KUALA LUMPUR: upGrad, Asia’s higher edutech major, has announced a fresh round of fundraising from marquee investors and family offices joining the company’s capital (cap) table.
Participants in this round include ETS Global, Bodhi Tree, Singapore’s Kaizen Management Advisors Pvt Ltd, Family Office of Bharti Airtel, Narotam Sekhsaria Family Office and Artian Investments.
According to a statement, the Founder Group also invested US$12.5 million in this round to maintain their over 50 per cent ownership in upGrad.
“We welcome our new investors and industry veterans to the upGrad cap table.
“There is a massive Re-skilling Revolution taking place around the world and over the last five years, our more than 4,800 colleagues have worked hard and smart to be at the epicentre to take advantage of this, not just in India but around the world,” said co-founders of upGrad Ronnie Screwvala and Mayank Kumar.
upGrad remained bullish with its programme completion rate of more than 80 per cent and has emerged as a global leader in the higher education segment.
It is also on track to record annual gross revenue of US$400-500 million in financial year 2023, where about 45 per cent of its total revenue will be realised from its own-brand online courses and programmes.
Launched in 2015, upGrad became a pioneer in the online education revolution, and currently has offices in the United Kingdom, the United States, the Middle East, India, Singapore and Vietnam, among others. – BERNAMA
