The ed-tech firm for online up-skilling Upgrad has determined another funding series of around $40 million that is about 290 crores from the World Bank arm IFC.
This will bring down the promoters’ holding in the company to 75%. Recently, it has nabbed $120 million funding from Singaporean investor Temasek Holdings.
We already discussed that with the last exclusive funding series and the infusion of $160 million in two quick rounds would take the Mumbai-based startup closer to Unicorn. As it will bring the value at around $850 million.
The ed-tech startup was founded in 2015 by Ronnie Screwvala, Mayank Kumar, Ravijot Chugh, and Phalgun Kompalli by investing over Rs 170 crore, most of which was from Screwvala.
On Thursday, the Co-founder Ronnie said that the work we do has been well-acknowledged by the $160 million funding from two very reputed global investors this week- USD120 million from Temasek this Monday, and $40 million from IFC today. That the international Finance
Corporation (IFC) has chosen to invest in us is a big reflection of the work we do.
The new investor also reflects the great synergies between their work, internet philosophy, and our work.
The founder added it may take a month and more for the investment to determine and currently, they are completing the legal formalities. The IFC had in January itself made the customary intimation to the foreign ministry.
Ronnie dodged when he expected Upgrad to be formally labeled as a Unicorn, as he already gave his statement earlier this week.
Moreover, the higher topline numbers are because they could more than raise the double student base to over 1 million, boosted by the pandemic, increased adoption of Work from home has made professionals seek a lot of reskilling and up-skilling to meet the changing demand from work.
The company claims from around 5 lakh professionals who took to its learning and upskilling between 2015 and March 2020. The lockdown period gave the hike to 1 million users by December.