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Another Indian Edtech startup upGrad is on its way to becoming India’s next Unicorn. With its first-ever external funding by Singapore-based Temasek of $120 million after 6 years of its commencement, the valuation is yet to be revealed.
In the recent joint statement by the Co-founders Ronnie Screwvala, Phalgun Kompalli, and Mayank Kumar said- This capital will further fuel our commitment towards global expansion as well as deeper India penetration, as we march towards our goal of making India the teaching of the world.
But the last fund raised in August 2020 was a debt fund of Rs 50 crores from IIFL Asset Management.
Moreover, the startups stated that it will surely deploy the funds for hiring more talent, scale up global operations, pursue better acquisitions to strengthen and improve its ed-tech offerings. It also added- that it is planning to scale up business operations to achieve its $2 billion revenue goal most probably by 2026.
It has recently announced that it had hit a new goal of Rs 100 crore revenue in last month. And it had a close FY with Rs 1,200 crore in net revenue, claiming a 100% growth rate in annual revenue.
We already saw massive and impressive growth in the Indian ed-tech industry, with the surge of Covid-19 across the globe. This forced the students to go for online learning platforms, and enroll themselves for these courses to continue with the studies at the same pace irrespective of schools closed. Some of the other examples other than upGrad are BYJU’s, Vedantu, Unacademy, a high-tech space of future learnings.
The Co-founder Ronnie introduced cable television in India in the 1980s and then later built a Unicorn that was acquired by Walt Disney Corporation. But this wasn’t the end, at the age of 64 the entrepreneur’s latest startup upGrad is experiencing immense growth and racing towards a landmark of $1 billion valuations.
He said in a recent interview- “We are not quite a unicorn, but we will get there soon”.
