upGrad, a prominent Edtech unicorn, has successfully raised Rs 287.5 crore (equivalent to $35 million) from EvolutionX. This represents the first debt financing for the company based in Mumbai this year.

According to the Registrar of Companies, upGrad's board has recently approved a unique resolution to raise Rs 287.5 crore or $35 million by issuing 28,75,000 debentures at an issue price of Rs 1,000 each. This information was obtained from the company's regulatory filing.

The funds will be utilized by the company for expansion, operational costs, and overall corporate objectives, as stated in the documents.

upGrad has accumulated more than $650 million in funding so far, with $36.5 million coming from a rights issue led by Teamsek, founder Ronnie Screwala, and others in March of the previous year.

The company supported by Temasek was allegedly engaged in discussions to secure $100 million in order to finalize the purchase of the online education company, Udacity.

TheKredible, a startup data intelligence platform, reveals that Temasek holds the largest external stake in the company, accounting for 20.7%. On the other hand, Ronnie Screwvala, co-founder and chairperson of Upgrad, holds a significant 22.4% ownership in the company.

In 2022, upGrad ventured into the realm of offline higher education and allocated a substantial sum of $30 million to establish ten international campuses spanning across India, the US, and various other regions.

upGrad witnessed significant expansion with a 72% surge in operational revenue to Rs 1,194 crore in FY23, up from Rs 692 crore in FY22. Nevertheless, the company also saw an 82% increase in losses, amounting to Rs 1,114 crore in FY23. The annual results for FY24 are still pending submission by the company.