- Singapore-based Temasek is planning to invest $50 million, whereas IFC stands to invest $45 million in the startup.
- Earlier in August 2020, upGrad had raised Rs 50 crore debt from IIFL Income Opportunities Fund.
- The startup will be raising funds at a valuation of $450-$500 million.
Mumbai-based edtech startup upGrad is reportedly in advance talks with Singapore-based sovereign wealth fund Temasek and World Bank’s International Finance Corporation (IFC) to collectively raise around $100 million (or about Rs 729 crore) in a funding round at a valuation of $450-$500 million.
According to the moneycontrol report, Singapore-based Temasek is planning to invest $50 million (or about Rs 364 crore), whereas IFC stands to invest $45 million (or about Rs 328 crore) in the edtech startup. The deal is in the development stage and not yet finalized.
Earlier in August 2020, upGrad had raised Rs 50 crore in a debt financing round from IIFL’s Income Opportunities Fund – Series 2. IIFL Asset Management Ltd. is an India-focused global asset management firm owned by India Infoline.
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.
It has partnered with top universities like the IIT Madras, MICA, NMIMS Global Access, Jindal Global Law School, Duke CE, Deakin University, Liverpool John Moores University, and others.
The company reported a growth in revenue by 95% from Rs 85 crore in FY-19 to Rs 163 crore in FY-20, while the losses also went up by 84% from Rs 43 crore in FY-19 to Rs 79 crore in FY-20.
With an increase in the adoption of online learning, upGrad expects to reach a revenue of Rs 1,200 crore by the end of FY-21, media reports suggested.
In November 2020, upGrad announced the acquisition of a Bengaluru-based coaching institute The Gate Academy to enter into the test preparation market.