Ronnie Screwvala promoted edtech firm upGrad has successfully graduated to the unicorn category with a new fundraise of $185 Mn. Existing investor Temasek and two new investors International Finance Cooperation and IIF participated in the new round. The latest round, by the way, has propelled the Mumbai based startup to the coveted unicorn category. The company now commands a valuation of nearly $1.2 Bn.
UpGrad’s unicorn funding round comes barely two months after the Mumbai based startup had raised $120 Mn. The recently concluded $120 Mn funding round actually marked the company’s maiden fund raise from external investors.
Following the latest round, Screwvala’s company has now amassed $305 Mn from external investors. However, despite two large back-to-back funding rounds, UpGrad is still in discussion to raise another $400 Mn at an eye-popping valuation of $4 Bn. This is according to the press release shared by the company. If UpGrad does clock a $ 4Bn valuation soon then its valuation will surpass that of Unacademy.
There is still ambiguity over whether these two back-to-back funding rounds had a secondary component or not. A secondary component would obviously pave way for partial offloading of Screwvala’s stake in the company. To the best of Techpluto’s knowledge, Screwvala currently owns a 70% stake in the company.
What sets upGrad apart from its competitors like Unacademy is that it largely offers upscaling courses. The platform essentially offers courses that help working professionals and students in upscaling their skill-sets and eventually help them in creating a flourishing career. It offers over 100 courses in AI, machine learning, data science, blockchain, MBA, finance so and so forth. The platform has tied with several national and international universities to offer these courses.
Interestingly, upGrad will see some competition coming from deeply pocketed players like Byju’s and Unacademy. While Byju’s has already made a entry in the upscaling space by acquiring Great Learning, Unacademy is planning to enter in this space.
