Edtech unicorn upGrad has completed an internal rights issue worth Rs 300 crore, amid a challenging climate where venture funding for the sector appears to be dwindling, according to moneycontrol report.
In a statement, the company 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, the report said.
“Yes, we confirm the internal round. The company is focused on its organic and in-organic growth across multiple verticals of formal education via degree, diploma, and doctorate courses in partnership with the best universities in India and globally. upGrad is also focused on a large segment of Skilling, Short-Certification courses, Bootcamps, and Job-linked programs coupled with the fast-growing sector of Study Abroad,” said an upGrad spokesperson.
The company said it currently operates out of 31 offices located in India, the United States, the United Kingdom, the Middle East, Singapore, and Vietnam.
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