Edtech major upGrad has closed a $185-million funding round at a valuation of $1.2 billion, thus entering the coveted unicorn club. Singapore’s Temasek Holdings Ltd, the World Bank’s International Finance Corporation and IIFL participated in the funding round.
“We are pleased with the investor interest ever since we opened up for fundraise, and had our maiden raise from Temasek, followed by IFC and IIFL in the last 60 days,” said Ronnie Screwvala, cofounder and chairperson of upGrad. “We will announce further updates on M&As, and unlock value as they unfold.”
“Yes, the last value was at $ 1.2 billion, but as I keep saying, we are not a fan of the tag name unicorn—for us, it is only a means to a much larger goal,” he added.
Recently, upGrad acquired Bengaluru-based video-enabled solutions provider Impartus. Founded by IIT-graduates, Amit Mahensaria, Alok Choudhary and Manish Kumar, Impartus claims it has onboarded over 280 higher education institutes, 50,000 teachers, and 6 lakh learners in seven years.
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