Mumbai-based EdTech upGrad has raised Rs 287.5 crore (about $35 million) in funding from EvolutionX. With this financing, the company plans to support expansion, cover operational costs, and fulfil general corporate objectives.
Founded in 2015 by Ronnie Screwvala, Mayank Kumar, Phalgun Kompalli and Ravijot Chugh, the company entered the offline higher education sector in 2022 and allocated $30 million to establish 10 campuses worldwide in India, the US and other areas.
upGrad has strong financial backing, having successfully secured a total funding of more than $650 million to date. This includes $36.5 million raised through a right issue by Teamsek, founder Ronnie Screwvala, and other investors.
EvolutionX Debt Capital (“EvolutionX”) is a growth-stage debt financing platform jointly set up by DBS and Temasek. Headquartered in Singapore, the organisation is on a mission to accelerate the digitisation of Asia’s economy. It provides less dilutive financing to technology-enabled companies across Asia, with a focus on China, India and Southeast Asia.