Even though the number of startups in the ed tech space like Unacademy, Frontrow and Vedantu resorted to lay-offs, UpGrad has raised $225 million in funding, doubling its valuation.
According to reports, the Mumbai-based startup has raised funding from the billionaire James Murdoch’s Lupa Systems LLC and US testing and assessment provider Educational Testing Service.
The five-year-old UpGrad, whose initial target was the K-12 segment, might shift to college students and working professionals as ETS develops and administers standardized tests including the TOEFL (Test of English as a Foreign Language) and Graduate Record Examination (GRE).
Early this month, upGrad's chairperson and co-founder Ronnie Screwvala also told that the company will increase its workforce to around 6,500-7,000 by August this year.