upGrad raises Rs 300Cr in internal rights issue from co-founder Ronnie Screwvala, others

Edtech startup upGrad has raised Rs 300 crore in internal rights issue from co-founder & Chairman Ronnie Screwvala, who contributed Rs 212 crore, and existing shareholder Temasek, which infused Rs 81 crore in the internal round.

Apart from providing online degree, diploma, and doctorate courses, The edtech firm is also focusing on segments like skilling, short certification courses, boot camps, and job-linked programmes.

The development comes three months after reportedly laying off 30% of the workforce from its subsidiary Harappa Education. upGrad acquired Harappa in July last year for Rs 300 crore or $38 million in a cash and stock deal.

Later next month, upGrad raised $210 million or Rs 1670 crore in funding from ETS Global, Bodhi Tree, Singapore’s Kaizen Management Advisors, and other investors.

Founded in 2015 by Ronnie Screwvala, Mayank Kumar, Phalgun Kompalli, and Ravijot Chugh, upGrad (upGrad Education Pvt. Ltd.) provides higher education courses such as MBA, Data Science, Marketing, Law, Technology, etc. by partnering with top Indian universities.

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