upGrad, an edtech platform based in Mumbai, has raised Rs 300 crore through a right issue from several investors, including Temasek and co-founder and chairperson Ronnie Screwvala. This is the company's first fundraise of 2023. The funding will be used to support the company's organic and inorganic growth across multiple verticals of formal education through degree, diploma and doctorate courses in partnership with the best universities.
Additionally, upGrad is focused on a large segment of skilling, short-certification courses, boot camps and job-linked programs coupled with the fast-growing sector of study abroad.
upGrad claims to have completed 22,000 placements in the fiscal year 2023 (FY23) and has raised over $600 million to date.
In August 2022, the company raised $210 million from ETS Global, Bodhi Tree, and Singapore-based Kaizen Management Advisors at a post-money valuation of $2.25 billion.In November, upGrad announced its entry into the offline higher education space and said it would invest $30 million (~Rs 246 crore) to establish ten global campuses across India, the US, and other regions next year.
During FY22, upGrad's revenue from operations increased by about 2X to Rs 679 crore from Rs 327 crore in FY21. However, the company's losses deepened 2.9X to Rs 627 crore during the year compared to Rs 211 crore in FY21 due to a sharp rise in promotional and employee costs.
upGrad has also expanded its ESOP pool by 13 per cent to Rs 2,058 crore or $260 million. The company's portfolio includes Harappa Education, Exampur, Talentedge, Study Partners, Work Better, Knowledgehut, Impartus Innovation, Rekrut India and others.