international markets and find itself in mergers and acquisitions to strengthen its footprint in the global edtech space.

UpGrad is founded in 2015, by Ronnie Screwvala, Mayank Kumar, Phalgun Kompalli and Ravijot Chugh, to bring quality higher education and courses from world-class universities at affordable price ranges. The platform claims to be dealing with one million users on a global scale, including the 45000+ paid learners across 50 countries.

Currently, upGrad offers over 100 courses related to Management, Engineering, Data Science in collaboration with global universities like Duke Corporate Education (US), Michigan State University (US), IIT Madras (India), IIM Kozhikode (India) and others.

The company is actively spreading its influence in the Indian edtech sector by acquiring various companies so far. upGrad acquired recruitment solutions company Rekrut India and Bengaluru-based coaching institute The Gate Academy (TGA). The acquisition helped the company to scale its placement records across the sectors.

“We welcome Temasek in our mission to power career success for each and every member of the global workforce as their trusted LifeLongLearning partner and drive meaningful career outcomes. This capital will further fuel our commitment towards global expansion as well as deeper India penetration, as we march forward with our goal of making India the teaching capital of the world,” said Ronnie Screwvala, Co-founder of upGrad.

Speaking on the same lines, Co-founder Mayank Kumar added that the company is looking forward to a deeper India penetration at the same time, intending to make India – the global teaching capital.

During FY20, upGrad’s reported a greater surge of 95% in its revenue. In a statement released by the Co-founders, upGrad is aspiring to generate $2 billion in revenue by 2026.

The pandemic has served as a great inflection point for the Indian edtech sector. The 2.8 billion market in 2020, is now all geared up to surpass $10 billion by 2025 at an immense growth rate of 39%. Test Preparation, K12 Education, Skill development and Certifications are in high demand in the country and expected to grow massively.

Recent acquisitions of Aakash Educational Institutions and WhiteHat Jr by Byjus, and PrepLadder by Unacademy has started a strong inflection of market growth for Indian edtech. With convenience and cost-efficiency as major factors in adapting e-learning as a lifestyle, the rise in course fees will hit the out of pocket expenditure of Indian customers, purely driving the market positively.

Online Team AsiaTech
Online Team Asia Tech is a team of Journalists, Entrepreneurs, and Enthusiast Writers who contribute to the platform by bringing everyday stories, updates, opinions and insights from the Asian Startup Ecosystem.

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