In an internal rights issue, upGrad raises ₹ 300 crore

Edtech Unicorn upGrad has raised Rs 300 crore, in an internal rights issue. A statement by the company has said that existing shareholder Temasek contributed Rs 81 crore, while upGrad co-founder and chairperson Ronnie Screwvala contributed Rs 212 crore, with other minority stakeholders completing the balance.

upGrad currently operates out of 31 cities across India, the United States, the United Kingdom, the Middle East, Singapore, and Vietnam.

Earlier in August 2022, the unicorn raised $210 million in a funding round at a valuation of $2.25 billion. This funding was led by ETS Global, one of the world's largest providers of global entrance tests like GRE and TOEFL, and Bodhi Tree, an investment vehicle set up by media veterans Uday Shankar and James Murdoch, among others.