upGrad raises USD120 mn funding from Temasek

upGrad plans to use the fresh capital to further strengthen its team, scale its global market operations and bolster its technology and product capabilities, a statement said. 

The company will also pursue merger and acquisition (M&A) opportunities, expand graduate and post-graduate degree portfolio in India, and scale up operations to achieve its USD 2 billion revenue goal by 2026, it added. 

“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,” upGrad co-founder Ronnie Screwvala said. 

Credit Suisse acted as the exclusive financial advisor to up- Grad, and Rajaram Legal acted as legal advisor. upGrad is an online higher edtech firm with over 100 courses in collaboration with global universities like Duke Corporate Education (US), Michigan State University (US), IIT Madras and IIM Kozhikode. The platform has impacted over 1 million total registered learners in over 50 countries. 

The edtech space has seen strong growth globally with the COVID-19 pandemic serving as an inflection point. While many players have raised fresh funding from investors, consolidation is also being seen in the industry with deals like Unacademy acquiring PrepLadder for $50 mn and Byju’s buying White Hat Jr for $300 mn and Aakash Educational Services for nearly $1 bn. 

Last year, upGrad also acquired The Gate Academy (TGA) and Rekrut India.