Mumbai-based edtech unicorn upGrad has raised Rs 287.5 crore (approximately $35 million) in debt funding from EvolutionX, marking its first debt funding round this year.
The company’s board approved a special resolution to issue 2,875,000 debentures at an issue price of Rs 1,000 each, according to a regulatory filing accessed from the Registrar of Companies. upGrad plans to use the funds for growth, operating expenses, and general corporate purposes.
With this latest funding, upGrad’s total raised capital exceeds $650 million, including $36.5 million from a rights issue in March last year, involving Temasek, co-founder Ronnie Screwvala, and others.
Temasek, the largest external stakeholder, holds 20.7% of upGrad, while co-founder and chairperson Ronnie Screwvala owns a significant 22.4% stake. The company had been in discussions to raise $100 million to finalize the acquisition of online education firm Udacity.
In 2022, upGrad expanded into the offline higher education market, investing $30 million to establish ten global campuses across India, the US, and other regions.
The company reported substantial growth, with operational revenue increasing by 72% to Rs 1,194 crore in FY23, up from Rs 692 crore in FY22. However, its losses also grew by 82% to Rs 1,114 crore in FY23. upGrad has yet to file its annual results for FY24.
Avinash Dyal